Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced by cyber risk insurer’s, major cyber loss events, cyber reinsurance product development and cyber risk innovation trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber reinsurance news follows industry trends and reports on innovations, industry cyber risk capacity issues, as well as what is happening in the cyber underwriting market.
Coalition enters excess cyber insurance market in UK
14th March 2023
Cyber insurance provider Coalition is set to enter the excess cyber insurance market in the United Kingdom, to help protect businesses with enhanced coverage. By doing this, the firm will be able to help more businesses obtain the coverage they need to protect themselves from digital risks. The firm has confirmed that ... Read the full article
Lloyd’s has a duty to lead in cyber: Patrick Tiernan
13th March 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, says the insurance and reinsurance marketplace has a duty to provide leadership in the cyber market and ensure sustainable underwriting practices. With the cyber market set to continue it’s rapid growth, it is “encumbent on Lloyd’s to be a leader in this space,” Tiernan ... Read the full article
Volume of ransomware & extortion attacks to continue in 2023: CyberCube
7th March 2023
In a new report from CyberCube, the risk analytics specialist anticipates that there will be further attempts to compromise IT supply chains and geopolitical targets such as government agencies and non-government organizations. In CyberCube’s Global Threat Briefing, the firm identifies areas that the re/insurance and broking community needs to focus on ... Read the full article
Cyber attack surface widened by new ways of working, says Coalition
6th March 2023
London decoy computers were attacked 91 million times in January, of which 77 million were attempts to hack into remote desktop connections used by employees working out of office, according to new data from cyber insurer Coalition. Computers specially configured to make cyber criminals think they were small businesses operating in ... Read the full article
CyberCube launches add on module for Broking Manager SaaS solution
6th March 2023
Cyber risk analytics provider CyberCube has announced the launch of Prep Module Version 1.0, an add-on module of Broking Manager, the firms Software-as-a-Service (SaaS) solution designed specifically for insurance brokers. The firm explained that the add-on module, when paired with Broking Manager will help improve a broker’s overall ability to prepare ... Read the full article
Cowbell launches 24/7 policyholder guide service
6th March 2023
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the launch of Cowbell 365, an around-the-clock service that offers policyholders support for risk improvement and incident response. The new service will provide 24-hour availability, 365 days of the year. Theresa Le, chief claims officer at Cowbell, commented on ... Read the full article
Cyber risk management impacts insurance pricing and credit ratings: S&P
2nd March 2023
Despite a growing interest in cyber insurance, the organisational structures, workplace culture, and wider risk management ecosystems that combine to minimise cyber threats are still often lacking, cyber experts told S&P Global Ratings. They also highlighted that insurers are assessing their clients’ cyber preparedness to determine the cost of their premiums, ... Read the full article
Saiber & CYMAR form partnership to address cyber insurance needs within the UAE
2nd March 2023
Smart Port technology company, Saiber Innovation Technologies and Ports & Terminals cyber insurance specialist CYMAR Management Ltd., have announced a strategic partnership to address the demanding cyber insurance needs of the global maritime and logistics sector in the UAE. The announcement of this partnership comes as the UAE has steadily been ... Read the full article
ASML appoints Jonny Groves as Head of Cyber
23rd February 2023
Argenta Syndicate Management Limited (ASML), a subsidiary of Argenta Holdings Limited, has announced the appointment of Jonny Groves to the role of Head of Cyber, effective immediately. In his new role, based in London, Groves will be responsible for leading Argenta’s global cyber business while overseeing its underwriting and business development. He ... Read the full article
NAIC cites climate, data, cyber & innovation among priorities for 2023
21st February 2023
The National Association of Insurance Commissioners (NAIC) has cited climate risk, data/AI, and cybersecurity and innovation among its strategic priorities for 2023. Each year NAIC members finalize and announce the company’s priorities for the full-year. In terms of climate risk, NAIC stated that increased risks pose a threat to the lives, property, ... Read the full article
Now is the time for cyber ILS: Lockton Re
21st February 2023
In a joint report with CyberCube and Envelop Risk, Lockton Re has highlighted how Insurance-Linked Securities (ILS) can support additional re/insurance capacity for cyber risk, and why it now has the momentum to succeed. Lockton Re's report, 'Unlocking Potential', notes that there have been discussions for many years on the potential ... Read the full article
Allianz’s Hartmut Mai joins Cyberwrite as Group President
21st February 2023
Cyberwrite, a provider of cyber insurance products, has announced that it has appointed Allianz’s Hartmut Mai as Group President. Mai joins the firm with more than 25 years of global insurance leadership experience. In his most recent role, Mai served as the global Chief Underwriting Officer, and board member at Allianz Global ... Read the full article
Coalition cyber protection now available to large enterprise businesses in US
20th February 2023
Cyber insurance provider Coalition has announced the expansion of its cybersecurity insurance offering in the US to large enterprise businesses with revenues up to $5 billion. Coalition states that typically, enterprise businesses have a stronger cybersecurity posture than smaller organisations due to available resources, but they also have a much larger ... Read the full article
CloudCover partners with Hylant Global Captive Solutions
17th February 2023
CloudCover Re, a subsidiary of AI-generative cybersecurity threat prevention platform CloudCover, has announced the launch of a new cyber security captive insurance offering in partnership with Hylant Global Captive Solutions. Described as the world's first cybersecurity "rent-a-captive" insurance program, CloudCover CyberCell is a formal structure to affordably finance self-insured cyber risks. CloudCover ... Read the full article
Cloud outage next risk class primed for ILS risk transfer, says Parametrix
16th February 2023
Parametrix has announced it is working to bring Insurance-Linked Securities transactions to market which would protect ceding re/insurers against a sustained outage of “the cloud” to which many are exposed through their cyber portfolios. The leading provider of cloud downtime insurance suggests that a “Cloud-in-a-Box” transaction would employ a concrete, predetermined, ... Read the full article