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.
C&F promotes Nick Economidis to Senior VP of Cyber Insurance
21st September 2022
Crum & Forster (C&F) has announced the promotion of Nick Economidis to Senior Vice President of eRisk. Economidis joined C&F as Vice President of eRisk in 2018, aiding with business line growth and the expansion of its tech and cyber underwriting group. He holds more than three decades of underwriting experience, including ... Read the full article
Cyber to become a prominent line for Swiss Re in future
20th September 2022
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class for the present moment, until more data becomes available. Speaking at a media briefing at the 2022 RVS event in ... Read the full article
Aspen backs Counterpart’s AI-powered crime coverage for small businesses
16th September 2022
Bermuda-based re/insurer Aspen Insurance Holdings Limited has backed an AI-powered crime coverage for small businesses, launched by AI-driven insurtech, Counterpart. In a press release, it noted that the policy can be purchased on a standalone basis or packaged with its existing Directors & Officers, Employment Practices, and Fiduciary insurance lines. The crime ... Read the full article
CyberCube announces partnership with EXL
16th September 2022
CyberCube is collaborating with data analytics firm EXL to develop cyber insurance solutions for the P&C insurance industry. The firms said in a joint statement that they would help deliver the framework insurers need to develop comprehensive cyber risk policies through a wide range of risk measures, including industry specific threat ... Read the full article
Cyber claims cost for small businesses up 58% between H1 2021 and H1 2022
16th September 2022
The cost of a cyber claim for small business owners increased by 58% in H1 2022, compared to the same period the year before. That statistic comes in insurance provider Coalition’s twelve-page 2022 Cyber Claims Report: Mid-Year Update, which says that the average cost of such a claim has now reached ... Read the full article
Reinsurers risk irrelevancy if cyber demand isn’t met: Munich Re
15th September 2022
Senior executives at Munich Re have warned that the re/insurance industry “might lose relevance” if it doesn’t find ways to meet the growing demand for cyber cover with new products and services. Speaking at the reinsurer’s 2022 RVS briefing in Monte Carlo this week, CEO of Reinsurance Torsten Jeworrek noted that ... Read the full article
Asta-managed Trium Cyber gets green light from Lloyd’s
14th September 2022
Asta, the leading third-party managing agent at Lloyd’s, has announced that Trium Cyber, a new risk carrier backed by Jim Stanard’s Pelican Ventures, has received ‘in principle’ approval from Lloyd’s. Trium Cyber expects to write $50m of gross premiums during its first year of operations, commencing January 2023. Its executive team includes ... Read the full article
Envelop Risk launches new Capital Markets unit with David Ross as Head
13th September 2022
Global specialty cyber underwriting firm, Envelop Risk, has announced the launch of its Bermuda-based Envelop Capital Markets practice, which will be led by underwriter and insurance-linked securities (ILS) specialist, David Ross. The practice is set to develop a market for tail risk protection, retrocession, and cyber reinsurance through both indemnity and ... Read the full article
Russian sovereign internet creates cyber risks for re/insurers: CyberCube
12th September 2022
A sovereign Russian internet could lead to cybercriminal safe havens, giving greater confidence that large-scale attacks can be carried out without consequences, says a new report by cyber risk analytics expert CyberCube. The report examines the rise in the use of wiper malware by Russian threat actors, which, unlike ransomware, has ... Read the full article
Wider audience access to cyber risk analysis through CyberCube and AkinovA partnership
12th September 2022
CyberCube, a cyber risks analytics provider, has announced its partnership with AkinovA, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modelling and analytics. Through this partnership, CyberCube’s products will be made available to AkinovA’s platform, making all its models accessible ... Read the full article
Three newco cyber start-ups in rating pipeline: AM Best’s Holzberger
11th September 2022
Stefan Holzberger, Chief Rating Officer at AM Best, has revealed that his company currently has three newco dedicated cyber insurers in the pipeline for initial rating. The rating agency executive disclosed the imminent entrance of three new cyber entities to the market during an AM Best Reinsurance Market Briefing panel held ... Read the full article
US cyber market premiums shot up by 76% last year: Aon
10th September 2022
The US cyber market saw continued and increasing demand for its products in 2021, according to a new report from re/insurance broker Aon. The report, US Cyber Market Update: 2021 Cyber Insurance Profits and Performance, said the number of insurers in this sector grew from 200 to 214 between 2020 and ... Read the full article
Everest Re names Catherine Rudow as Global Head of Cyber Reinsurance
9th September 2022
The reinsurance division of Bermuda-based carrier Everest Re Group, Ltd., Everest Reinsurance, has appointed Catherine Rudow to the newly created role of Global Head of Cyber Reinsurance. Rudow assumes responsibility for strategically expanding the company's cyber reinsurance business, driving consistent underwriting best practices and guidelines across the division. She will also be ... Read the full article
Ageas partners with eBaoTech to enable its digital platforms’ strategy
9th September 2022
Ageas Group has selected eBaoTech's InsureMO platform for its digital transformation as part of its strategy to explore and invest in new growth engines. Ageas plans to leverage InsureMO - a PaaS platform designed to accelerate insurance innovation - to enable its growth via B2B2C channels. Hans De Cuyper, the CEO of ... Read the full article
Gallagher Re expands cyber reinsurance team in North America
7th September 2022
Global reinsurance broker, Gallagher Re, has appointed Jasper Goring as head of its cyber reinsurance hub in New York amid the creation of a dedicated cyber analytics function and the growth of its specialist team in North America. Goring will lead the broker’s cyber reinsurance specialism to support NA-based clients and ... Read the full article