Reinsurance News
Cyber insurance & reinsurance news
Cyber insurance and reinsurance news, covering the growth of cyber reinsurance underwriting, the risks faced, major loss events and cyber reinsurance product development trends.
Cyber risk is an emerging and fast-growing class of insurance and reinsurance business, so our cyber insurance news follows industry trends and reports on what is happening in the cyber underwriting market.
BMS appoints Monica Tigleanu as divisional director for cyber strategy
29th March 2023
Specialist re/insurance broker BMS has appointed Monica Tigleanu as divisional director, cyber strategy. In the new role, Tigleanu is entrusted with future-proofing BMS' cyber strategy by developing innovative products tailored to the evolving cyber risk landscape. The firm states that she will leverage her global network to bring new capacity from various ... Read the full article
Florence Levy joins INSUREtrust as Executive VP
28th March 2023
INSUREtrust, a cyber insurance and risk management broker within Starwind Specialty, has appointed Florence Levy as Executive Vice President. In the new role, Levy is tasked with expanding the firm's enterprise and Fortune 500 cyber client focus while also overseeing the continued development of INSUREtrust’s Cyber Secure Platform (CSP). She will also ... Read the full article
Chat GPT & AI a growing concern for cyber insurance: Corvus’ Hedberg
24th March 2023
With the capabilities of Chat GPT and artificial intelligence (AI) continuing to advance, this technology is only going to get smarter and potentially more difficult to control as it can be used to facilitate security breaches and increase the scale of cyber-attacks, states Peter Hedberg, Vice President of Cyber Underwriting ... Read the full article
Cyber market cooling as more solutions needed for systemic risks: AM Best
24th March 2023
The hot cyber market is starting to cool due to a slower pace of rate increases and cutbacks in capacity. At the same time, as the market evolves, more solutions are needed to address the systemic risk it possesses, according to a recent report by AM Best. The COVID-19 pandemic shifted ... Read the full article
Great American promotes Shepherd to Divisional President, Cyber Risk
23rd March 2023
Great American Insurance Group has promoted Elizabeth M. Shepherd to Divisional President, Cyber Risk. Shepherd joined Great American in 2018 as a Divisional Senior Vice President, where she played a key role in consolidating the company’s cyber risk products and programs. Within the role, she oversees the firm’s cyber initiatives and existing ... Read the full article
Corvus expands cyber team in Frankfurt
23rd March 2023
Cyber specialist Corvus Insurance has announced that it has expanded its Frankfurt, Germany-based team by appointing cyber underwriters and a local head of cybersecurity services. The addition of these hires will provide support in meeting demand for Corvus’ Smart Cyber Insurance product that was recently launched in Germany and Austria iRead the full article
Cowbell opens new technology center in Pune, India
23rd March 2023
Cowbell, a leading provider of cyber insurance for small and medium-sized enterprises (SMEs) has announced the opening of a new technology center in Pune, India. The new center will augment the firm’s existing development centers in Pleasanton, California; Plano, Texas; and Toronto, Canada. At the same time, it will also drive further global footprint ... Read the full article
Coalition releases new method for modelling aggregate cyber risk
22nd March 2023
Cyber insurance provider Coalition has released its new Active Cyber Risk Model, a framework for understanding cyber risk aggregation that provides an ongoing view into organisations’ cyber risks and identifies preventive measures to protect against new threats. The Active Cyber Risk Model, which offers a more accurate picture of cyber risk ... Read the full article
The Plexus Groupe selects CyberCube for cyber risk analysis
22nd March 2023
US brokerage and advisory firm The Plexus Groupe has selected CyberCube’s Broking Manager cyber risk analytics platform to quantify its cyber risk decisions. The broker - who offers comprehensive benefits, commercial insurance, HR and retirement solutions - will be utilising Broking Manager to help clients better understand their unique cyber exposures ... Read the full article
GFIA flags trillion dollar protection gaps in pensions, cyber
21st March 2023
A new report by the Global Federation of Insurance Associations (GFIA) has flagged some of the most pressing insurance protection gaps facing the world currently, and explored ways to help close them. Among the largest annual global protection gaps identified by GFIA were a $1 trillion gap for pensions, $900 billion ... Read the full article
Fenix24 gets funding from insurtech investor Eos Venture Partners
21st March 2023
Cyber disaster recovery firm Fenix24 has announced a $5 million investment by Eos Venture Partners, a prominent insurtech investor. Fenix24, a sister company of Conversant Group, provides a professional cybersecurity force focused exclusively on restoring companies after cyber breach events. The firm states that Eos' investment will support it in serving additional ... Read the full article
AXA XL backs newly launched cyber underwriter Intangic MGA
17th March 2023
AXA XL has backed the launch of Intangic MGA, a data science-driven, London-based cyber Managing General Agent (MGA), that offers innovative cyber insurance cover for large public corporations headquartered in the UK. The MGA is led by an executive team that possess a unique combination of expertise from insurance, data science, ... Read the full article
Relm Insurance partners with cyber risk manager NetDiligence
15th March 2023
Specialty insurer Relm Insurance has announced a new partnership with NetDiligence, a provider of cyber risk readiness and response services, to deliver a suite of cyber risk monitoring solutions. Solutions will be provided to policyholders via automated enrolment through NetDiligence’s eRiskHub platform, which is designed for the prevention, reporting, and recovery ... Read the full article
Coalition enters excess cyber insurance market in UK
14th March 2023
Cyber insurance provider Coalition is set to enter the excess cyber insurance market in the United Kingdom, to help protect businesses with enhanced coverage. By doing this, the firm will be able to help more businesses obtain the coverage they need to protect themselves from digital risks. The firm has confirmed that ... Read the full article
Lloyd’s has a duty to lead in cyber: Patrick Tiernan
13th March 2023
Patrick Tiernan, Chief of Markets at Lloyd’s, says the insurance and reinsurance marketplace has a duty to provide leadership in the cyber market and ensure sustainable underwriting practices. With the cyber market set to continue it’s rapid growth, it is “encumbent on Lloyd’s to be a leader in this space,” Tiernan ... Read the full article
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