Reinsurance News
Cyber risk news
News on cyber risk underwriting in the insurance and reinsurance industry, the launch of new cyber insurance and reinsurance products, cyber risk analytics and more.
Caribbean re/insurers continue to navigate economic headwinds: AM Best
26th August 2022
According to AM Best’s market segment report, Caribbean insurers continue to navigate economic headwinds and market volatility while remaining highly vulnerable to several other risks. Climate, reinsurance, and cyber in particular. Despite the low level of claims activity in 2021 and thus far in 2022, reinsurance pricing continues to reflect increased ... Read the full article
Lloyd’s sets out requirements for state-backed cyber-attack exclusions
18th August 2022
In a recent market bulletin, Lloyd’s, the oldest insurance and reinsurance marketplace in the world, has set out requirements for state-backed cyber-attack exclusions in standalone cyber-attack policies. In the report, the market affirmed that they remain strongly supportive of the writing of cyber-attack cover but recognise that cyber-related business continues to ... Read the full article
Spring Insure introduces cyber coverage for SMEs
5th August 2022
Spring Insure, the specialist MGA, has announced the launch of its commercial cyber offering, tailored for SMEs. The company says cyber cover is an addition to the existing product suite of financial institutions and Directors & Officers cover it offers in partnership with Beazley. This cyber product offers protection ... Read the full article
Strict underwriting will dominate cyber market – S&P
1st August 2022
Ransomware shouldn't be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet making a steady profit from cyber will remain challenging for insurers, S&P believes, ... Read the full article
CFC expands into North America and Australia
27th July 2022
CFC, the specialist insurance provider, has expanded its cyber threat analysis capability into North America and Australia. The company’s cyber threat analysis focuses solely on identifying new cyber threats and working with cyber customers to prevent attacks before they happen. Roger Francis, Managing Director of CFC Response, said: ... Read the full article
Corvus expands partnership with SiriusPoint and R&Q Accredited
22nd July 2022
Corvus Insurance, a provider of smart commercial insurance products, has announced an expanded strategic partnership with specialty re/insurer SiriusPoint, and R&Q Accredited, a program management solution provider. The latest multi-year investment from SiriusPoint and R&Q Accredited adds an additional $100 million to the program. The enhanced program follows an initial investment ... Read the full article
McGill boosts cyber development strategy with CyberCube products
14th July 2022
CyberCube, a cyber risk analytics firm, has announced that specialist re/insurance broker McGill and Partners, will be using its cyber risk analytics platforms as part of its cyber re/insurance growth strategy. According to the announcement, the broker is using CyberCube’s Portfolio Manager and Broking Manager. Neil Sharma, Partner - Reinsurance at McGill ... Read the full article
DeNexus opens office in Switzerland
13th July 2022
DeNexus, a provider of second-generation cyber risk modelling for industrial organisations, reinsurers and investors in insurance linked securities (ILS), has opened an office in Lugano, Switzerland. The company has recruited Marco Sabitini and Mario Pio Gioiosa to the Lugano office, with plans to add more members to the team ... Read the full article
Cowbell Cyber partners with Palomar on reinsurance capacity
7th July 2022
Cowbell Cyber, the cyber insurance provider for small and medium-sized enterprises, has announced an agreement with Palomar Excess & Surplus Insurance Company to double the available reinsurance capacity for Cowbell Prime 250, Cowbell's cyber coverage for businesses with up to $250 million in revenue. The agreement brings ... Read the full article
Probitas commences underwriting cyber
4th July 2022
Probitas 1492, a Lloyd's underwriting syndicate specialising in property, construction and casualty, will now underwrite cyber. Richard Taylor, its Head of Cyber & Technology, is tasked with focusing the business on cyber risks. He said: “We have spent the past couple of months establishing Cyber as a new line ... Read the full article
Marsh launches Cyber Incident Management service for UK & EU
29th June 2022
Marsh has announced the launch of its Cyber Incident Management (CIM) service to support clients headquartered in the UK and Continental Europe to prepare for, respond to, and recover from cyber incidents and increase their cyber resilience. The service was first launched in the US in 2021 and is a first ... Read the full article
CyberCube to continue collaboration with CyberAcuView
28th June 2022
CyberAcuView, a company formed by primary cyber insurers to enhance cyber risk mitigation efforts across the industry, is continuing its collaboration efforts with leading provider of cyber analytics – CyberCube. During the formation of CyberAcuView, CyberCube provided technical guidance. In a press release, it states that CyberCybe will continue to deliver insights ... Read the full article
Cowbell releases Q2 Cyber Round-Up
23rd June 2022
Cowbell Cyber has announced the results of its Q2 cyber insurance risk report, the Cowbell Cyber Round-Up. The report offers insight into and rationale behind cyber insurance for SMEs. A recent survey by GlobalData found that many SMEs will leave themselves exposed to cyber risk in 2022 due to ... Read the full article
CyberCube report addresses criminal cyber threat actors
13th June 2022
A new report from CyberCube says that cyber criminals display a variety of motivations and maintain complex relationships, which should be considered when underwriting and broking cyber risk. The report – Understanding criminal cyber threat actors and motivations, states that there are three main types of threat actors: state-sponsored, criminal gangs, ... Read the full article
Cyber attacks driving insolvency fears into businesses: Hiscox
18th May 2022
According to the latest Hiscox Cyber Readiness Report, 20% of businesses across eight countries said that a cyber attack almost rendered them insolvent, a 24% increase compared to last years report. The Hiscox Cyber Readiness Report, now in its sixth year, surveyed over 5,000 businesses in the US, UK, Ireland, Belgium, ... Read the full article
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