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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.

Kovrr launches CRIMZON framework

8th October 2021

Cyber risk modeller Kovrr has launched its CRIMZON framework for comparing and managing accumulations of systemic cyber risk. Formerly named CRA-Zones, the CRIMZON framework expands re/insurance applications beyond identifying risk accumulation to include cyber threat assessment and trend analysis, deeper risk management and monitoring, as well as event response. The CRIMZON framework divides ... Read the full article

Aon launches Ransomware Defence to improve cyber preparations

7th October 2021

Re/insurance broker Aon has announced the launch of Ransomware Defence, a solution that brings the firm’s Aon’s cyber security expertise and capabilities together into one solution to help mid-market organisations improve their cyber preparedness. Aon notes that insurers are experiencing mounting losses, largely driven by the proliferation of ransomware, with the ... Read the full article

Cowbell Cyber gets fronted reinsurance capacity via Palomar

6th October 2021

AI-powered cyber insurer Cowbell Cyber gained fronted reinsurance capacity via a new strategic partnership with Palomar Excess & Surplus Insurance Company. Palomar announced earlier this month that it was entering the fronting sector of the US market with a new venture called PLMR-FRONT. This new multi-year agreement with Cowbell is backed ... Read the full article

Reinsurers could unlock the cyber insurance market: S&P

30th September 2021

In a recent report, S&P Global Ratings says the demand for cyber coverage has increased significantly since before COVID-19 and that a stronger partnership between insurers and reinsurers could help strengthen coverage, give greater balance sheet protection against frequent, high-severity losses Analysts estimate that primary insurers pass 35%-45% of global cyber ... Read the full article

Cyber insurer Coalition closes $205mn funding round

28th September 2021

Cyber insurer Coalition has successfully raised $205 million in a funding round that increases its valuation to over $3.5 billion. Coalition will use this injection of capital to accelerate its scale and expand into new insurance lines. The funding round was co-led by Durable Capital, T. Rowe Price Associates and Whale Rock ... Read the full article

Munich Re’s HSB launches cyber coverage in Canada

24th September 2021

HSB Canada, part of Munich Re, has introduced a new collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion. HSB Cyber Suite is a cyber reinsurance solution for property-casualty insurers, including underwriting, marketing support, 24/7 claim service, and ... Read the full article

Ariel Re adds Occam’s Carr to London office as Head of Cyber

23rd September 2021

Bermuda-based reinsurer Ariel Re has added Daniel Carr to its London office as Head of Cyber, effective October 1. Carr most recently served for Occam Underwriting as as Chief Innovation Officer and Cyber Lead. Prior to that he worked as a Cyber Security Specialist with AEGIS in London. Ariel Re says this addition ... Read the full article

Corvus, SiriusPoint announce investment & underwriting capacity partnership

16th September 2021

Corvus Insurance, a provider of smart commercial insurance products, has partnered with specialty re/insurer SiriusPoint, via a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, ... Read the full article

Chubb names Head of Cyber & Tech for Overseas General Insurance

15th September 2021

Chubb has announced the appointment of Raheila Nazir as Head of Cyber & Technology for Overseas General Insurance, the company's international general insurance business. In this role, she will lead Chubb's international Cyber & Technology practice and be responsible for overseeing underwriting, strategy, product and business development, and financial performance. Nazir was ... Read the full article

Envelop Risk eyes expansion following successful $130mn Series B funding

15th September 2021

Data-driven underwriting and analytics company, Envelop Risk, has announced a Series B funding round in which it secured investments of USD 130 million led by SoftBank Vision Fund 2. As part of the transaction, Neil Cunha-Gomes, Investor for SoftBank Investment Advisers, is set to join Envelop Risk’s board of directors. The company ... Read the full article

Cowbell Cyber appoints Chris Reese as head of insurance

13th September 2021

AI-powered cyber insurer Cowbell has appointed Chris Reese as the company's new head of insurance, a role that will see her support business strategy, operations and growth. Reporting to Trent Cooksley, COO, Reese joins from Lockton Companies having served as senior vice president and cyber & technology insurance practice lead. At Lockton, ... Read the full article

Munich Re’s HSB adds Mathew Prentice as Cyber Product Lead

8th September 2021

Munich Re-owned specialist engineering and technology insurer HSB has added Mathew Prentice to support its computer and cyber product range offering. Prentice will be responsible for the development and implementation of HSB’s underwriting strategy for the computer and cyber account in the UK and Ireland. Based in Birmingham and reporting to Andy ... Read the full article

Munich Re continues to target cyber as top growth area

7th September 2021

Munich Re continues to see “favourable” prospects in the reinsurance market, with cyber, data analytics and artificial intelligence having been identified as the most important growth areas for the company. Discussing the trend of digitalisation within the industry, Board member Torsten Jeworrek asserted that traditional insurance will be “radically changed” by ... Read the full article

Swiss Re to launch central cyber underwriting team

2nd September 2021

Global reinsurer Swiss Re is set to create a central cyber underwriting team, led by AXA XL's John Coletti, that will assume responsibility for group's product development and underwriting activities in the space. Coletti will join Swiss Re as Head of Global Cyber in early October and previously served as the ... Read the full article

“Vital role” of re/insurance stressed at White House cyber meetings

26th August 2021

The “vital role” of re/insurance was highlighted by industry leaders in a recent series of cybersecurity discussions at the White House, which saw President Biden, members of his cabinet and national security team, and private sector and education leaders convene to confront the growing issue of cyber risk. During the closed ... Read the full article

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