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Now is the time for cyber ILS: Lockton Re

21st February 2023

In a joint report with CyberCube and Envelop Risk, Lockton Re has highlighted how Insurance-Linked Securities (ILS) can support additional re/insurance capacity for cyber risk, and why it now has the momentum to succeed. Lockton Re's report, 'Unlocking Potential', notes that there have been discussions for many years on the potential ... Read the full article

Allianz’s Hartmut Mai joins Cyberwrite as Group President

21st February 2023

Cyberwrite, a provider of cyber insurance products, has announced that it has appointed Allianz’s Hartmut Mai as Group President. Mai joins the firm with more than 25 years of global insurance leadership experience. In his most recent role, Mai served as the global Chief Underwriting Officer, and board member at Allianz Global ... Read the full article

Coalition cyber protection now available to large enterprise businesses in US

20th February 2023

Cyber insurance provider Coalition has announced the expansion of its cybersecurity insurance offering in the US to large enterprise businesses with revenues up to $5 billion. Coalition states that typically, enterprise businesses have a stronger cybersecurity posture than smaller organisations due to available resources, but they also have a much larger ... Read the full article

RSA makes new additions to UK Specialty Lines Cyber Underwriting team

16th February 2023

General insurance company, RSA Insurance has announced the appointment of Henry Westwood as Senior Specialist Underwriter in its UK Specialty Lines cyber business. Westwood is to start his new role on May 15; he will be responsible for leading the insurer’s stand alone cyber underwriting practice in the UK. He joins RSA ... Read the full article

Brit announces renewal and expansion of flagship cyber consortium

15th February 2023

Global specialty re/insurer Brit Ltd. has announced the renewal and planned expansion of its leading cyber consortium - Brit Cyber Attack Plus (BCAP). BCAP is a cyber product, designed to protect clients from the impact of physical damage arising from cyber-attacks. The consortium was launched in 2014 to address the coverage gap ... Read the full article

CFC introduces policy encryption for cyber insurance

15th February 2023

Specialist insurance provider CFC has announced that it is introducing policy encryption for its cyber insurance policies, with the firm noting that it is the first provider in the industry to do so. CFC suggests that providing this additional layer of security for its customers is another critical step to keeping ... Read the full article

Liberty Mutual launches cyber office and makes new appointments

13th February 2023

Liberty Mutual, a property and casualty insurer, has announced the formation of a Global Risk Solutions (GRS) Global Cyber Office, as well as the appointment of respected experts to key leadership roles. According to the firm, the new office builds and scales Liberty Mutual's cyber capabilities around the world, bringing a ... Read the full article

Oasis develops open data standards for cyber exposure

10th February 2023

The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has announced the launch of its new Open Exposure Data (OED) standard for cyber. The standards have been developed by the market to provide a transparent and free schema to encourage consistency and efficiency in the capture and transfer of cyber exposure ... Read the full article

CFC appoints Markel’s Scott Bailey as Cyber Underwriting Leader

10th February 2023

Specialist insurance provider CFC, has announced that it has appointed Scott Bailey as Cyber Underwriting Leader. In this newly created role, he will be responsible for the strategic underwriting management of CFC’s entire cyber portfolio. Bailey returns to CFC after almost 10 years of service Markel International. During his last four years ... Read the full article

HDI Global targets international growth in cyber

7th February 2023

German insurer HDI Global is targeting international growth in the global cyber insurance market as it believes it has “enormous potential” despite risks. Cyber attacks are on the rise, in 2022 Germany’s digital association Bitkom estimated that the German economy sustained losses of around €203bn as a result of cyber-attacks on ... Read the full article

MRSI launches cyber risk management program Reflex

6th February 2023

Munich Re Specialty Insurance (MRSI) has launched a new proactive cyber risk management program featuring complimentary risk control services. Built on the principles of value, ﬂexibility, and impact, MRSI’s Reflex has been designed to meet the need for 360-degree cyber solutions. The new program is facilitated as a white glove solution by ... Read the full article

Cyber ILS deals a “stepping stone” to market acceptance: Fitch

3rd February 2023

Analysts at Fitch Ratings have said that the two recent public announcements of cyber risk transference by re/insurers to the capital markets through insurance-linked securities (ILS) issuances represent the potential for a broader reinsurance source for the risk. While development of the cyber risk transfer market requires further maturation of the ... Read the full article

Matthew Silley joins Lockton Re’s growing cyber practice

3rd February 2023

Global insurance broker Lockton’s dedicated reinsurance division, Lockton Re, has appointed Matthew Silley as a broker in the Cyber Practice of the firms Specialty division. Silley joins Lockton Re from Axis Capital, where he most recently held the role of Cyber Portfolio Management Leader. Overall, he brings over 10 years of industry ... Read the full article

Beazley predicts complex cyber threat landscape through 2023

3rd February 2023

Greater incident complexity, a shift in the way threat actors use stolen data, and a rise in US class actions will drive the cyber threat landscape in 2023, according to a Beazley report. The Cyber Services Snapshot report presents global data on incidents handled by Beazley Cyber Services including cause of ... Read the full article

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