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Arrival of cyber catastrophe bonds a ‘pivotal step’: Moody’s RMS video interview
30th January 2024
The introduction of the first 144A cyber catastrophe bond transactions in the final quarter of last year was an important step in the development and advancement of the broader cyber risk transfer market, according to Damini Mago and Alice Woolley of Moody's RMS. The latest video interview in ... Read the full article
Insurtech BOXX Insurance launches advanced cyber risk mitigation solution in partnership with AXA
30th January 2024
Insurtech firm BOXX Insurance, in partnership with AXA, has unveiled a cyber risk mitigation solution designed to offer vital support to small businesses. Recognising the pressing need for comprehensive protection against cyber threats for smaller enterprises, BOXX Insurance's user-friendly solution aims to assist businesses in predicting and preventing potential cyber attacks. Vishal ... Read the full article
Resilience expands Cyber Risk Solution to companies with revenues of up to $10bn
30th January 2024
Cyber risk management provider Resilience has expanded its underwriting authority to serve large global companies with up to $10 billion in annual revenues. Resilience explained that the expanded authorities come after a strong year of growth while achieving an "industry-leading loss ratio reflecting the success in defending clients from costly cyber ... Read the full article
Howden strengthens Cyber leadership team with new hires
26th January 2024
Global insurance group Howden, has added two new hires to its Cyber team, Kristoffer Haleen as Head of Cyber, Northern Europe and Manuel Perez Martín de la Hinojosa as Head of Cyber, Southern Europe and LATAM. Based in Sweden, Haleen joins Howden from WTW, where he served for close to nine ... Read the full article
DeNexus: Tackling cyber risk from the ground up
24th January 2024
Since its inception in 2019, DeNexus, the specialist provider of cyber risk quantification tools and software, continues to invest heavily to improve its technology and analytics, and with the sixth version of its DeRISK platform in the works and the receipt of a broker licence in Bermuda, the company sees ... Read the full article
Envelop Risk launches dedicated cyber reinsurance Lloyd’s vehicle with Apollo
22nd January 2024
Cyber re/insurance and analytics specialist Envelop Risk has launched Envelop SPA 1925, a dedicated cyber reinsurance Special Purpose Arrangement (SPA) at Lloyd’s, in partnership with Apollo, through its Strategic Partner Syndicates business and Apollo Syndicate 1971. The SPA officially launched on the 1st of January 2024 with Chris Baddeley taking the ... Read the full article
Cyber events top global business risk for 2024: Allianz Risk Barometer
16th January 2024
In its latest Risk Barometer, Allianz reveals that cyber incidents have claimed the top spot as the foremost global business risk for 2024. This concern is underscored by the rising threat of ransomware attacks, data breaches, and IT disruptions. The closely following peril is business interruption, while natural catastrophes have surged ... Read the full article
Swiss Re purchases cyber market’s first retrocession ILW, brokered by Gallagher Re
16th January 2024
Global reinsurance firm Swiss Re has purchased the market’s first cyber retrocession industry loss warranty (ILW), securing $50 million of catastrophic US cyber insurance event protection. Cover also includes protection against widespread malicious ransomware or malware, prolonged catastrophic cloud outage and systemic data breach. Nick Meuli, Head of P&C Capacity Management at ... Read the full article
Merck reaches settlement with insurers over $1.4bn NotPetya cyber attack
10th January 2024
It's been reported that pharmaceutical giant Merck & Co. Inc. and its insurers have reached an agreement over the $1.4 billion in losses Merck alleged it suffered from the NotPetya cyberattack in 2017. Bloomberg Law reported last week that Merck struck an 11th-hour settlement with its insurers on January 3rd, 2024, which ... Read the full article
Lockton Re bolsters cyber team with two new appointments
10th January 2024
Lockton Re, the reinsurance business of independent insurance broker, Lockton, has announced that Jacqueline Yeo has joined the firm as Cyber Analytics Lead, while Annie Terry has joined as a Broker, dedicated to Cyber risk. Yeo holds two and a half decades of experience in the London market and has been ... Read the full article
There is an underserved cyber market in the UK, Simon Hughes, Cowbell
9th January 2024
As a new entrant in the UK market, Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), recognises that there is an "underserved market in the UK", with the company having identified a way to serve this market with "expertise and tailored coverage options", says Simon Hughes, ... Read the full article
Liberty Mutual Insurance hires Marsh’s Case as Global Product Manager, Cyber
9th January 2024
Liberty Mutual Insurance Global Risk Solutions has bolstered it's Cyber insurance team by appointing Elisabeth Case as Global Product Manager, Cyber. She joins the firm following a 16 year tenure at Marsh, where she most recently served as a Managing Director within the firm's US and Canada Cyber Practice. In addition, Case ... Read the full article
Aspen & Surefire Cyber launch cyber risk management services globally
8th January 2024
Specialty re/insurer Aspen Insurance Holdings Limited, has teamed with Surefire Cyber, a US-based firm, to launch Aspen Cyber Risk Services (ACRS), a complimentary suite of services that will enable its primary cyber insureds to proactively tackle cybersecurity threats, from pre-incident to response and resilience. According to the announcement, this new offering ... Read the full article
Travelers expands cyber capabilities with acquisition of Corvus Insurance
3rd January 2024
Property and casualty insurer, The Travelers Companies, Inc. has completed its previously announced acquisition of Corvus Insurance Holdings, Inc. As stated in the announcement in November 2023, Travelers acquired the cyber insurance managing general underwriter for approximately $435 million. Travelers had previously disclosed that it would fund the transaction from internal ... Read the full article
Beazley successfully closes its first 144A cyber catastrophe bond
2nd January 2024
Specialist insurer Beazley, has closed its first 144A cyber catastrophe bond providing cover of $140 million. This marks Beazley’s first inaugural 144A bond and builds on its $81.5 million cyber catastrophe bond programme of 2023. The PoleStar Re Ltd. Series 2024-1 Class A cyber catastrophe bond notes cover Beazley for ... Read the full article
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