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.
Merck reaches settlement with insurers over $1.4bn NotPetya cyber attack
10th January 2024
It's been reported that pharmaceutical giant Merck & Co. Inc. and its insurers have reached an agreement over the $1.4 billion in losses Merck alleged it suffered from the NotPetya cyberattack in 2017. Bloomberg Law reported last week that Merck struck an 11th-hour settlement with its insurers on January 3rd, 2024, which ... Read the full article
There is an underserved cyber market in the UK, Simon Hughes, Cowbell
9th January 2024
As a new entrant in the UK market, Cowbell, a provider of cyber insurance for small and medium-sized enterprises (SMEs), recognises that there is an "underserved market in the UK", with the company having identified a way to serve this market with "expertise and tailored coverage options", says Simon Hughes, ... Read the full article
Aspen & Surefire Cyber launch cyber risk management services globally
8th January 2024
Specialty re/insurer Aspen Insurance Holdings Limited, has teamed with Surefire Cyber, a US-based firm, to launch Aspen Cyber Risk Services (ACRS), a complimentary suite of services that will enable its primary cyber insureds to proactively tackle cybersecurity threats, from pre-incident to response and resilience. According to the announcement, this new offering ... Read the full article
Cowbell to cover UK mid-market businesses with up to £1bn turnover
8th January 2024
US-domiciled cyber insurer Cowbell has extended its cyber insurance capabilities by now catering to mid-market businesses in the UK with an annual turnover of up to £1 billion. Previously, the insurer only catered to small and medium-sized enterprises. The cyber insurer is backed by A+ rated re/insurers, and officially entered the UK ... Read the full article
Beazley successfully closes its first 144A cyber catastrophe bond
2nd January 2024
Specialist insurer Beazley, has closed its first 144A cyber catastrophe bond providing cover of $140 million. This marks Beazley’s first inaugural 144A bond and builds on its $81.5 million cyber catastrophe bond programme of 2023. The PoleStar Re Ltd. Series 2024-1 Class A cyber catastrophe bond notes cover Beazley for ... Read the full article
AI to play a significant role in both cybersecurity and insurance: Cowbell’s Gupta
27th December 2023
As more organisations continue to apply and use artificial intelligence (AI) within their systems, the technology is expected to play "a crucial role in enhancing both efficacy and efficiency in addressing new challenges," says Rajeev Gupta, Co-founder and Chief Product Officer, Cowbell. Gupta explains that Cowbell anticipates witnessing more automation in ... Read the full article
Generative AI will “continue to be the unknown risk in 2024”, Beazley’s Bantick
20th December 2023
As generative AI continues to grow and expand across the re/insurance sector, the technology's use for both good and ill will "continue to be the unknown risk in 2024", Paul Bantick, Group Head of Cyber Risks at global specialist insurer Beazley, has said. On the back of this rapidly developing technology, ... Read the full article
More reinsurers to offer meaningful cyber reinsurance capacity in 2024: CyberCube
18th December 2023
With cyber insurance being one of the fastest growing lines of insurance coverage to emerge, there are still a large number of traditional reinsurers who are yet to see cyber as a key area of growth for them, until recently. According to Pascal Millaire, Chief Executive Officer of CyberCube, there are ... Read the full article
Arch Insurance & Upfort team up to expand access to cyber coverage
13th December 2023
Upfort, a cyber security and insurance platform and Arch Insurance, a global provider of specialty risk insurance solutions, have entered into a strategic partnership to transform cyber insurance programs for small and medium-sized enterprises (SMEs), associations and risk pools. Both organisations will work with brokers to develop group programs that prioritize ... Read the full article
Cerchia adds cyber cat industry-loss index to its platform
8th December 2023
Cerchia, a provider of decentralised risk transfer solutions, has successfully integrated a cyber cat industry-loss index, featuring data sourced from PCS (Property Claim Services), expanding its risk transfer capabilities, beyond classical Nat Cat. The addition of this new risk Index expands Cerchia’s risk transfer capabilities beyond pure property catastrophe risk, which ... Read the full article
Markel hires Isaac Meek to lead cyber underwriting for MENA region
4th December 2023
The insurance arm of Markel Group Inc., Markel, has appointed Isaac Meek as a Cyber Senior Underwriter to lead its cyber portfolio development in the Middle East and North Africa region. Meek will be based out of Markel's Dubai office, reporting to Max Robbie, Senior Executive Officer at Markel Dubai. Robbie commented ... Read the full article
For cyber to grow at Lloyd’s we must manage our potential risks: Patrick Tiernan
4th December 2023
Speaking at Lloyd's Q4 2023 Market Message, Patrick Tiernan, Chief of Markets, explained that cyber underwriting will remain a key clear focus class of growth for 2024. Tiernan stated that for 2024, plan GDP growth is shy of 20%, which remains on par with the growth that Lloyd's witnessed in 2023. He ... Read the full article
CFC names Louise O’Shea CEO, as founders depart after misconduct investigation
30th November 2023
CFC, the global specialist cyber insurance provider, has appointed Louise O’Shea as its new Chief Executive Officer, subject to FCA approval. The news follows the completion of an investigation by Lloyd’s into allegations of non-financial misconduct at the company, concluding with the leaving of David Walsh (Group CEO) in January 2024. Graeme ... Read the full article
AXIS successfully closes market’s first 144A cyber catastrophe bond
29th November 2023
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, today announced the closing of the market’s first 144A cyber catastrophe bond, a $75 million Long Walk Reinsurance Ltd. transaction which provides the firm's subsidiaries with fully collateralized indemnity reinsurance for systemic cyber events on a per-occurrence basis. The $75 million of Series ... Read the full article
MAPFRE and Cyberwrite partner to promote cyber protection for SMEs with AI
29th November 2023
MAPFRE and technology provider Cyberwrite have joined forces to help the insurer's clients reduce the risk of cyber-attacks with AI. The Spanish firm explained that Cyberwrite will provide it with a cyber insurance risk platform for SME companies, with the aim of having a more accurate knowledge of the risk at ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
