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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.

RMS bolsters cyber offering with two key updates

22nd January 2021

Catastrophe risk modeller RMS has bolstered its cyber offering with the launch of a new underwriting application. The company has also made significant updates to its cyber solutions portfolio management application. RMS Cyber Solutions Version 5.0 will allow users to price and select cyber risks without the need for large sets of ... Read the full article

SCOR integrates CyberCube model into cat platform

14th January 2021

Global reinsurer SCOR has integrated a CyberCube-developed cyber risk model into its own catastrophe modelling platform. By integrating CyberCube’s risk model alongside other natural catastrophe models within SCOR's CAT Platform, the reinsurer is aiming to further expand its modelling capabilities. The new architecture was made full operational for the Janurary 1 renewals. “In ... Read the full article

Chubb names Michael Kessler division president of cyber risk insurance

14th January 2021

Global re/insurer Chubb has announced the appointment of Michael Kessler as division president of its cyber risk insurance business. Currently serving as a vice president and chief reinsurance officer, Kessler will now oversee all facets of the business including strategy, product and business development, underwriting and service operations. He reports to Paul Krump, ... Read the full article

Cowbell Cyber launches Prime Plus cyber line

13th January 2021

AI-powered cyber insurance provider for small to mid-sized businesses, Cowbell Cyber, has announced the availability of its excess cyber coverage line, Prime Plus. This new line of insurance offers businesses up to $1 billion in revenue access to an additional $10 million in excess limits. Prime Plus provides organisations with additional financial ... Read the full article

Beazley reports increase in ransomware severity, cost

24th December 2020

Specialist insurer Beazley has reported an increase in the severity and cost of ransomware attacks this year compared to 2019. Consequently, Beazley considers ransomware the biggest cyber threat currently facing organisations. According to the latest Beazley Breach Insights report, the total cost of ransom payments doubled year-on-year through the first six months of ... Read the full article

Data breaches could become the new PPI in 2021: Clyde & Co’s Seaton Gordon

21st December 2020

Clyde & Co London’s legal director Seaton Gordon believes group claims, and potentially class actions, from data breaches could become the new PPI in 2021. Gordon notes how, with fewer legal barriers to individuals bringing claims for loss of their personal data have been reducing in recent times, claims management companies ... Read the full article

Kovrr to help bolster Deutsche Rück’s cyber modelling capabilties

18th December 2020

Cyber risk modeller Kovrr has announced a collaboration with Deutsche Rück designed to help support the reinsurer's cyber risk modelling capabilities. As part of the agreement, Kovrr will implement a platform to provide Deutsche Rück with validation analysis. Kovrr says its solution provides re/insurers with models built bottom-up, utilising data that closely corresponds to ... Read the full article

Cowbell Cyber expands insurance program to 31 states

7th December 2020

Cowbell Cyber, a startup leveraging Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses, has expanded its admitted cyber insurance program to 31 US states. Cowbell Prime will now be available to businesses in a majority of states in the US, regardless of size and industry. According to Cowbell Cyber, the ... Read the full article

Aon launches new digital cyber offering

3rd December 2020

Re/insurance broker Aon has announced the launch of a new digital insurance solution for small and middle market businesses. This digital solution is designed for any business generating up to $100 million in annual revenue across sectors including retail, technology, professional services and manufacturing. The offering builds on other insurance products that ... Read the full article

Kovrr adds Lorenzo Sargenti to advisory board

25th November 2020

Cyber risk modelling firm Kovrr has announced the addition of Lorenzo Sargenti to its advisory board. Sargent formerly served as Managing Director of Client Development at RMS. As part of the advisory board, he will play an instrumental role in guiding Kovrr through client and market development initiatives, providing cyber risk modelling ... Read the full article

Howden set to acquire cyber, tech-focused broker Safeonline

24th November 2020

Insurance broker Howden has agreed to acquire specialist broker and Lloyd’s coverholder Safeonline. The deal will see a team of cyber insurance specialists join Howden’s cyber division and is intended to add resources and expertise to the company's presence in the marketplace. Chris Cotterell, Chief Executive Officer of Safeonline will join Howden ... Read the full article

Aon & HSCM launch $70mn catastrophic cyber product

19th November 2020

Global insurance and reinsurance broker, Aon, has collaborated with Hudson Structured Capital Management Limited (HSCM) on the launch of a new product designed to protect re/insurers against systemic and catastrophic cyber events. Driven by growing awareness at C-suite level, reputational risk and regulation, alongside an increasing number of cyber attacks, the ... Read the full article

Human behaviour critical to pandemic & cyber modelling: CyberCube

16th November 2020

A new report by cyber analytics provider CyberCube stresses the importance of understanding and predicting human behaviour when it comes to modelling both pandemic and cyber risk. According to the report, which sets out to understand the lessons both pandemic and cyber modelers could learn from each other, the potential for ... Read the full article

AXIS Insurance adds lead underwriters to US Cyber & Tech unit

9th November 2020

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited, has announced the addition of three lead underwriters to its US Cyber and Technology team. Ashley Sales, Southeast Regional Underwriting Manager, will be based in Alpharetta, Georgia, while Jonah Papesh, West Coast Regional Underwriting Manager, will be based in ... Read the full article

Munich Re Speciality launches new cyber, tech E&O Solutions

23rd October 2020

Munich Re Specialty Insurance, a division of the global reinsurer, has launched new cyber and technology errors and omissions (E&O) insurance solutions. The solutions are designed to protect US-domiciled firms with domestic and/or global exposure and are offered on a non-admitted basis for both primary or excess protection. The policies have been ... Read the full article

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