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.
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
LMA updates cyber war & operation clauses
25th January 2023
The Lloyd's Market Association (LMA) has updated and replaced a number of its cyber war clauses related to the involvement of states and sovereign actors in cyber attacks and other operations. In particular, the LMA has focused the updates around the use of the term ‘sovereign state’ and how it would ... Read the full article
Trium Cyber appoints David Rock as Chief Claims Officer
23rd January 2023
Trium Cyber, a Lloyd's of London cyber insurance specialist, has hired David Rock as Chief Claims Officer of its US based services company. Both Rock and the Trium management team are based in the US, where they are focused on servicing the US market. In the role, Rock will directly oversee Trium ... Read the full article
UK insurers reported in talks on Pool Re expansion to cover cyber
20th January 2023
Amid growing concern over the safety net provided by the private sector, insurers have held discussions with the UK government over whether its terrorism reinsurance scheme should cover state-backed cyber attacks, suggests a report from the Financial Times. Pool Re, the UK Government's terrorism reinsurance scheme, was put in place in ... Read the full article
Hannover Re and Stone Ridge in $100m retrocession cyber quota share
19th January 2023
Hannover Re, one of the world's largest reinsurers, has, for the first time, transferred cyber risks to the capital markets via a proportional reinsurance solution, with New York-based Stone Ridge Asset Management supporting the transaction with USD 100 million of capital. The German reinsurer has created an additional retrocession tool that enables ... Read the full article
Cyber and business interruption are top risks for 2023: Allianz
17th January 2023
Cyber incidents and business interruption have ranked as the biggest company concerns for the second year in succession, according to the 2023 Risk Barometer report by Allianz, with economic and energy risks also on the rise. Cyber and business interruption were both flagged as top risks by 34% of the 2,700+ ... Read the full article
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