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.
CyberCube names Jon Laux as VP, Analytics
31st January 2022
Risk management firm CyberCube has appointed Jon Laux as Vice President, Analytics where he will oversee the company’s Actuarial and Cyber Risk Modelling teams. He joins from Aon where he held a number of senior roles over a 15 year period. Most recently he was Head of Cyber and Analytics , ... Read the full article
Pango Group names new Executive Director, Global Cyber Solutions
28th January 2022
Pango Group has appointed Paul Miskovich as Executive Director, Global Cyber Solutions, where he will lead the company's global cyber insurance solutions business. Prior to joining Pango Group, Miskovich has held insurance leadership roles as Chief Underwriting Officer at Evertas, Group Head of Cyber at ARGO Group, and Global Head of ... Read the full article
Parametrix Insurance and Leavitt Group to mitigate cloud downtime risk
25th January 2022
Provider of parametric cloud downtime insurance, Parametrix Insurance and brokerage Leavitt Group have both announced that ComTech-Leavitt Insurance Services, a member of the two, has partnered to help businesses that use the cloud reduce their exposure to the risks of cloud downtime. With the cloud turning into the alternative to traditional ... Read the full article
CyberCube designs scenarios for Lloyd’s RDS exercise
20th January 2022
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise. The three scenarios include a cyber power outage, a widespread malware event and a cloud outage event. These will allow Lloyd’s managing agents and syndicates to stress test ... Read the full article
Resilience earns Coverholder status at Lloyd’s
19th January 2022
Resilience, an insurance and security solutions specialist, has earned delegated authority as a Coverholder, enabling it to deliver its comprehensive cyber risk management and insurance solutions to the worldwide insurance marketplace served by Lloyd's. Cyber risk is highly complex and difficult to address under traditional risk transfer approaches. Resilience provides intuitive cyber coverage ... Read the full article
Cyber the top concern for businesses in 2022: Allianz
18th January 2022
Cyber perils are viewed as the top concern for businesses globally in 2022, as natural catastrophe and climate change risks climb the rankings of the latest Allianz Risk Barometer. With 44% of respondents citing cyber incidents as their biggest concern, largely driven by the threat of ransomware attacks, the peril claimed ... Read the full article
Cyber landscape to increase in 2022: Beazley’s Raf Sanchez
12th January 2022
Beazley’s Head of Cyber Services, Raf Sanchez, has reported his predictions for the cyber insurance landscape for the following year, anticipating that it will likely increase. “Whilst many organisations know to expect short-term technical and operational impacts, we find they are often un-prepared for the longer lasting impact on their reputation,” ... Read the full article
Munich Re Specialty Insurance names new Senior Cyber Underwriter
11th January 2022
Munich Re Specialty Insurance, a division of German reinsurance giant Munich Re, has appointed Monica Tigleanu as Senior Cyber Underwriter, where she will be based in London. Tigleanu has previously worked for Munich Re as a consultant back in 2018, where she held the position for five months. Back in September ... Read the full article
Ransoms demanded to ransoms paid on the decline: Corvus
1st December 2021
Corvus Insurance has released a new report, showing the insights and tools used by risk managers, IT departments, security researchers, and solution providers to hone their offerings and approaches to keeping organisations safe from evolving cyber threats. The report looked at ransomware which has quickly become a dominant force in cyber ... Read the full article
Ransomware is the largest cyber reinsurance market issue: PCS’ Johansmeyer
25th October 2021
In a recent video interview with our sister publication Artemis, Tom Johansmeyer, Head of PCS, discussed the subject of cyber risk, current cyber risk trends and how the insurance-linked securities (ILS) market can play a role in provision of reinsurance and retrocession capacity. During the interview Johansmeyer discussed ... Read the full article
Microsoft enters partnership with At-Bay
30th September 2021
Microsoft has entered into a partnership with cyber insurance company At-Bay to address its customers' cybersecurity needs and reduce insurers' own risk of loss, through increased data visibility and standardised controls. At-Bay assesses the cyber-risk of every company it insures and provides actionable insights on how customers can improve their security ... Read the full article
HDI, Griffin Highline & Craig Landi form cyber MGA Falcon
7th June 2021
HDI Global Specialty SE, Griffin Highline and industry veteran Craig Landi have formed a new managing general agency focused on the underwriting and claims management of financial and cyber lines of insurance players across the US. Falcon Risk, led by Landi as Chief Executive Officer, will provide a full suite of ... Read the full article
Premiums for standalone cyber policies grew over 28% in 2020: AM Best
25th May 2021
According to a new report by rating agency AM Best, the ransomware attack on US energy firm Colonial Pipeline has impacted the cyber insurance segment, with premiums for standalone cyber policies growing beyond 28% in 2020. The report highlighted that the higher rate of growth for standalone policies gives an indication ... Read the full article
Further challenges ahead for cyber insurers, warns Fitch
21st April 2021
Analysts at Fitch Ratings note that a higher propensity of cyber incidents will likely hinder a near-term reversal of claims cost trends, suggesting increasing profit pressure for cyber insurers. During 2020, property / casualty (P/C) insurers that write cyber cover reported substantially higher claims losses than in prior years, reports Fitch. Over ... Read the full article
There’s more to do but demand for cyber reinsurance is growing: Chatterjee, Envelop Risk
12th March 2021
In a recent interview with Reinsurance News, Ari Chatterjee from Envelop Risk discussed how the cyber re/insurance market has changed in recent years and why demand for protection is projected to rise. “The development of the cyber reinsurance market actually sped up quite a lot in the recent past and one ... Read the full article
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