Reinsurance News

Cyber insurance & reinsurance news

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

Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber insurance news follows industry trends and reports on what is happening in the cyber underwriting market.

Howden unveils primary cyber & technology E&O facility with Lloyd’s

24th November 2023

Global broker Howden has announced that it has launched a new primary cyber and technology errors & omissions (E&O) facility. The facility has been developed in conjunction with the Lloyd’s Insurance Company According to the announcement, the product has been designed for a wide range of cyber and technology risks across 14 different ... Read the full article

Beazley sponsors debut two cat bonds in tandem, one cyber one nat cat

22nd November 2023

Specialist insurer Beazley is tapping the capital markets for reinsurance protection against cyber risks and named storm and earthquake losses with its first two Rule 144a catastrophe bond transactions. After sponsoring three private cyber cat bonds earlier this year, London headquartered Beazley has returned with its debut full 144a issuances, both ... Read the full article

CFC unveils new management liability solution for Canadian SMEs

15th November 2023

CFC, a specialist insurance provider, has launched a new management liability solution designed specifically for Canadian small to mid sized businesses. According to the firm, its new solution includes a variety of new coverages, many of which are non-standard within the Canadian market. Brand new coverages provided under CFC’s solution includes executive ... Read the full article

Cyber insurance market attractive despite ransomware uptick: JP Morgan

13th November 2023

Despite ransomware frequency picking up following a slowdown in 2022, analysts at JP Morgan still see the cyber insurance market as an "attractive area with strong profitability and good exposure growth potential in the coming years." Citing data released by Aon, JP Morgan said that ransomware attacks picked up 176% in ... Read the full article

Arch Australia launches new cyber practice with senior appointment

9th November 2023

Arch Insurance Australia has established a new cyber insurance practice, naming Rachel Green as National Cyber Underwriting Manager for Australia and the Pacific region, effective immediately. According to Arch, the cyber practice will offer excess and primary insurance products spanning cyber, IT liability, and cyber property, "providing comprehensive solutions to brokers ... Read the full article

Many SMEs are being left with a gap in coverage for cyber insurance: Cowbell’s Cooksley 

3rd November 2023

With the insurability gap within the small and medium-sized enterprise (SME) market continuing to grow as cyber attacks and the digitisation of work processes increase, one key issue that surrounds this, is that the cyber insurance products offered do not always match up with the financial losses that businesses may ... Read the full article

Cowbell’s growth shows ongoing commitment to closing the insurability gap: CEO Kudale

1st November 2023

Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), continues rapid growth as it announces $25mn in equity financing and a 49% increase in its new customer base year-over-year. In an expanding cyber insurance market, 72% of SMEs are still without cyber insurance and say that a major ... Read the full article

AI presents opportunities and challenges to the cyber insurance space: Cowbell’s Cooksley 

31st October 2023

As AI technology continues to make headwinds across the re/insurance sector, Trent Cooksley, co-founder and Chief Operating Officer of Cowbell Cyber, explains that the technology brings both opportunities and challenges to the cyber insurance space. During a recent interview with Reinsurance News, Cooksley stated that challenge-wise, threat actors are increasingly using ... Read the full article

At-Bay launches new MDR cybersecurity solution for SMBs

26th October 2023

At-Bay, the cyber insurance provider, has launched a new Managed Detection and Response (MDR) solution, At-Bay Stance MDR, designed to help emerging and mid-sized businesses advance their security defenses and threat preparedness, in view of the rapid rise of cyber crime rates. By analyzing its claims data from the past two ... Read the full article

Businesses lacking protection & recovery plans against cyber attacks: The Hanover

26th October 2023

Data from a recent cyber resiliency report from The Hanover highlights that 74% of small and mid-sized business decision-makers (defined as C-level executives at businesses with 3-249 employees) are confident in their ability to prevent cyberattacks effectively. Quite an alarming concern however, is that most businesses are said to not have ... Read the full article

We’ve matured and now understand client needs in much more detail: Envelop Risk CEO

25th October 2023

Since its official launch in 2018, cyber re/insurance underwriting firm, Envelop Risk, has matured and grown alongside an increasingly sophisticated cyber re/insurance market. As such, it is now able to better understand the needs of its clients, according to Co-Founder and Chief Executive Officer (CEO), Jonathan Spry. As the global insurance ... Read the full article

Ransomware attacks in 2023 up more than 95% compared to 2022: Corvus Insurance

25th October 2023

Ransomware attacks in 2023 are up more than a substantial 95% compared to 2022, according to Corvus Insurance's Q3 23 Global Ransomware Report. Attacks continue to come in at a record setting pace, with Q3 23 global ransomware attack frequency up 11% over Q2. In their Q2 23 report, the leading cyber ... Read the full article

Marsh to launch global cyber practice to enhance risk management

25th October 2023

Marsh, a global insurance broker and risk advisor, has announced the establishment of a comprehensive Marsh Specialty global cyber practice. This initiative integrates Marsh's extensive cyber capabilities, spanning insurance, risk intelligence, incident management, and cybersecurity on a global scale. The new practice, set to formally commence operations on January 1, 2024, will ... Read the full article

Beazley’s first 144a cyber catastrophe bond expected by year-end

19th October 2023

London-based specialty insurer and reinsurer, Beazley, is set to follow up on its three private transactions with its first full 144a cyber catastrophe bond issuance by the end of the year, according to Artemis sources. Our insurance-linked securities (ILS) focused sister site, Artemis, reported earlier today that Beazley is close ... Read the full article

Europe faces dynamic changes in risk landscape as €1bn losses surge: Munich Re

19th October 2023

Munich Re has noted that the frequency and severity of weather-related natural catastrophes are increasing in Europe, with an "unprecedented" series of events exceeding the €1 billion mark this year. However, Clarisse Kopff, a Member of the Board of Management, suggests the firm "is in a good position to carry ... Read the full article