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.
Matthew Silley joins Lockton Re’s growing cyber practice
3rd February 2023
Global insurance broker Lockton’s dedicated reinsurance division, Lockton Re, has appointed Matthew Silley as a broker in the Cyber Practice of the firms Specialty division. Silley joins Lockton Re from Axis Capital, where he most recently held the role of Cyber Portfolio Management Leader. Overall, he brings over 10 years of industry ... Read the full article
Beazley predicts complex cyber threat landscape through 2023
3rd February 2023
Greater incident complexity, a shift in the way threat actors use stolen data, and a rise in US class actions will drive the cyber threat landscape in 2023, according to a Beazley report. The Cyber Services Snapshot report presents global data on incidents handled by Beazley Cyber Services including cause of ... Read the full article
Corvus launches new cyber underwriting platform
2nd February 2023
Specialty insurance MGA, Corvus Insurance has launched Corvus Risk Navigator, an all-in-one cyber underwriting platform that arms underwriters with predictive data-driven insights. According to Corvus, its new platform will help underwriters to provide superior risk selection, accelerated decision-making, and IT security recommendations - capabilities that have resulted in Corvus achieving an ... Read the full article
Average monthly cyber exposures up 13% in 2022: Coalition
2nd February 2023
New research from cyber insurance provider Coalition reports a 13% increase in average monthly Common Vulnerabilities and Exposures over 2022. This according to the first annual Coalition Cyber Threat Index by Coalition, which details insights on cybersecurity trends from 2022 and what emerging cyber threats are on the horizon. Based on data ... Read the full article
Russia’s cyber warfare in Ukraine tops 2022 incidents list: Tokio Marine
2nd February 2023
Findings from Tokio Marine HCC International’s (TMHCCI) latest annual Cyber Incidents Report, shows that in 2022, global cybercrime stakes were raised significantly with entire governments, as well as individual businesses falling victim to regular and often devastating attacks. Topping the list in the reports top ten cyber incidents of 2022 was ... Read the full article
New EU cyber legislation directionally positive, neutral to credit ratings: Fitch
2nd February 2023
As new cybersecurity rules have recently come into force in the European Union, Fitch Ratings stated that, while they are directionally positive, enhancing cybersecurity postures from compliance with regulations is neutral to credit ratings. These rules include the NIS2 Directive, which replaces its 2016 predecessor NIS; the Resilience of Critical Entities ... Read the full article
Reinsurance the smartest approach to cyber as AXIS gets more comfortable with the tail: CEO Benchimol
1st February 2023
After renewing its cyber treaty at the January 1st reinsurance renewals, AXIS Capital Holdings, the Bermuda domiciled global insurer and reinsurer, is "very satisfied" with the program it secured, as it continues to add more comfort around the tail risk, according to Albert Benchimol, President and Chief Executive Officer (CEO). Read the full article
Trium Cyber recruits Head of Product from AmTrust
1st February 2023
Lloyd’s cyber syndicate Trium Cyber has announced the appointment Jeffrey Batt as Head of Product. He joins from AmTrust Financial Services where he served as Head of Cyber Strategy. Batt also previously served as Cyber Insurance Practice Leader at M&T Bank where he worked closely with clients to identify and mitigate security ... Read the full article
Zurich leads series B funding round for cyber insurtech BOXX Insurance
1st February 2023
Toronto-based insurtech BOXX Insurance has announced a $14.4 million Series B funding round, bringing the total amount raised in the last 16 months to $24.5 million. Zurich Insurance led the latest funding round, with Jack Howell, CEO of Zurich Global Ventures, commenting, "We've seen how difficult it is to build cyber ... Read the full article
Munich Re and CloudCover announce partnership
31st January 2023
CloudCover, an AI-generative cybersecurity threat prevention platform, has announced the inclusion of the $1m Ransomware Warranty backed and insured by reinsurance giant, Munich Re. With ransomware attacks on the rise, including high-profile breaches in energy infrastructure, finance, and healthcare, offerings like the Ransomware Warranty have never been more necessary, CloudCover highlighted. CEO ... Read the full article
Coalition launches Coalition Insurance Company
31st January 2023
Cyber insurance provider Coalition has announced the launch of Coalition Insurance Company (CIC), a full-stack, Active Cyber Insurance carrier. The launch of CIC is a milestone for the firm, expanding its available capacity in the cyber insurance market and facilitating its transition to a full-stack insurance organisation. Coalition notes that CIC, which ... Read the full article
WTW launches new cyber facility CyXS
31st January 2023
Broking and solutions company, WTW has launched CyXS, a new cyber facility that aims to provide capacity and efficiency for its clients around the world. Key elements of the facility include access to up to 50m (USD/ GBP/ EUR) of excess layer capacity which can be deployed with complete flexibility anywhere ... Read the full article
Coalition gains Lloyd’s coverholder status in UK
26th January 2023
Cyber insurance provider Coalition has announced that its UK business is now trading as an approved Lloyd's coverholder, following its launch into the country in September of last year. Coalition says that the authority from Lloyd's to write and service policies in its marketplace will align its UK offering with ... Read the full article
At-Bay acquires licensed P&C insurance carrier
26th January 2023
Cyber insurance provider, At-Bay, has completed the acquisition of At-Bay Specialty Insurance Company - a Delaware-domiciled E&S lines P&C insurer licensed in 44 states, from XL Insurance America, Inc. By making the move to a full-stack carrier, this will now allow the firm to better serve its policyholders and accelerate planned ... Read the full article
Rance joins Resilience as Head of Bermuda & Global Head of Large Accounts
25th January 2023
Cyber risk solutions firm Resilience has announced that Dan Rance will be joining as Head of Bermuda and Global Head of Large Accounts. Resilience states that the appointment will help it secure the capacity to support large enterprise clients who are seeking a more sophisticated risk transfer and mitigation solution than ... Read the full article
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