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.
CyberCube gets $50m growth funding from investors incl. Morgan Stanley
19th December 2022
Cyber risk analytics provider CyberCube has secured $50 million in additional growth capital from investment funds managed by Morgan Stanley Tactical Value, with continued participation from all its existing investors. These include Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, and key investors from Stone Point Capital. Scott G. Stephenson, ... Read the full article
Safe Security launches new cybersecurity MGA
16th December 2022
Safe Security has launched an MGA specialising in cybersecurity called SafeInside Insurance. The firm said in a statement that the MGA looked to leverage API-based cyber risk telemetry and quantified insights to underwrite cyber insurance. Backed by an AM Best ‘A-rated’ carrier and panel of prominent, global reinsurance partners, SafeInside is introducing ... Read the full article
Elpha Secure hires DJ Carlisle as Head of Insurance Distribution
15th December 2022
Cyber insurance MGA Elpha Secure has announced the appointment of DJ Carlisle as Head of Insurance Distribution. Carlisle joins Elpha Secure from Tokio Marine HCC, where he most recently served as Cyber Retail Director. He has also previously worked at Marsh and Willis in both Cyber and E&O-based positions. In the new ... Read the full article
Cowbell establishes Cybersecurity Advisory Board
14th December 2022
Cowbell, a cyber insurance provider for small and medium-sized enterprises (SMEs), has announced the launch of its Cybersecurity Advisory Board (CSAB), convening experts to drive cross-industry innovation According to the firm, the creation of this board accelerates Cowbell's mission to strengthen cyber resilience in the SME market through cross-industry innovation between ... Read the full article
Cyber competition slowing rate increases for firms with good security: WTW
13th December 2022
A new note from WTW says that increased competition from cyber underwriters has led to more nominal rate increases when organisations can demonstrate good cyber security controls year over year. The firm said in its note that these cyber underwriters were eager to write new business following the recalibration of cyber ... Read the full article
Mosaic partners with Safe Insurance to launch cyber risk platform
12th December 2022
Underwriting company, Mosaic Insurance has partnered with Safe Security to use its award winning SAFE platform to help underwrites evaluate cyber risks for brokers and insureds. The platform offers a real-time view of the extent and nature of a company’s enterprise-wide cyber risk, allowing the most accurate exposure analysis, coverage, and ... Read the full article
AXIS appoints Andy Maher to head of cyber and tech in London
9th December 2022
Specialty lines insurer AXIS has appointed Andy Maher of head of cyber and technology in London. In his new role, Maher leads the London-based team of underwriters, and will focus on developing the team and enhancing the range of products and services that the team offers to its distribution partners and ... Read the full article
FTT and ransomware are top drivers of cyber loss, Corvus finds
9th December 2022
New data from cyber specialist Corvus Insurance has found that fraudulent funds transfer (FFT) and ransomware are the top drivers of cyber loss in 2022, accounting for over 50% of all claims combined. FFT alone comprised 36% of all claims in Q3, Corvus’s Corvus Risk Insights Index shows, and continues to ... Read the full article
DeNexus hires Luccitti as Chief Marketing Officer
7th December 2022
DeNexus Inc., a provider of cyber risk quantification and management tools for large industrial organizations, re/insurers and investors in insurance linked securities (ILS), has appointed Andrew A Luccitti as Chief Marketing Officer (CMO). Within this role, Luccitti will be based at the company's headquarters in Sausalito California, and he will report ... Read the full article
DeNexus names Víctor M. Aguilar VP of Sales EMEA region
30th November 2022
Cyber risk modeller DeNexus, has appointed Víctor M. Aguilar as Vice President of Sales - Europe, the Middle East and Africa (EMEA). In his new role, Aguilar will be tasked with extending the firm’s value proposition in the cyber risk quantification and management sphere to the United Kingdom, Europe, Middle East ... Read the full article
CyberCube reveals Version 4.0 of Account Manager
29th November 2022
Cyber risk analytics provider CyberCube, has released Version 4.0 of Account Manager, its software-as-a-service (SaaS) application for single risk re/insurance underwriters. The latest version of Account Manager includes a variety of improvements including new data, usability enhancements, as well as scoring and signal refinements. New financial quantification insights have also been introduced, ... Read the full article
Cyber a burgeoning risk pool with big challenges & big opportunities: Swiss Re
28th November 2022
Digitalisation is increasing exposure to cyberattacks throughout society, though as the risk landscape grows, so does awareness and demand for commercial and personal coverage, says the Swiss Re Institute. Swiss Re forecasts global cyber insurance premiums to reach $23 billion by 2025, from an estimated $10 billion in 2021. It adds that ... Read the full article
RIMS replies to FIO on federal cyber backstop
28th November 2022
The Risk and Insurance Management Society (RIMS) has written to the Federal Insurance Office (FIO) in response to legislative dialogue regarding a federal backstop for large-scale catastrophic cyber incidents impacting infrastructure. The eight-page letter from RIMS says that a recent survey of its members shows that they overwhelmingly support a federal ... Read the full article
Marsh hires Billy Aldous as Vice President, Cyber
28th November 2022
Broker and risk advisory firm, Marsh, has appointed Billy Aldous as Vice President, Cyber. Aldous joins Marsh from McGill and Partners, where he served as a reinsurance broker. Prior to McGill and Partners, Aldous spent three years working at AIG, where he held the role of Assistant Ceded Reinsurance Manager, where he ... Read the full article
Markel Intl. merges professional & financial risks division with expanded cyber team
28th November 2022
Markel International, a subsidiary of Markel Corporation, has announced that it will merge its professional and financial risks (PFR) division with its recently expanded cyber team. The decision to merge the two division together is part of the businesses efforts to simplify the trading experience for its broking partners, and to ... Read the full article