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.
Majority believe Clop ransomware attack could be impactful to cyber insurers
8th June 2023
We recently published a poll on our LinkedIn page asking our readers how meaningful they think that the Clop ransomware attack could be for the insurance industry. The results from the poll have shown that 36% of participants believe that it could be impactful towards the cyber insurance industry. However, 14% of ... Read the full article
Reinsurance support plays a large role in the cyber insurance market: Moody’s
8th June 2023
According to analysts at Moody's, reinsurance support plays a large role in the cyber insurance market, as primary insurers continue to reinsure cyber risk through quota share arrangements to obtain expertise and capital protection. Citing Gallagher Re's 1st View Emerging Equilibrium published in January this year, Moody's notes that reinsurance pricing ... Read the full article
Ransomware trends on a rise, but Beazley well positioned to maintain growth: Paul Bantick
7th June 2023
Ransomware trends are on the rise but Beazley does not see its portfolio being affected as the company is well positioned to maintain growth and deliver strong profitability, specialist re/insurer Beazley's Paul Bantick said on a call held with JP Morgan analysts. Bantick, Global Head of Cyber & Tech at Beazley, ... Read the full article
Treefrog Consulting new Risk Management Services to meet BMA September 1st regulations
1st June 2023
Bermuda-based Treefrog Consulting has announced s Risk Management Services specifically designed to help organisations in the re/insurance, and ILS sector meet Bermuda Monetary Authority's (BMA) new Insurance and Cyber Codes of Conduct regulations. Coming into effect on September 1, 2023, the BMA regulations call for the implementation of an effective Risk ... Read the full article
Guy Carpenter analysis shows modelled 1:200-year global cyber industry loss at $33.4bn
1st June 2023
According to Guy Carpenter, the US-domiciled cyber market currently stands at approximately $9 billion, with the non-US market totalling approximately $5 billion. Guy Carpenter has released a new report on the cyber re/insurance market focused on the examination of the evolution of cyber as a core line of business. Along with ... Read the full article
Cowbell & Skyward Specialty announce partnership to expand cyber & tech E&O coverage
31st May 2023
Cowbell, a provider of cyber insurance for small & medium-sized businesses (SMEs) and Skyward Specialty Insurance Group, have entered into a partnership that expands Cowbell's coverage and capacity of its Prime 250 Cyber Liability and Prime Tech. Prime 250 Cyber Liability and Prime Tech is a recently introduced program that safeguards ... Read the full article
Inigo hires James Creasy as Head of Cyber Insurance
31st May 2023
Specialty insurer and reinsurer Inigo Limited has appointed James Creasy as its Head of Cyber Insurance. With a well-established background in cyber & technology insurance, Creasy will provide strategic insights that are necessary to protect Inigo's clients. He brings a strong level of expertise in underwriting from Axis Capital, one of the ... Read the full article
Corvus Insurance unveils new cyber risk prevention solution, Corvus Signal
30th May 2023
Cyber MGA Corvus Insurance has unveiled Corvus Signal, a risk prevention solution which the firm says has been shown to reduce cyber breach frequency and cost by up to 20%. Corvus states that the announcement comes amid increasing market activity and interest in combining cyber insurance with risk management services. "Corvus Signal ... Read the full article
Intangic MGA calls for a new approach to managing nation-state cyber attacks
26th May 2023
Intangic MGA has called for a new approach to managing nation-state cyber attacks that moves away from the focus on catastrophic 'Cyber Armageddon' toward the higher frequency events happening every day. According to Intangic, outside of the individuals and entities on the frontline of cyber warfare today, the general perception of ... Read the full article
Beazley sponsors second cyber cat bond, secures $20m more reinsurance
25th May 2023
Specialty insurer and reinsurer, Beazley, has sponsored its second cyber catastrophe bond, adding $20 million of additional reinsurance protection via the issuance of Cairney II, as reported by our insurance-linked securities (ILS) focused sister publication, Artemis. In January, Beazley became the first to sponsor a cyber catastrophe bond when ... Read the full article
Global cyber and E&O insurance market shifts to buyer-friendly environment in 2023: Aon
24th May 2023
The global cyber and errors & omissions (E&O) insurance market has transitioned into a buyer-friendly environment in early 2023, following a period of substantial rate increases, suggests professional services firm Aon. This shift is attributed to several market factors that have contributed to a more favourable rate landscape for businesses worldwide. The ... Read the full article
Bishopsgate to utilise CyberCube’s Broking Manager software
23rd May 2023
Insurance broker Bishopsgate has announced it will utilise CyberCube’s Broking Manager software to "gain a competitive advantage" in the cyber insurance market. Broking Manager is the first Software-as-a-Service application CyberCube has built specifically for the insurance broking community. According to the firm, It offers a streamlined approach to analysing potential financial exposure ... Read the full article
Vulnerable organisations 33% more likely to experience cyber claims: Coalition
18th May 2023
Policyholders with even one unresolved critical vulnerability are 33% more likely to experience a cyber claim, according to a recent report by cyber insurance provider Coalition. The 2023 edition of the Cyber Claims Report also confirmed human error or inaction as the top exploited attack vector, with organisations using end-of-life software ... Read the full article
Corvus delivers “industry-leading” loss ratio of 36%
15th May 2023
Corvus Insurance, an AI-powered cyber specialty insurer, has announced its US “industry-leading” 2022 ultimate loss ratio of 36%. According to the announcement, this figure has been independently verified and includes all lines and all risk capital partner results. The insurer highlighted that its leading loss ratio is indicative of the strength of ... Read the full article
Mosaic partners with Safe Security to offer cyber insurance globally worth $20 million
12th May 2023
Mosaic has announced that it is underwriting primary cyber insurance globally and offering $20 million in capacity across its network of underwriting hubs. The specialty insurer has launched a new coverage in partnership with tech company Safe Security to embed real-time cyber-risk data into its underwriting process. Read the full article
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