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BOXX Insurance acquires cyber platform Templarbit

9th November 2022

Toronto-based cyber insurance specialist BOXX Insurance has acquired cyber intelligence platform Templarbit. Terms of the deal were not disclosed, but BOXX said it gave the firm ‘additional momentum’ to pursue its vision of ‘making the world a digitally safer place’. With teams in Palo Alto and Los Angeles, Templarbit was founded by ... Read the full article

Apollo and Envelop Risk partner up on cyber reinsurance

8th November 2022

Specialist re/insurer Apollo is going into partnership with Envelop Risk on cyber reinsurance business. Under the partnership, the latter will underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, with effect from the 2023 year of account. Matt Newman, active underwriter of Apollo Syndicate 1971, said: “We are committed ... Read the full article

Zurich settles NotPetya cyber lawsuit

7th November 2022

Switzerland headquartered insurer Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer for refusing to pay out on cyber claims related to the 2017 NotPetya attack. Details of the settlement have not been disclosed, but notably it ... Read the full article

Risk Strategies suggests cyber insurance market is beginning to stabilise

7th November 2022

According to Risk Strategies State of the Market update, the cyber insurance market is beginning to stabilise after years of steep rate increases, though insurers will continue to be on high alert through the remainder of the year and into 2023. The report notes that the pace of cyber attacks has ... Read the full article

Corvus Insurance announces cyber partnership with Travelers

3rd November 2022

Specialty insurance MGA, Corvus Insurance has announced it has entered into a multi-year partnership with The Travelers Companies, Inc., a provider of personal, business, and specialty insurance, to back its Smart Cyber Insurance offering. According to the announcement, the venture will provide cyber insurance products and services to companies in continental ... Read the full article

CyberCube partners with MGA, Converge to strengthen underwriting ecosystem

2nd November 2022

Converge, a new cyber MGA, has announced that it is partnering with CyberCube to provide customers with deeper data and risk solutions, delivering improved business outcomes at lower premiums. CyberCube will blend its Portfolio Manager platform, Single Point of Failure (SPoF) Intelligence module, and Attritional Loss Model into Converge’s proprietary technology ... Read the full article

Generali and Crawford & Company announce cyber partnership

2nd November 2022

Global insurer Generali has partnered with Crawford & Company to provide specialist cyber incident response and loss adjusting services globally. Crawford & Company is described as the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations. According to the announcement, thanks to this partnership ... Read the full article

Global cyber insurance pricing increases, outpacing other products: Marsh

2nd November 2022

In the first edition of its quarterly index that presents cyber data separately from financial and professional lines, Marsh has announced that cyber insurance pricing has increased again in Q3, outpacing other products. Cyber insurance pricing increased globally by 53% in Q3, while Property insurance pricing increased by 6%, Casualty insurance ... Read the full article

Chaucer names AXA XL’s Tuggey as Head of Cyber

1st November 2022

Global specialty insurer and reinsurer and part of China Re, Chaucer, has named Piers Tuggey, previously of AXA XL, as its new Head of Cyber. Tuggey spent four years with AXA XL, most recently serving as the company's Head of Cyber. Prior to the merger with AXA, Tuggey worked at XL ... Read the full article

Ransomware remains top cyber risk for organisations globally, says Allianz

1st November 2022

According to an Allianz Global Corporate & Specialty cyber report, ransomware remains a top cyber risk for organisations globally, while the threat of state-sponsored cyber attacks grows. There was a record 623 million attacks in 2021, which was double that of 2020, says Allianz. It also notes that despite the frequency reducing ... Read the full article

Advisen-Zurich survey reports cyber resilience uptake, though concerns remain

31st October 2022

The annual Information Security and Cyber Risk Management study from Zurich North America and Advisen indicates that 86% of respondents now have cyber insurance, up 3% from 2021 and the highest percentage in the history of the survey, though increasing premiums and restrictions for cyber coverage have created frustration for ... Read the full article

Cyber insurers to benefit from SentinelOne’s new risk management app

31st October 2022

SentinelOne, an autonomous cybersecurity platform company, has announced the addition of a new app for cyber insurers' risk management in its Singularity Marketplace. For organisations, the WatchTower Vital Signs Report app communicates an accurate profile of cyber security posture and controls to cyber insurers, streamlining the process of obtaining cyber insurance ... Read the full article

BitSight & MMC study correlates cyber ratings and security incidents

26th October 2022

BitSight has released results from an independent study which found fourteen BitSight analytics, including the BitSight Security Rating, and thirteen BitSight risk vectors, to be correlated with cybersecurity incidents. The study was conducted by the Marsh McLennan Cyber Risk Analytics Center, which brings together the cyber risk data and analytics expertise ... Read the full article

CyberCube launches Exposure Databases to improve cyber modeling

26th October 2022

CyberCube has announced that it has launched the world’s first set of detailed Exposure Databases to enable re/insurers and brokers to perform a wide range of benchmarking, sensitivity, and real-time analyses for cyber risks. The Exposure Databases provide a foundation for cyber risk model and include CyberCube’s Economic Exposure Database (EED) ... Read the full article

Munich Re to increase cyber cover prices in Germany & Europe

21st October 2022

According to Claudia Hasse, Chief Executive Manager at Munich Re, given the accumulation potential the firm sees in cyber re/insurance, it plans to increase cover prices in Germany and Europe. Hasse, who is responsible for Non-Life business in Germany, Cyber business in Europe and Latin America, and the German Pharmapool, noted ... Read the full article