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The Hartford and Coalition partner to tackle growing demand in UK cyber market
29th October 2024
Property & casualty (P&C) insurer The Hartford and Coalition, a cyber insurer, have entered into a strategic, long-term capacity partnership to combat the growing customer and broker demand for Coalition’s Active Cyber Insurance approach in the UK market. Coalition’s Active Cyber Insurance offering is designed to help organisations spot, mitigate, and ... Read the full article
VIG establishes specialist cyber security firm, CyRiSo
29th October 2024
Vienna Insurance Group has established CyRiSo, a cyber security firm aimed at small and medium-sized companies. Christiana Bruckner and Michael Ganzwohl have been appointed to manage CyRiSo, which aims to provide clients with comprehensive support to reduce cyber risks and prevent and resolve any damage caused by cyber attacks. Bruckner holds experience ... Read the full article
Hiscox reports two-thirds of organisations face increased cyber incidents
29th October 2024
Specialist insurer Hiscox recently released findings from their annual Cyber Readiness Report, which reveals that two-thirds of organisations (67% globally and 70% in the UK) have faced more cyber incidents in the past year compared to the previous year. As cyber attacks continue to increase, the reputation and trust in businesses ... Read the full article
Pen Underwriting revamps cyber proposition for large corporate clients
28th October 2024
Pen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has revamped its cyber proposition for large corporate clients, which includes re-entering primary coverage for this market, doubling its excess of loss (XOL) limit, and expanding its risk appetite. Supported by a consortium of A-rated capacity providers with expertise in the ... Read the full article
Miller partners with CyberCube to strengthen cyber risk advisory services
24th October 2024
Miller, an independent specialist insurance and reinsurance broker, has formed a strategic partnership with CyberCube to enhance its ability to provide comprehensive, data-driven cyber exposure advice. Miller will utilise CyberCube's Broking Manager and Prep Module, which will help improve the broker’s ability to quantify and mitigate cyber risks for clients across ... Read the full article
Coterie teams up with Berkley Re to provide cyber insurance for evolving business risks
23rd October 2024
Coterie Insurance, a technology-driven managing general agent (MGA) focused on simplifying small business insurance, has introduced cyber insurance to its platform through a new collaboration with Berkley Re Solutions and TransUnion. Leveraging coverage from Berkley Re Solutions and cyber services from TransUnion's TruEmpower™ Cyberscout solutions, Coterie now integrates Berkley Re’s tailored ... Read the full article
CAC Group unveils customisable cyber insurance solution for energy and utility sectors
23rd October 2024
CAC Group, a national insurance broker and advisor, has announced the launch of CyberPeril Pro, a flexible cyber insurance solution aimed at closing coverage gaps in the energy and utility sectors. Adam Lantrip, Executive Vice President, Professional & Cyber Solutions Practice Leader at CAC Specialty, explained, "As more carriers eliminate 'silent ... Read the full article
Cyber insurers could cut loss ratios by 16% by excluding high-risk entities: Gallagher Re
22nd October 2024
A recent study by Gallagher Re, a global reinsurance broker, analysed Bitsight's security performance data from 62,000 organisations across 67 countries, along with Gallagher Re's proprietary data on cybersecurity incidents and claims. The research revealed that poor performance in specific areas increased the likelihood of a cybersecurity incident and subsequent claim, ... Read the full article
AXA XL introduces new cyber insurance for emerging Gen AI risks
22nd October 2024
AXA XL, the property & casualty (P&C) and specialty risk division of global insurer AXA, has introduced a new cyber insurance policy that extends coverage to help businesses manage risks associated with developing their own Generative AI (Gen AI) models. Michael Colao, Global Chief Underwriting Officer, Cyber at AXA XL, stated, ... Read the full article
Kroll welcomes Katherine Keefe as MD and Global Cyber Insurance Industry Lead
22nd October 2024
Kroll, an independent provider of global risk and financial advisory services, announced that Katherine Keefe will join as Managing Director and Global Cyber Insurance Industry Lead, overseeing the firm's worldwide cyber insurance capabilities. "We are proud to welcome Katherine to Kroll. Her deep understanding of the cyber insurance and regulatory landscape, ... Read the full article
QBE report highlights need for greater awareness of additional services in cyber policies
18th October 2024
A recent report by QBE North America, in collaboration with Zywave, revealed that many businesses are overlooking additional risk management services included in their cyber insurance policies, underscoring the need for greater awareness to enhance cyber resilience. The report surveyed risk professionals and insurance buyers from large organisations, with nearly half ... Read the full article
Coalition helps UK policyholders recover stolen funds from cyberattacks with new service
17th October 2024
Coalition, an active insurer focused on preventing digital risks, has launched a service dedicated to recovering funds stolen by cyber attackers in the UK. Designed to intercept funds in the banking system before an attacker can move them, the cyber insurer’s new ‘clawback’ service has recently proven a success with the ... Read the full article
Cybersecurity and regulation identified as top risks for the TMT sector: WTW
11th October 2024
Cyber and data privacy have emerged as the top risks in the technology, media, and telecom (TMT) sectors, which are increasingly relying on innovations like artificial intelligence (AI) to drive growth, according to a recent report by WTW. The report highlights growing concerns about the impact of regulations and trade tensions ... Read the full article
UK businesses cite economic risks and cybercrime as top 2024 concerns: Marsh McLennan
9th October 2024
According to new research from Marsh McLennan, a professional services firm focused on risk, strategy, and people management, the primary concerns for UK businesses over the next 12 months are economic and financial challenges (43%), cyber threats (39%), and people-related risks (38%). These insights are drawn from Marsh McLennan’s UK Business ... Read the full article
Beazley, Munich Re, and Gallagher Re study reveals cyber market resilience
9th October 2024
Findings from a year-long collaboration between Beazley, Munich Re, and Gallagher Re indicate that the cyber insurance market can withstand a plausible yet remote malware event under current parameters. This information was released in a whitepaper that aimed at building a shared understanding of the potential systemic losses the cyber-insurance industry ... Read the full article
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