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INSUREtrust launches private equity division to address cyber risks in M&A

16th June 2023

INSUREtrust, a cyber insurance and risk management broker within Starwind Specialty, has announced the establishment of its Private Equity Division. This newly formed business unit will be spearheaded by Florence Levy, who assumed the role of Executive Vice President at INSUREtrust in March 2023. Recognising the challenges associated with assessing digital, technology, ... Read the full article

“We will find a way to provide significant capacity” to cyber, says Swiss Re’s Lot

15th June 2023

Despite its challenges and its ever changing nature, Swiss Re’s CUO P&C Re, Gianfranco Lot, is convinced that the industry will be able to provide significant capacity to cyber risks. Cyber insurance is a growing line, and just like natural catastrophes, it requires a lot of modelling, Swiss Re stated during ... Read the full article

Coalition unveils vulnerability scoring system designed to mitigate cyber threats

15th June 2023

Cyber insurance provider Coalition, has unveiled the Coalition Exploit Scoring System (Coalition ESS), a vulnerability scoring system designed to help risk managers mitigate potential cyber threats. Developed by Coalition Security Labs - the firm's research and innovation center - Coalition ESS is a security risk prioritization scoring system that leverages real-time ... Read the full article

Chubb launches Cyber Central, its new quoting platform

14th June 2023

Chubb has launched Cyber Central, an innovative quoting platform designed for agents and brokers who specialize in cyber risks. The cutting-edge platform simplifies and enhances the process of quoting and issuing Cyber, Technology E&O, and Miscellaneous Professional Liability coverages on a stand-alone basis. William A. Wise, Executive Vice President of Chubb's North ... Read the full article

U.S. cyber insurance growth continued in 2022 with direct premium up 50%

13th June 2023

According to AM Best, the U.S. cyber insurance market's strong growth continued in 2022, with direct premium increasing by 50% to $7.2 billion. In its Market Segment Report titled, US Cyber: First Hard Market Cycle Brings a Return to Profitability, AM Best states that direct premiums written (DPW) have tripled in ... Read the full article

Guy Carpenter strengthens its cyber team with various senior appointments

13th June 2023

Guy Carpenter, the global risk and reinsurance specialist and a business of Marsh McLennan, has announced the expansion of its Cyber team with a series of appointments and promotions. Matthew McCabe has been appointed as the Managing Director of Cyber Broking, based in New York. McCabe’s remits go beyond reinsurance structure ... Read the full article

AXIS names Lori Bailey as Global Head of Growth within Global Cyber & Tech unit

12th June 2023

AXIS Capital Holdings Limited has announced the appointment of Lori Bailey as its Global Head of Growth within the Global Cyber & Technology division. She will be reporting to Dan Trueman, the Global Head of Cyber & Technology. In this newly created position, Bailey's remit includes shaping the team’s strategic direction. ... Read the full article

OneDegree partners with Microsoft to drive Insurtech & cybersecurity innovations with Azure OpenAI

12th June 2023

OneDegree Global, a technology startup in the insurtech and cybersecurity sectors, has entered into a strategic partnership with Microsoft Hong Kong. The collaboration marks a major milestone between the two companies as OneDegree integrates Azure OpenAI Service into its IXT insurtech and Cymetrics cybersecurity solutions. OneDegree recently unveiled its latest generative AI ... Read the full article

Mosaic launches cyber risk assessment initiative

9th June 2023

Global specialty insurer, Mosaic, and tech company Safe Security have launched a new initiative to incentivise clients with broader coverage and premium rating credits of up to 30% for sharing cutting-edge assessments of their cyber-risk profile. According to the announcement, Mosaic x SAFEinside customers will benefit from insurance premiums directly linked ... Read the full article

Majority believe Clop ransomware attack could be impactful to cyber insurers

8th June 2023

We recently published a poll on our LinkedIn page asking our readers how meaningful they think that the Clop ransomware attack could be for the insurance industry. The results from the poll have shown that 36% of participants believe that it could be impactful towards the cyber insurance industry. However, 14% of ... Read the full article

Reinsurance support plays a large role in the cyber insurance market: Moody’s

8th June 2023

According to analysts at Moody's, reinsurance support plays a large role in the cyber insurance market, as primary insurers continue to reinsure cyber risk through quota share arrangements to obtain expertise and capital protection. Citing Gallagher Re's 1st View Emerging Equilibrium published in January this year, Moody's notes that reinsurance pricing ... Read the full article

Global economy resilient to cyber attacks, but major events pose significant risk: CyberCube

6th June 2023

A recent report by cyber risk analytics provider CyberCube reveals that while the global economy has shown resilience to cyber attacks with minimal financial losses experienced so far, the analysis of near-miss events suggests a significant risk of far larger losses in the future. In the comprehensive study, CyberCube examined over ... Read the full article

Tokio Marine Kiln establishes standalone Cyber & Enterprise Risk Division

5th June 2023

Tokio Marine Kiln (TMK), part of global insurance group Tokio Marine, has announced the establishment of a dedicated Cyber & Enterprise Risk division as part of its strategic expansion in the cyber market. The newly formed division, led by Laila Khudairi, brings together Cyber, Technology, and Intellectual Property specialisms, previously housed ... Read the full article

Guy Carpenter analysis shows modelled 1:200-year global cyber industry loss at $33.4bn

1st June 2023

According to Guy Carpenter, the US-domiciled cyber market currently stands at approximately $9 billion, with the non-US market totalling approximately $5 billion. Guy Carpenter has released a new report on the cyber re/insurance market focused on the examination of the evolution of cyber as a core line of business. Along with ... Read the full article

Cowbell & Skyward Specialty announce partnership to expand cyber & tech E&O coverage

31st May 2023

Cowbell, a provider of cyber insurance for small & medium-sized businesses (SMEs) and Skyward Specialty Insurance Group, have entered into a partnership that expands Cowbell's coverage and capacity of its Prime 250 Cyber Liability and Prime Tech. Prime 250 Cyber Liability and Prime Tech is a recently introduced program that safeguards ... Read the full article

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