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Cyber insurance & reinsurance

Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced, major loss events and cyber reinsurance product development trends.

Concerns about climate, cyber & political risks intensify: AXA survey

16th October 2019

Climate change, cybersecurity risks, and geopolitical instability are viewed as the three emerging risks most likely to have a significant impact in the near future, according to a new report from AXA. The report, which was based on the results of AXA’s 2019 Emerging Risks Survey, highlighted the “sheer number and ... Read the full article

Quarter of UK pension schemes unprepared for cyber attack: Aon

16th October 2019

Almost a quarter of trustees of UK pension schemes have still had no training on the risk of cyber crime, according to a new survey by re/insurance brokerage Aon. While 95% of respondents to Aon’s Global Pension Risk Survey 2019 said their schemes had not been affected by cybercrime, a handful ... Read the full article

Sompo International to offer email security services to cyber policyholders

15th October 2019

Bermuda-based property and casualty re/insurer Sompo International has announced that it plans to offer complimentary cyber risk management services for email security protection to all eligible policyholders in the US. To realise this goal, Sompo International has partnered with SecurIT360, a full-service security consulting firm, and The Crypsis Group, a leading ... Read the full article

EmergIn Risk announces key hires to Miami, NYC offices

14th October 2019

EmergIn Risk, part of Ryan Specialty Group, has appointed David Overton and Ryan Kratz as director of sales and underwriter-cyber, respectively. Based in the EmergIn’s newly opened Miami office, Overton will oversee the development of growth globally and distribution strategy. He brings over 20 years’ experience and joins from Integro Insurance Brokers, ... Read the full article

Joint cyber terrorism task force launched by IFTRIP & Geneva Association

10th October 2019

The International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) has collaborated with the Geneva Association (GA) on the launch of a joint task force on cyber terrorism and cyber warfare. The launch of this new task force was announced at the IFTRIP 2019 International Conference in Brussels, Belgium. The initial findings ... Read the full article

Aspen appoints Mauro Signorelli as Head of International Cyber

9th October 2019

Aspen Insurance, the insurance arm of Bermudian re/insurer Aspen Insurance Holdings Limited, has announced the appointment of Mauro Signorelli as Head of International Cyber. Mauro previously worked as Senior Underwriter, Technology Liability and Cyber Risk Insurance at Aspen Insurance, having joined the company in February 2017. Prior to this, he spent five ... Read the full article

CFC targets improved incident response capabilities with acquisition

9th October 2019

London headquartered specialist insurer, CFC, has expanded its in-house cyber incident response capabilities with the acquisition of Texas-domiciled incident response provider, Solis Security. CFC's large in-house cyber claims and incident response team has handled almost 1,500 cyber claims this year alone. Now, with the addition of Solis Security, CFC has deepened ... Read the full article

Ascent appoints cyber underwriters from Beazley & Equinox

8th October 2019

Ascent Underwriting, the cyber and specialty lines MGA and a founding partner of Optio, has announced the appointment of cyber underwriters Kieran Shiret and Henry Rydon. Shiret and Rydon previously held underwriting roles at Beazley and Equinox, respectively. They are expected to bring additional cyber expertise and experience to Optio, particularly in ... Read the full article

One third of UK councils targeted by cyber attacks in 2019, reports Gallagher

4th October 2019

Councils across the UK are facing an unprecedented number of cyber attacks, with one third of local authorities targeted in the first six months of 2019 alone, according to re/insurance broker Gallagher. Of the 202 councils that responded to freedom of information (FOI) requests from Gallagher, 101 also said they had ... Read the full article

WEF survey ranks cyber, fiscal crises as top concerns for execs

3rd October 2019

A comprehensive survey conducted by The World Economic Forum has identified cyber attacks and fiscal crises as the primary risks to doing business at a global scale. Covering nearly 13,000 executives from 130 countries, the survey results show that three of the top five risks are economic-related with “unemployment or underemployment” ... Read the full article

Beazley announces cyber & financial lines policies for Italy

1st October 2019

Specialist insurer Beazley has announced the launch of cyber cover and a suite of financial lines products for its organisations in Italy. The company’s flagship cyber solutions provide insurance cover and risk management services that help clients prepare for and manage data breaches and cyber attacks. Beazley Breach Response (BBR) and Beazley ... Read the full article

HW Kaufman acquires cyber MGA Node International

30th September 2019

HW Kaufman Group, the parent company of wholesale brokerage and managing general underwriter Burns & Wilcox has acquired Node international, a managing general agent focused on cyber-risk and technology-related insurance solutions. The deal marks the group’s 20th acquisition in nine years and has been described by Chairman, President and Chief Executive ... Read the full article

Guidewire updates cyber risk model Cyence

26th September 2019

Guidewire Software, a platform provider for property and casualty re/insurers, has updated its cyber risk management modelling solution Cyence. Cyence, acquired by Guidewire in 2017, combines economic modelling, cybersecurity, machine learning and Internet scale data collection to help risk takers assess the financial impact of cyber threats. This latest model update, the ... Read the full article

AXA XL to offer cybersecurity services via Accenture partnership

25th September 2019

AXA XL, the property & casualty (P&C) and specialty risk division at AXA, has announced it will provide global cybersecurity services to its clients via a new partnership with professional services firm Accenture. Using Accenture’s cybersecurity capabilities, AXA XL will help its underwriters, brokers and clients to gain a deeper understanding ... Read the full article

Ascent-Cove rebrands to Optio, adds Ian Beaton as Non-Exec Director

23rd September 2019

Cyber and specialty lines managing general agent Ascent Underwriting and US construction-focused MGA Cove Programs are to be rebranded under the single name Optio. The rebrand aligns with a move to larger premises later this month as Optio looks to build a tech-focused business and set new standards in the insurance ... Read the full article

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