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Corvus launches new cyber underwriting platform

2nd February 2023

Specialty insurance MGA, Corvus Insurance has launched Corvus Risk Navigator, an all-in-one cyber underwriting platform that arms underwriters with predictive data-driven insights. According to Corvus, its new platform will help underwriters to provide superior risk selection, accelerated decision-making, and IT security recommendations - capabilities that have resulted in Corvus achieving an ... Read the full article

Average monthly cyber exposures up 13% in 2022: Coalition

2nd February 2023

New research from cyber insurance provider Coalition reports a 13% increase in average monthly Common Vulnerabilities and Exposures over 2022. This according to the first annual Coalition Cyber Threat Index by Coalition, which details insights on cybersecurity trends from 2022 and what emerging cyber threats are on the horizon. Based on data ... Read the full article

Russia’s cyber warfare in Ukraine tops 2022 incidents list: Tokio Marine

2nd February 2023

Findings from Tokio Marine HCC International’s (TMHCCI) latest annual Cyber Incidents Report, shows that in 2022, global cybercrime stakes were raised significantly with entire governments, as well as individual businesses falling victim to regular and often devastating attacks. Topping the list in the reports top ten cyber incidents of 2022 was ... Read the full article

New EU cyber legislation directionally positive, neutral to credit ratings: Fitch

2nd February 2023

As new cybersecurity rules have recently come into force in the European Union, Fitch Ratings stated that, while they are directionally positive, enhancing cybersecurity postures from compliance with regulations is neutral to credit ratings. These rules include the NIS2 Directive, which replaces its 2016 predecessor NIS; the Resilience of Critical Entities ... Read the full article

Reinsurance the smartest approach to cyber as AXIS gets more comfortable with the tail: CEO Benchimol

1st February 2023

After renewing its cyber treaty at the January 1st reinsurance renewals, AXIS Capital Holdings, the Bermuda domiciled global insurer and reinsurer, is "very satisfied" with the program it secured, as it continues to add more comfort around the tail risk, according to Albert Benchimol, President and Chief Executive Officer (CEO). Read the full article

Trium Cyber recruits Head of Product from AmTrust

1st February 2023

Lloyd’s cyber syndicate Trium Cyber has announced the appointment Jeffrey Batt as Head of Product. He joins from AmTrust Financial Services where he served as Head of Cyber Strategy. Batt also previously served as Cyber Insurance Practice Leader at M&T Bank where he worked closely with clients to identify and mitigate security ... Read the full article

Zurich leads series B funding round for cyber insurtech BOXX Insurance

1st February 2023

Toronto-based insurtech BOXX Insurance has announced a $14.4 million Series B funding round, bringing the total amount raised in the last 16 months to $24.5 million. Zurich Insurance led the latest funding round, with Jack Howell, CEO of Zurich Global Ventures, commenting, "We've seen how difficult it is to build cyber ... Read the full article

WTW launches new cyber facility CyXS

31st January 2023

Broking and solutions company, WTW has launched CyXS, a new cyber facility that aims to provide capacity and efficiency for its clients around the world. Key elements of the facility include access to up to 50m (USD/ GBP/ EUR) of excess layer capacity which can be deployed with complete flexibility anywhere ... Read the full article

LMA updates cyber war & operation clauses

25th January 2023

The Lloyd's Market Association (LMA) has updated and replaced a number of its cyber war clauses related to the involvement of states and sovereign actors in cyber attacks and other operations. In particular, the LMA has focused the updates around the use of the term ‘sovereign state’ and how it would ... Read the full article

Trium Cyber appoints David Rock as Chief Claims Officer

23rd January 2023

Trium Cyber, a Lloyd's of London cyber insurance specialist, has hired David Rock as Chief Claims Officer of its US based services company. Both Rock and the Trium management team are based in the US, where they are focused on servicing the US market. In the role, Rock will directly oversee Trium ... Read the full article

UK insurers reported in talks on Pool Re expansion to cover cyber

20th January 2023

Amid growing concern over the safety net provided by the private sector, insurers have held discussions with the UK government over whether its terrorism reinsurance scheme should cover state-backed cyber attacks, suggests a report from the Financial Times. Pool Re, the UK Government's terrorism reinsurance scheme, was put in place in ... Read the full article

Hannover Re and Stone Ridge in $100m retrocession cyber quota share

19th January 2023

Hannover Re, one of the world's largest reinsurers, has, for the first time, transferred cyber risks to the capital markets via a proportional reinsurance solution, with New York-based Stone Ridge Asset Management supporting the transaction with USD 100 million of capital. The German reinsurer has created an additional retrocession tool that enables ... Read the full article

Cyber and business interruption are top risks for 2023: Allianz

17th January 2023

Cyber incidents and business interruption have ranked as the biggest company concerns for the second year in succession, according to the 2023 Risk Barometer report by Allianz, with economic and energy risks also on the rise. Cyber and business interruption were both flagged as top risks by 34% of the 2,700+ ... Read the full article

Cowbell advises SMEs on cyber catastrophe preparation

13th January 2023

Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has released a whitepaper in which it lays out a path to model catastrophic cyber events in the SME market. According to the announcement, the firm’s goal is to to help SMEs prevent and recover from a cyber event of ... Read the full article

CyberCube model used for first cyber cat bond

11th January 2023

Cyber risk analytics provider CyberCube has confirmed that it acted as a modelling agent for the first private cyber catastrophe bond. CyberCube’s Portfolio Manager was utilized as part of the creation of a $45 million insurance-linked securities (ILS) transaction by Beazley, as previously reported by our sister publication, Artemis. Portfolio Manager ... Read the full article