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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.

Gallagher Re to launch dedicated cyber reinsurance team in Bermuda

12th April 2021

Specialist broker Gallagher Re has announced the formation of a new cyber reinsurance specialism in Bermuda, as the company looks to expand its global cyber practice. The new team will be led by specialist cyber broker Seb Plummer and is aimed at enhancing support for local clients while helping expand cyber ... Read the full article

MS Exchange attacks could drive thousands of claims: CyberCube

12th April 2021

Cyber analytics provider CyberCube has warned re/insurers of the potential for a large volume of claims resulting from recent cyber attacks by criminals on the servers running Microsoft’s email services. Tens of thousands of Microsoft Exchange servers in businesses and organisations around the world could have been infected during a series ... Read the full article

Mosaic announces cyber underwriting team

29th March 2021

Global specialty insurance company Mosaic will begin underwriting cyber insurance globally next month through teams based in Chicago and London. Mosaic’s Cybersecurity & Privacy coverage is designed to protect diverse industry types and focus on supporting insureds’ abilities to prevent an attack and to also respond and minimise damage in the ... Read the full article

S&P advocates for stand-alone cyber products

26th March 2021

Analysts at S&P Global Ratings have argued that the development of stand-alone cyber insurance products would benefit both re/insurers and policyholders. In a new report, the rating agency noted that cyber cover is often bundled into existing property or liability insurance policies, and in some cases, the policies do not explicitly ... Read the full article

WTW launches cyber solution for Power & Utilities industry

24th March 2021

Global re/insurance broker Willis Towers Watson has launched a new type of cyber insurance cover designed specifically for Power & Utilities companies. WTW says CyNat has been developed to specifically cover the key industry exposures rather than trying to modify pre-existing generic cyber products. The solution includes crisis management costs, business interruption ... Read the full article

AXIS and Elpha Secure enter cyber insurance partnership

17th March 2021

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, and Elpha Secure, a cyber security company have entered a strategic partnership to provide cyber insurance and software protection to small businesses to help improve their cyber security. Elpha Secure offers Elphaware, a Software as a Service (SaaS) application used ... Read the full article

Data breaches threaten $223bn of top brands’ value, finds report

16th March 2021

A joint cybersecurity and brand value impact report by consulting firms Infosys and Interbrand has found that up to $223 billion of the brand value of the world’s largest brands could be at risk from a data breach. To quantify this risk, Infosys and Interbrand identified the brand factors most impacted ... 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

Munich Re backs cybersecurity service by Deep Instinct

12th March 2021

Munich Re is backing a new performance guarantee and ransomware warranty from cybersecurity specialist Deep Instinct. Following a due diligence on Deep Instinct’s technology, Munich Re decided to provide insurance for the guarantee and warranty via its new product, aiSure. Deep Instinct says the backing will enable it to guarantee the performance ... Read the full article

Swiss Re CorSo and Coalition deepen collaboration

12th March 2021

Global reinsurer Swiss Re's commercial insurance arm, Swiss Re Corporate Solutions, has entered into a new multi-year agreement with cyber insurance and security firm, Coalition, to provide broad cyber insurance and technology errors & omissions insurance to SMEs throughout the U.S. and Canada. Coalition launched back in 2017 with backing ... Read the full article

Cowbell Cyber raises $20mn in Series A funding round

11th March 2021

AI-powered cyber insurer Cowbell has closed a $20 Million Series A funding round as it looks to scale its offering for continuous underwriting and closed-loop risk management. Cowbell Cyber’s closed-loop approach to cyber risk bundles cybersecurity awareness training, continuous risk assessment, and pre and post-breach risk improvement services. Brewer Lane Ventures led ... Read the full article

COVID-19, sustainability key insurance themes for 2021: GlobalData

9th March 2021

Data and analytics firm GlobalData expects COVID-19 to be far and away the most important theme for the insurance industry in 2021, but that sustainability will continue to be an essential long-term issue. GlobalData insurance analyst Ben Carey-Evans states COVID-19 will change markets and transform consumer behavior as consumers and businesses ... Read the full article

Munich Re, AGCS & Google Cloud partner on cyber insurance solution

2nd March 2021

Munich Re, Allianz Global Corporate and Specialty (AGCS) and Google Cloud have announced a collaboration designed to provide customers with increased cloud security and potentially bring down costs. The Risk Protection Program builds on Google Cloud's engineered-in security toolset and consists of two parts. First, a diagnostic tool called Risk Manager enables ... Read the full article

Volante Global launches cyber ransomware solution

24th February 2021

International managing general agent platform Volante Global has announced the launch of a new cyber ransomware solution designed to combine ransomware cover with the latest in cyber security technology. At the core of Cyber Lockout is a multi-layered cyber security solution called Trident Lockdown, provided by GBMS Tech, which is built ... Read the full article

Arch to provide cyber insurer Coalition with long-term capacity

17th February 2021

Arch Insurance North America has partnered with Coalition to provide long-term capacity for the cyber insurance specialist’s US and Canada Cyber and Technology Errors & Omissions insurance programs on Arch’s carriers. It’s hoped the partnership with Arch will support Coalition’s growth, which over the past year included $150 million of run-rate ... Read the full article

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