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.
Cyber model evaluation needed as risk horizon evolves: Gallagher Re
11th November 2022
According to a report from re/insurance broker Gallagher Re, cyber models have done well to keep pace with the cyber insurance market in recent years, however, the ever-changing size and scope of the industry means that claims are often of a vector, frequency or magnitude that are still missing from ... Read the full article
Pen Underwriting signs new partnership with Paladin Cyber
10th November 2022
Pen Underwriting has announced a new UK strategic partnership with Paladin Cyber to arm brokers and their clients with cyber risk management tools to tackle cybercrime and reduce the risk of data loss, extortion, and exfiltration. A statement from the firm says that the first phase of the partnership has been ... Read the full article
AXA XL expands Lawyer’s E&O offering with cyber insurance option
9th November 2022
AXA XL, the property & casualty and specialty risk division of AXA, has added Cyber Suite, a cyber and security insurance coverage as an option to its Lawyers' Errors & Omissions (E&O) insurance program. According to the announcement, this move aims to help lawyer firms minimise the high financial cost and ... Read the full article
BOXX Insurance acquires cyber platform Templarbit
9th November 2022
Toronto-based cyber insurance specialist BOXX Insurance has acquired cyber intelligence platform Templarbit. Terms of the deal were not disclosed, but BOXX said it gave the firm ‘additional momentum’ to pursue its vision of ‘making the world a digitally safer place’. With teams in Palo Alto and Los Angeles, Templarbit was founded by ... Read the full article
Apollo and Envelop Risk partner up on cyber reinsurance
8th November 2022
Specialist re/insurer Apollo is going into partnership with Envelop Risk on cyber reinsurance business. Under the partnership, the latter will underwrite a new class of cyber reinsurance business within Apollo Syndicate 1971, with effect from the 2023 year of account. Matt Newman, active underwriter of Apollo Syndicate 1971, said: “We are committed ... Read the full article
Zurich settles NotPetya cyber lawsuit
7th November 2022
Switzerland headquartered insurer Zurich has reached a settlement with multinational food and beverage company Mondelez International to close a $100 million lawsuit brought against the insurer for refusing to pay out on cyber claims related to the 2017 NotPetya attack. Details of the settlement have not been disclosed, but notably it ... Read the full article
Risk Strategies suggests cyber insurance market is beginning to stabilise
7th November 2022
According to Risk Strategies State of the Market update, the cyber insurance market is beginning to stabilise after years of steep rate increases, though insurers will continue to be on high alert through the remainder of the year and into 2023. The report notes that the pace of cyber attacks has ... Read the full article
Corvus Insurance announces cyber partnership with Travelers
3rd November 2022
Specialty insurance MGA, Corvus Insurance has announced it has entered into a multi-year partnership with The Travelers Companies, Inc., a provider of personal, business, and specialty insurance, to back its Smart Cyber Insurance offering. According to the announcement, the venture will provide cyber insurance products and services to companies in continental ... Read the full article
CyberCube partners with MGA, Converge to strengthen underwriting ecosystem
2nd November 2022
Converge, a new cyber MGA, has announced that it is partnering with CyberCube to provide customers with deeper data and risk solutions, delivering improved business outcomes at lower premiums. CyberCube will blend its Portfolio Manager platform, Single Point of Failure (SPoF) Intelligence module, and Attritional Loss Model into Converge’s proprietary technology ... Read the full article
Generali and Crawford & Company announce cyber partnership
2nd November 2022
Global insurer Generali has partnered with Crawford & Company to provide specialist cyber incident response and loss adjusting services globally. Crawford & Company is described as the world’s largest publicly listed independent provider of claims management and outsourcing solutions to carriers, brokers and corporations. According to the announcement, thanks to this partnership ... Read the full article
Global cyber insurance pricing increases, outpacing other products: Marsh
2nd November 2022
In the first edition of its quarterly index that presents cyber data separately from financial and professional lines, Marsh has announced that cyber insurance pricing has increased again in Q3, outpacing other products. Cyber insurance pricing increased globally by 53% in Q3, while Property insurance pricing increased by 6%, Casualty insurance ... Read the full article
Chaucer names AXA XL’s Tuggey as Head of Cyber
1st November 2022
Global specialty insurer and reinsurer and part of China Re, Chaucer, has named Piers Tuggey, previously of AXA XL, as its new Head of Cyber. Tuggey spent four years with AXA XL, most recently serving as the company's Head of Cyber. Prior to the merger with AXA, Tuggey worked at XL ... Read the full article
Fraudulent instruction claims are on the rise, says Beazley
1st November 2022
According to data released in Beazley’s new Cyber Services Snapshot report, fraudulent instruction as a form of cyber attack is on the rise, despite an overall decline in incidents. The data from the report suggests that professional service firms experienced more fraudulent instruction and almost as many business email compromise incidents ... Read the full article
Ransomware remains top cyber risk for organisations globally, says Allianz
1st November 2022
According to an Allianz Global Corporate & Specialty cyber report, ransomware remains a top cyber risk for organisations globally, while the threat of state-sponsored cyber attacks grows. There was a record 623 million attacks in 2021, which was double that of 2020, says Allianz. It also notes that despite the frequency reducing ... Read the full article
Swiss Re highlights need for solutions to digitalisation risks
31st October 2022
In Swiss Re's 'the perfect remedy for the risks posed by digitalisation' report, Group Chief Digital & Technology Officer, Pravina Ladva, and Antonio Grasso, digital entrepreneur, author, and founder & CEO, discuss how digital solutions can mitigate the risks of digitalisation. Grasso observes that while digitalisation has brought many benefits, it ... Read the full article