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.
The Baldwin Group unveils digital placement platform for cyber
7th June 2024
The Baldwin Group has unveiled Cyber Navigator – its Application Program Interface (API)-connected cyber insurance placement platform. According to the announcement, business insurance buyers will be able to complete a digital application to receive quotes within minutes. As well as this, the platform also provides a competitive cost analysis and comparison of terms ... Read the full article
VIG establishes EU-funded cyber security programme to combat rising threats
7th June 2024
Vienna Insurance Group (VIG) has launched a comprehensive Cyber Defence Center programme (CDC) to enhance protection against the growing threat of cyberattacks. This initiative receives financial support from the European Union through the European Cybersecurity Competence Centre. The risk of cyber-attacks on companies continues to rise, particularly with new threats driven by ... Read the full article
NHS cyber attack underscores ongoing ransomware threat to healthcare sector
6th June 2024
Paul Gooch, Head of Large Account Cyber at Tokio Marine Kiln, has advised companies to adopt the mindset 'not if, but when' in their approach to cybersecurity, following the attack on hospitals in London targeting NHS IT firm Synnovis. Reinsurance News understands that the attacks have affected the Royal Brompton, Harefield, ... Read the full article
Cyber risk viewed as top concern by mid-market leaders: Marsh McLennan Agency
5th June 2024
Mid-market business leaders in the US view cyber, economic, and regulatory risks as the biggest threats to their operations in 2024, according to a new report by Marsh McLennan Agency. The report reveals that 75% of businesses are highly concerned about cybersecurity and data privacy risks, partly due to their increasing ... Read the full article
At-Bay expands Cyber & Tech E&O coverage to businesses with up to $5bn in revenue
3rd June 2024
Cyber insurance provider At-Bay has expanded its Cyber and Tech E&O Excess & Surplus coverage to businesses with up to $5 billion in revenue, with aggregate limits up to $10 million, in addition to other coverage enhancements. The firm is enhancing its Cyber and Tech E&O surplus capabilities in order to ... Read the full article
Cyber underwriter Corvus expands coverage limits and services
30th May 2024
Corvus Insurance has revealed the expansion of its underwriting appetite and its cyber services for policyholders. For its Smart Cyber Insurance product, which covers primary and excess policies, Corvus has now reportedly doubled its limit offering to $10 million for aggregate covered losses and raised the annual revenue to $5 billion ... Read the full article
Cyber insurance market remains stable due to robust cybersecurity: McGriff
29th May 2024
McGriff, a US retail insurance broker, reports that cyber insurance market rates in 2024 remain stable as businesses strengthen their cybersecurity measures. Businesses opting for higher retention levels or deductibles are also benefiting from premium savings in their programs. However, McGriff notes, “Custodians of large volumes of records (personal health information, personal ... Read the full article
Cyber facility Incyde Risk launches, powered by Safe Security, led by Mosaic & other Lloyd’s Syndicates
28th May 2024
Mosaic 1609 and other participating Lloyd's syndicates have partnered with Safe Security to streamline cyber insurance solutions through newly launched facility Incyde Risk. According to the announcement, the new facility will provide up to $25mn in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609, and supported ... Read the full article
Lockton appoints Brendan Fitzpatrick as new VP, Cyber Risk Consultant
24th May 2024
Lockton, an independent insurance broker, has appointed Brendan Fitzpatrick as Vice President (VP), Cyber Risk Consultant, to strengthen its Cyber & Technology Practice. In his new role, Fitzpatrick will assist Lockton's clients in understanding and enhancing their risk posture amidst the ever-evolving cyber and privacy threat landscape. Michelle Faylo, U.S. Cyber & ... Read the full article
Zurich Insurance and insurtech BOXX launch personal cyber product
21st May 2024
Zurich Insurance in Switzerland and cyber insurtech BOXX have partnered to introduce a breakthrough personal cyber product designed to help individuals and families better predict and prevent potential scams and digital threats. This collaboration was born in response to the critical need for comprehensive protection against digital threats, BOXX explains. The new ... Read the full article
There is plenty more to come for the Cyber ILS market: Norris, Gallagher Securities
20th May 2024
With Beazley securing an additional $160 million of reinsurance with its second 144A cyber catastrophe bond, PoleStar Re Ltd. (Series 2024-2), as we reported last Friday, Theo Norris, Head of Cyber ILS, Gallagher Securities, has said that there is "plenty more to come for the Cyber ILS market." Gallagher ... Read the full article
Beazley secures additional $160m of reinsurance with second 144A cyber cat bond
17th May 2024
London headquartered insurer Beazley has sponsored its second 144A cyber catastrophe bond, securing an additional $160 million of capital markets-backed cyber reinsurance coverage via a PoleStar Re Ltd. (Series 2024-2) issuance, as reported by Artemis, our insurance-linked securities (ILS) focused sister publication. Artemis has learned from sources that this ... Read the full article
Frequency of ransomware claims jumps 64% YoY, At-Bay
15th May 2024
The frequency of ransomware claims in the United States between 2022-2023 jumped by a staggering 64% year over year, which was was primarily driven by an explosion in “indirect” ransomware incidents which increased by more than 415% in 2023 than in 2022, according to a new report from At-Bay. The firm ... Read the full article
New cyber insurance capacity is increasingly matching fast-growing demand, S&P
13th May 2024
A recent analysis by credit rating agency S&P Global Ratings has revealed that new cyber insurance capacity is increasingly matching fast-growing demand, particularly within the United States, and greater competition is said to be leading to decreasing retention levels, as well as lower costs for coverage. Cyber insurance remains one of the ... Read the full article
Re/insurance industry must recalibrate cyber risk approach to reach untapped potential
9th May 2024
As per a new report from Howden Re, the reinsurance and risk advisory arm of the Howden Group, while perceptions of heightened systemic risk within the cyber re/insurance class have been persistent, the rewards offered are often underestimated relative to natural catastrophe exposure. Howden Re's report, Re-framing cyber risk: navigating threats ... Read the full article
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