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.
16th September 2021
Corvus Insurance, a provider of smart commercial insurance products, has partnered with specialty re/insurer SiriusPoint, via a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, ... Read the full article
15th September 2021
Chubb has announced the appointment of Raheila Nazir as Head of Cyber & Technology for Overseas General Insurance, the company's international general insurance business. In this role, she will lead Chubb's international Cyber & Technology practice and be responsible for overseeing underwriting, strategy, product and business development, and financial performance. Nazir was ... Read the full article
15th September 2021
Data-driven underwriting and analytics company, Envelop Risk, has announced a Series B funding round in which it secured investments of USD 130 million led by SoftBank Vision Fund 2. As part of the transaction, Neil Cunha-Gomes, Investor for SoftBank Investment Advisers, is set to join Envelop Risk’s board of directors. The company ... Read the full article
13th September 2021
AI-powered cyber insurer Cowbell has appointed Chris Reese as the company's new head of insurance, a role that will see her support business strategy, operations and growth. Reporting to Trent Cooksley, COO, Reese joins from Lockton Companies having served as senior vice president and cyber & technology insurance practice lead. At Lockton, ... Read the full article
8th September 2021
Munich Re-owned specialist engineering and technology insurer HSB has added Mathew Prentice to support its computer and cyber product range offering. Prentice will be responsible for the development and implementation of HSB’s underwriting strategy for the computer and cyber account in the UK and Ireland. Based in Birmingham and reporting to Andy ... Read the full article
7th September 2021
Munich Re continues to see “favourable” prospects in the reinsurance market, with cyber, data analytics and artificial intelligence having been identified as the most important growth areas for the company. Discussing the trend of digitalisation within the industry, Board member Torsten Jeworrek asserted that traditional insurance will be “radically changed” by ... Read the full article
2nd September 2021
Global reinsurer Swiss Re is set to create a central cyber underwriting team, led by AXA XL's John Coletti, that will assume responsibility for group's product development and underwriting activities in the space. Coletti will join Swiss Re as Head of Global Cyber in early October and previously served as the ... Read the full article
26th August 2021
The “vital role” of re/insurance was highlighted by industry leaders in a recent series of cybersecurity discussions at the White House, which saw President Biden, members of his cabinet and national security team, and private sector and education leaders convene to confront the growing issue of cyber risk. During the closed ... Read the full article
26th August 2021
Tokio Marine, the global P&C insurance group, has partnered with cyber analytics provider CyberCube to gain access to its suite of products, including Account Manager, Portfolio Manager and a range of other modelling solutions. Tokio Marine Group currently writes cyber insurance via TMNF in Japan, TMHCC in US, Europe and Asia, ... Read the full article
20th August 2021
Cyber reinsurance’s potential to drive growth across the Asia Pacific (APAC) region has been underlined in a new report from Fitch Ratings. The APAC region is reported to have accounted for 7% of the total reported ransomware incidents in 2020. Fitch says several Asian markets have developed regulations to reflect the increased ... Read the full article
3rd August 2021
Insurtech firm Connected Insurance (CI) has partnered with Swiss Re to launch an embedded cyber protection that offers personal cyber insurance to individuals and families. The product, called The Digital-Life Insurance, will provide risk prevention tools that help consumers protect themselves and their electronic devices against cyber-attacks. "We have redesigned the traditional ... Read the full article
26th July 2021
Beazley has been described during a recent roundtable as having achieved good rate increases across all classes, platforms and territories during H1 2021, with most significant hardening in cyber in response to ransomware. Ransomware, and cyber crime more generally, was described as both a societal as well as an insurance issue. Beazley ... Read the full article
19th July 2021
Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article
19th July 2021
Security and safety services firm Sepio Systems has partnered with reinsurer Munich Re as part of the launch of its Hardware Access Control Index (HACx), which aims to help organizations improve hardware security. The company offers a rogue hardware mitigation guarantee as part of its HAC-1 solution, whereby Munich Re insures ... Read the full article
13th July 2021
GlobalData analysis suggests the global cyber insurance market is set to thrive post-Covid and reach $20.6 billion in Gross Written Premium (GWP) by 2025. The cyber market is already reported to have hit the $7 billion GWP mark, as the COVID-19 pandemic forced businesses to digitise processes and adopt remote working ... Read the full article
