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.
Arthur J. Gallagher targeted in ransomware attack
29th September 2020
International insurance brokerage firm Arthur J. Gallagher & Co has confirmed that it was the target of a ransomware attack on September 26th. The firm said the incident impacted a “limited portion” of its internal systems, and does not expect it to have a material impact on its operations or financial ... Read the full article
Munich Re’s HSB expands small business cyber cover
28th September 2020
Munich Re subsidiary HSB has announced an expansion of its cyber insurance and loss prevention services for small and mid-size businesses. HSB Total Cyber now includes new coverages for computer attacks, data system upgrades, and system failures from unintentional computer outages. HSB Total Cyber is available to US-based SMBs through independent insurance agents ... Read the full article
SMEs more likely to purchase cyber cover since pandemic: GlobalData
28th September 2020
Data and analytics company GlobalData has recommended that insurers should increasingly focus on larger small and medium-sized enterprises (SMEs) following the COVID-19 outbreak. Analysts found that 8.5% of SMEs said they were more likely to purchase cyber insurance since the start of the pandemic, and among medium-sized SMEs this figure rose ... Read the full article
Munich Re’s HSB renews Cyberwrite risk platform subscription
25th September 2020
Cyber risk analytics firm, Cyberwrite and member of Munich Re Risk Solutions family, HSB have announced that HSB is renewing its subscription to Cyberwrite's cyber risk financial quantification platform to offer tailored cyber insurance policies to businesses across the US. Due to the dramatic increase in remote workforces and a steep ... Read the full article
Cowbell Cyber launches new Prime 250 program
23rd September 2020
AI-powered cyber insurer, Cowbell CyberAI has announced the availability of Prime 250, a new insurance program with coverage designed to address a broad variety of cyber risks. With a rise in the number of cyberattacks, Cowbell notes that there has been an increase in demand from businesses that need protection from ... Read the full article
Remote working triggers rise in phishing attacks over Q2: Beazley
18th September 2020
The growing reliance on remote working due to the COVID-19 pandemic has triggered a rise in phishing and social engineering scams over Q2, according to specialist re/insurer Beazley. These kinds of email attacks had been on the decline from Q4 2019 to Q1 2020, but the arrival of the global pandemic ... Read the full article
Guy Carpenter partners with insurtech RiskGenius on silent cyber risk
17th September 2020
Guy Carpenter, the reinsurance arm of global broker Marsh, has established a partnership with insurtech RiskGenius to help evaluate potential silent cyber exposure. The partnership will provide clients with a means of assessing their silent cyber exposure at scale, while generating risk insights designed to support a greater understanding of silent ... Read the full article
Beazley enhances BBR, MediaTech policies for businesses in Canada
10th September 2020
Specialist insurer Beazley has announced a series of enhancements to its Beazley Breach Response and MediaTech policies for businesses in Canada. The insurer has streamlined key policy wordings and integrated cyber extortion, business interruption, dependent business interruption and eCrime coverages into the main policy, rather than being added by endorsement. The BBR ... Read the full article
Pen Underwriting increases Lloyd’s cyber capacity to £55m
3rd September 2020
Pen Underwriting has renewed multiple binders with its consortium of Lloyd’s partners, enabling it to write in excess of £55m in cyber insurance premiums in the UK, US, Canada and New Zealand over the course of the next 12 months. This marks an increase of 15% on the previous year, and ... Read the full article
Arceo adds Thomas Gamble as EVP, Global Chief Distribution Officer
19th August 2020
Risk analytics provider for the cyber re/insurance market Arceo has appointed Thomas Gamble as Executive Vice President, Global Chief Distribution Officer. Gamble was previously a National Brokerage Leader for Arch Insurance Group, and previously built and led the carrier's D&O practice. He also served as President of the Global Mergers & Acquisitions ... Read the full article
CyberCube updates its risk modelling platform for underwriters
17th August 2020
Cyber analytics provider, CyberCube has released an updated version of Account Manager, its cyber risk modelling platform used by insurers and reinsurers. Account Manager enables underwriters to better assess the cyber risk profile of individual risks on which they are being asked to quote. Enhanced risk modelling and analytics are essential to ... Read the full article
Re/insurers must evolve alongside cybersecurity landscape: Allianz
14th August 2020
There has been an increase in fears around the potential for cyber security incidents during the COVID-19 pandemic, highlighting the need for re/insurers and brokers to evolve alongside the cyber risk landscape, reports Allianz. The concerns have arisen after many businesses are being required to adopt wide-scale remote working for their ... Read the full article
Beazley’s Lodestone adds Frank Luzsicza as CEO
12th August 2020
Beazley-owned cyber security service provider Lodestone has announced the appointment of Frank Luzsicza as Chief Executive Officer. Luzsicza brings over two decades of experience and joins from TÜV Rheinland Group, where he was executive vice president and a member of the group executive council. He will lead Lodestone’s cyber security and breach ... Read the full article
Sompo International names Head of Cyber for London Market
12th August 2020
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, has appointed Lauren Folkard as Vice President and Head of Cyber for the London Market. Folkard most recently served as a cyber class underwriter at Barbican, before which she was part of the cyber management team ... Read the full article
Cyber growth slows as profits less certain: AM Best
3rd August 2020
Cyber insurance premiums have slowed for the fourth straight year in the US as part of a trend that AM Best attributes to an expanding threat landscape and an increasing awareness of risks. Direct premiums written in the US cyber insurance market increased by 11% year over year in 2019 to ... Read the full article