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.
Resilience expands Cyber Risk Solution to companies with revenues of up to $10bn
30th January 2024
Cyber risk management provider Resilience has expanded its underwriting authority to serve large global companies with up to $10 billion in annual revenues. Resilience explained that the expanded authorities come after a strong year of growth while achieving an "industry-leading loss ratio reflecting the success in defending clients from costly cyber ... Read the full article
DeNexus: Tackling cyber risk from the ground up
24th January 2024
Since its inception in 2019, DeNexus, the specialist provider of cyber risk quantification tools and software, continues to invest heavily to improve its technology and analytics, and with the sixth version of its DeRISK platform in the works and the receipt of a broker licence in Bermuda, the company sees ... Read the full article
Envelop Risk launches dedicated cyber reinsurance Lloyd’s vehicle with Apollo
22nd January 2024
Cyber re/insurance and analytics specialist Envelop Risk has launched Envelop SPA 1925, a dedicated cyber reinsurance Special Purpose Arrangement (SPA) at Lloyd’s, in partnership with Apollo, through its Strategic Partner Syndicates business and Apollo Syndicate 1971. The SPA officially launched on the 1st of January 2024 with Chris Baddeley taking the ... Read the full article
Insurance market expected to develop new forms of cover for war risks in 2024: DAC Beachcroft
19th January 2024
The insurance market is expected to continue developing new forms of cover for war risks throughout 2024, according to analysts from international insurance law firm, DAC Beachcroft. In a report released by the firm, analysts highlighted how insurance of war risks has been confined predominantly to marine and aviation hull, however ... Read the full article
Underwriters concerned about ransomware and supply-chain attacks: Woodruff Sawyer
12th January 2024
The cyber insurance market witnessed a major shift between 2022 and 2023, with a combination of positive trends and facts ultimately creating a soft cyber insurance market, which included higher pricing after a two-year hard market, reduced claim experience due to a lull in ransomware throughout 2022, and improved cybersecurity ... Read the full article
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