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CyberCube announces partnership with EXL

16th September 2022

CyberCube is collaborating with data analytics firm EXL to develop cyber insurance solutions for the P&C insurance industry. The firms said in a joint statement that they would help deliver the framework insurers need to develop comprehensive cyber risk policies through a wide range of risk measures, including industry specific threat ... Read the full article

Cyber claims cost for small businesses up 58% between H1 2021 and H1 2022

16th September 2022

The cost of a cyber claim for small business owners increased by 58% in H1 2022, compared to the same period the year before. That statistic comes in insurance provider Coalition’s twelve-page 2022 Cyber Claims Report: Mid-Year Update, which says that the average cost of such a claim has now reached ... Read the full article

Reinsurers risk irrelevancy if cyber demand isn’t met: Munich Re

15th September 2022

Senior executives at Munich Re have warned that the re/insurance industry “might lose relevance” if it doesn’t find ways to meet the growing demand for cyber cover with new products and services. Speaking at the reinsurer’s 2022 RVS briefing in Monte Carlo this week, CEO of Reinsurance Torsten Jeworrek noted that ... Read the full article

Asta-managed Trium Cyber gets green light from Lloyd’s

14th September 2022

Asta, the leading third-party managing agent at Lloyd’s, has announced that Trium Cyber, a new risk carrier backed by Jim Stanard’s Pelican Ventures, has received ‘in principle’ approval from Lloyd’s. Trium Cyber expects to write $50m of gross premiums during its first year of operations, commencing January 2023. Its executive team includes ... Read the full article

Russian sovereign internet creates cyber risks for re/insurers: CyberCube

12th September 2022

A sovereign Russian internet could lead to cybercriminal safe havens, giving greater confidence that large-scale attacks can be carried out without consequences, says a new report by cyber risk analytics expert CyberCube. The report examines the rise in the use of wiper malware by Russian threat actors, which, unlike ransomware, has ... Read the full article

Wider audience access to cyber risk analysis through CyberCube and AkinovA partnership

12th September 2022

CyberCube, a cyber risks analytics provider, has announced its partnership with AkinovA, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modelling and analytics. Through this partnership, CyberCube’s products will be made available to AkinovA’s platform, making all its models accessible ... Read the full article

Three newco cyber start-ups in rating pipeline: AM Best’s Holzberger

11th September 2022

Stefan Holzberger, Chief Rating Officer at AM Best, has revealed that his company currently has three newco dedicated cyber insurers in the pipeline for initial rating. The rating agency executive disclosed the imminent entrance of three new cyber entities to the market during an AM Best Reinsurance Market Briefing panel held ... Read the full article

US cyber market premiums shot up by 76% last year: Aon

10th September 2022

The US cyber market saw continued and increasing demand for its products in 2021, according to a new report from re/insurance broker Aon. The report, US Cyber Market Update: 2021 Cyber Insurance Profits and Performance, said the number of insurers in this sector grew from 200 to 214 between 2020 and ... Read the full article

Everest Re names Catherine Rudow as Global Head of Cyber Reinsurance

9th September 2022

The reinsurance division of Bermuda-based carrier Everest Re Group, Ltd., Everest Reinsurance, has appointed Catherine Rudow to the newly created role of Global Head of Cyber Reinsurance. Rudow assumes responsibility for strategically expanding the company's cyber reinsurance business, driving consistent underwriting best practices and guidelines across the division. She will also be ... Read the full article

Gallagher Re expands cyber reinsurance team in North America

7th September 2022

Global reinsurance broker, Gallagher Re, has appointed Jasper Goring as head of its cyber reinsurance hub in New York amid the creation of a dedicated cyber analytics function and the growth of its specialist team in North America. Goring will lead the broker’s cyber reinsurance specialism to support NA-based clients and ... Read the full article

Market will have to “suck it and see” on cyber wordings: Helios’ Hanbury

5th September 2022

Nigel Hanbury, CEO of Helios Underwriting and Board member of Association of Lloyd’s Members, has said it will be a case of “suck it and see” when it comes to the new exclusions for state-backed cyber attacks recently laid out by Lloyd’s. In a public statement, the Lloyd’s investment and underwriting ... Read the full article

Coalition launches in UK cyber insurance market

5th September 2022

Insurance brokers across the UK now have access to the cybersecurity tools provided by American insurer Coalition, as it has commenced trading in the country this month. Coalition entered a multi-year capacity agreement with Allianz Global Corporate & Specialty and will distribute its products via brokers. According to the announcement, it will ... Read the full article

Cyber supply chain risk reveals re/insurance market challenges: SCOR

2nd September 2022

In a recent report, French reinsurance firm SCOR has addressed the potential challenges for the market amidst the growing concern of cyber-attacks on digital supply chains. SCOR states that cyber-attacks have been a growing anxiety over the last 18 months as traditional and IT supply chains are becoming increasingly entangled to ... Read the full article

Cowbell Cyber makes senior appointments in Matthew Jones and Sean Park

2nd September 2022

Cowbell Cyber has hired Matthew Jones as its new chief strategy officer, while simultaneously appointing Sean Park to its board of directors. The firm said that Jones is joining the firm from Anthemis, where he was managing director after a stint at Swiss Re. Park, a co-founder and co-CIO of Anthemis ... Read the full article

Zurich recruits Global Cyber Underwriting Manager from Munich Re

2nd September 2022

Switzerland headquartered insurer Zurich Insurance Group has appointed Andreas Schmitt as its new Global Cyber Underwriting Manager. He joins the company from Munich Re, where he most recently served as a Senior Executive Advisor, based in Singapore. Schmitt spent more than 12 years at Munich Re, working across Germany, Australia and Singapore. ... Read the full article