You searched for cyber - Page 50 of 271

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

Richard Spotswood named Head of Cyber at Newline

11th January 2023

Specialty insurer Newline Group has announced the appointment of Richard Spotswood as the new head of its Cyber Liability product team. In this position, he will oversee and lead the development of Newline’s global cyber portfolio. Spotswood brings 20 years of specialty and financial lines experience to Newline, including more than 10 ... Read the full article

Cyber loss picks stable at Jan 1 despite rate hardening: Gallagher Re

9th January 2023

Reinsurers aggregate excess of loss/stop loss cyber loss picks remained stable at 1/1, global reinsurance broker Gallagher Re revealed in its 1st View Report. Sharing its comments on the global cyber market at the January 1, 2023 reinsurance renewals, the broker said that despite significant rate hardening in underlying portfolios, "market ... Read the full article

Cyber insurance premiums on the rise for UK businesses

9th January 2023

UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish, an independent insurance buyer and claim expert, has revealed. Mactavish surveyed companies with over a 10m turnover, across industries including technology, manufacturing, aviation and maritime sectors, ... Read the full article

Beazley confirms placement of market’s first cyber cat bond

9th January 2023

Specialist re/insurer Beazley has now confirmed that it has sponsored a ground-breaking cyber catastrophe bond transaction, designed to cover remote probability catastrophic and systemic cyber events, with the potential for more deals later in 2023 and beyond. It was reported earlier by the Financial Times that Beazley, the London headquartered ... Read the full article

Beazley launches $45 million cyber catastrophe bond

9th January 2023

Specialist insurer and reinsurer Beazley has launched a $45 million cyber catastrophe bond, providing the carrier with protection against "remote probability catastrophe and systemic events", opening up a much larger source of capital for the firm, according to a report by the Financial Times. It's been described as the first cyber ... Read the full article

Industry groups suggest any FIO response to cyber risk needs consideration

6th January 2023

A list of industry trade groups have submitted a cautioning joint letter to the Federal Insurance Office (FIO) in response to its request for comments on a “Potential Federal Insurance Response to Catastrophic Cyber Incidents." The industry groups involved in the formation of the letter include the American Property Casualty Insurance ... Read the full article

Stage is set for real traction in cyber ILS in 2023, says CyberCube

6th January 2023

In CyberCube's 2023 cyber predictions report, the firm's CEO Pascal Millaire has suggested that the reinsurance value chain will work together with ILS fund managers to bring new cyber reinsurance capacity to the market. Millaire stated that cyber insurance has the potential to become one of the largest lines in the ... Read the full article

Cyber may be the most “underwrite-able line of business”: Ladeau, Trium Cyber

5th January 2023

In an interview with Reinsurance News, Josh Ladeau, Chief Executive Officer of Trium Cyber, syndicate 1322, explains what differentiates the firm from other underwriters of cyber risk. After gaining approval in November of last year, Trium Cyber is the first Lloyd’s-approved service company to provide coverage for US-domiciled cyber risks, ... Read the full article

CNA Hardy targets tech businesses with new cyber suite launch

5th January 2023

CNA Hardy, a leading specialist commercial insurance provider for clients within the Lloyd’s and company markets, has launched Technology Package +, the latest addition to its specialist technology product suite. The company stated that Technology Package+ offers a completely updated, comprehensive suite of coverages including advanced cyber cover tailored to the ... Read the full article

Trium Cyber Syndicate 1322 begins to provide coverage

3rd January 2023

Trium Cyber has announced its US-based service company has begun to provide cyber and technology errors & omissions coverage for US-domiciled risks. Writing on behalf of Lloyd’s Syndicate 1322, the company is backed by Pelican Ventures and third-party capital providers like Asta, the leading third-party managing agent at Lloyd’s. In November ... Read the full article

Cyber attacks set to become “uninsurable” suggests Zurich’s Greco

28th December 2022

In an interview with the Financial Times, Zurich CEO, Mario Greco, has warned that cyber attacks will become “uninsurable” as the disruption from hacks burgeon. “What will become uninsurable is going to be cyber,” Greco said, “What if someone takes control of vital parts of our infrastructure, the consequences of that? ... Read the full article