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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.

Sarah Stephens named Head of Cyber, International at Marsh JLT Specialty

10th January 2020

Global re/insurance brokerage Marsh has announced the appointment of Sarah Stephens as Head of Cyber, International, within Marsh JLT Specialty, effective immediately. Stephens will serve in this newly created role in addition to her current position as Cyber, Media & Technology Leader within the UK FINPRO Practice. She will take responsibility for ... Read the full article

CFC announces new cyber excess policy

10th January 2020

Specialist insurer CFC has announced the release of its new cyber excess solution, which gives small and medium sized businesses access to up to $10 million of excess cyber capacity. Offered globally and built for organisations with up to $1 billion in revenue, the policy also provides an automatic reinstatement of ... Read the full article

Beazley & RenRe collaborate on capital markets-backed cyber reinsurance

9th January 2020

Specialist insurer Beazley has secured additional catastrophe cover for cyber events through the launch of a new reinsurance product in collaboration with Bermuda-based reinsurer, RenaissanceRe (RenRe), and which is backed by the capital markets. An announcement on the deal reveals that the vast majority of the security behind the deal will ... Read the full article

AkinovA completes cyber parametric trade with Hiscox & GC

9th January 2020

AkinovA, the electronic marketplace for the transfer and trading of re/insurance risk, has completed its first cyber parametric instrument trade. Hiscox developed, structured and provided capital for this transaction, with Guy Carpenter (GC) acting as broker and PCS as the reporting agent. The deal was carried out electronically with regulatory oversight from ... Read the full article

Brit adds AIG’s Douglas Ruhlman as cyber AVP

6th January 2020

Global specialty re/insurer Brit has appointed Douglas Ruhlman to serve as assistant vice president of cyber for Brit Global Specialty USA (BGSU). Ruhlman will join BGSU’s cyber & technology team and reports to Jeff Norton, Senior Vice President, Cyber Liability. He will work closely with Norton to support the underwriting and growth ... Read the full article

ILS investors sense opportunity in cyber if modelling can improve: CyberCube

6th January 2020

Insurance-linked securities (ILS) investors can sense opportunity in the growing cyber re/insurance market, but analysts at CyberCube believe that modelling capabilities must improve before this valuable source of capacity can be tapped. As part of a new report, CyberCube argued that the financial impact of future global software failure could be ... Read the full article

IUA plans to prioritise climate & cyber in 2020

3rd January 2020

As part of its new business plan for 2020, the International Underwriting Association (IUA) has announced that it plans to establish a new market group to focus on climate change. The committee will be tasked with examining the growing impact of climate change policies on a range of insurance activities, including ... Read the full article

Bermuda market increases cyber premiums threefold in 2018

30th December 2019

A new report from the Bermuda Monetary Authority (BMA) shows that commercial insurers in Bermuda increased their cyber premiums almost threefold in 2018, with $1.5 billion of net written premium reported. This compared with just $557 million in 2017, with premium coming from over 100,000 policies, versus 31,000 in 2017. The BMA ... Read the full article

Analysts expect double-digit cyber premium growth

24th December 2019

For at least the next three to five years, equity analysts at Goldman Sachs expect double-digit compound annual growth rate (CAGR) from current global cyber premium base of less than $5 billion of global commercial premiums. Currently, cyber premiums account for less than 1% of the international commercial insurance market, and ... Read the full article

The Hartford expands cyber services via new partnerships

19th December 2019

Property and casualty insurer The Hartford has expanded its range of cyber services with two new partnerships that will help detect digital risk exposure on the dark web and safeguard business infrastructure. Firstly, Terbium Labs will provide The Hartford’s customers with a preview of exposure across the dark web, allowing them ... Read the full article

Silent risks undermine insurers’ cyber exposure efforts, says Fitch

13th December 2019

Despite underwriters being increasingly aware of the potential exposures presented by silent cyber risks it remains a very real and urgent threat, which analysts at Fitch Ratings say is key to understanding, and therefore the effective management of the evolving cyber risk landscape. In a recent report, analysts at Fitch Ratings ... Read the full article

AXA XL partners with insurtech Slice, Microsoft on cyber solution

13th December 2019

AXA XL, the property and casualty and specialty risk unit of AXA, is partnering with cloud-based insurtech firm Slice Labs to help improve the cyber resilience of Microsoft 365 Business, Office 365 Business Premium and Office 365 Business customers. The collaboration, aimed at servicing small to medium sized businesses, will give ... Read the full article

QOMPLX, Chaucer launch multi-peril parametric product for SMEs

11th December 2019

Analytics and insurance software provider QOMPLX has partnered with international specialty re/insurance group Chaucer on a multi-peril parametric insurance product aimed at small to medium-sized enterprises. WonderCover will first be made available in the UK and offer protection triggered by specific instances of cyber, IT interruption, and terrorism. This parametric product allows ... Read the full article

CAC Specialty forms new Professional Liability & Cyber Practice Group

5th December 2019

CAC Specialty has announced the launch of its new Professional Liability and Cyber Practice Group, which is to be led by Adam Lantrip as Senior Vice President (SVP). The newly-established Professional Liability and Cyber Practice Group is responsible for the design, placement, and ongoing service of complex professional liability, cyber, and ... Read the full article

CFC’s cyber risk heat map looks to assist brokers

27th November 2019

Specialist insurer CFC has announced the launch of a free tool designed to help brokers sell cyber insurance. The new cyber risk heat map has been built from data that relates to 2,500 cyber claims that CFC has dealt with over the past 24 months, as well as trends that the ... Read the full article

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