Reinsurance News
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.
Saiber & CYMAR form partnership to address cyber insurance needs within the UAE
2nd March 2023
Smart Port technology company, Saiber Innovation Technologies and Ports & Terminals cyber insurance specialist CYMAR Management Ltd., have announced a strategic partnership to address the demanding cyber insurance needs of the global maritime and logistics sector in the UAE. The announcement of this partnership comes as the UAE has steadily been ... Read the full article
ASML appoints Jonny Groves as Head of Cyber
23rd February 2023
Argenta Syndicate Management Limited (ASML), a subsidiary of Argenta Holdings Limited, has announced the appointment of Jonny Groves to the role of Head of Cyber, effective immediately. In his new role, based in London, Groves will be responsible for leading Argenta’s global cyber business while overseeing its underwriting and business development. He ... Read the full article
NAIC cites climate, data, cyber & innovation among priorities for 2023
21st February 2023
The National Association of Insurance Commissioners (NAIC) has cited climate risk, data/AI, and cybersecurity and innovation among its strategic priorities for 2023. Each year NAIC members finalize and announce the company’s priorities for the full-year. In terms of climate risk, NAIC stated that increased risks pose a threat to the lives, property, ... Read the full article
Now is the time for cyber ILS: Lockton Re
21st February 2023
In a joint report with CyberCube and Envelop Risk, Lockton Re has highlighted how Insurance-Linked Securities (ILS) can support additional re/insurance capacity for cyber risk, and why it now has the momentum to succeed. Lockton Re's report, 'Unlocking Potential', notes that there have been discussions for many years on the potential ... Read the full article
Allianz’s Hartmut Mai joins Cyberwrite as Group President
21st February 2023
Cyberwrite, a provider of cyber insurance products, has announced that it has appointed Allianz’s Hartmut Mai as Group President. Mai joins the firm with more than 25 years of global insurance leadership experience. In his most recent role, Mai served as the global Chief Underwriting Officer, and board member at Allianz Global ... Read the full article
Coalition cyber protection now available to large enterprise businesses in US
20th February 2023
Cyber insurance provider Coalition has announced the expansion of its cybersecurity insurance offering in the US to large enterprise businesses with revenues up to $5 billion. Coalition states that typically, enterprise businesses have a stronger cybersecurity posture than smaller organisations due to available resources, but they also have a much larger ... Read the full article
CloudCover partners with Hylant Global Captive Solutions
17th February 2023
CloudCover Re, a subsidiary of AI-generative cybersecurity threat prevention platform CloudCover, has announced the launch of a new cyber security captive insurance offering in partnership with Hylant Global Captive Solutions. Described as the world's first cybersecurity "rent-a-captive" insurance program, CloudCover CyberCell is a formal structure to affordably finance self-insured cyber risks. CloudCover ... Read the full article
Cloud outage next risk class primed for ILS risk transfer, says Parametrix
16th February 2023
Parametrix has announced it is working to bring Insurance-Linked Securities transactions to market which would protect ceding re/insurers against a sustained outage of “the cloud” to which many are exposed through their cyber portfolios. The leading provider of cloud downtime insurance suggests that a “Cloud-in-a-Box” transaction would employ a concrete, predetermined, ... Read the full article
RSA makes new additions to UK Specialty Lines Cyber Underwriting team
16th February 2023
General insurance company, RSA Insurance has announced the appointment of Henry Westwood as Senior Specialist Underwriter in its UK Specialty Lines cyber business. Westwood is to start his new role on May 15; he will be responsible for leading the insurer’s stand alone cyber underwriting practice in the UK. He joins RSA ... Read the full article
Our journey with clients is all about meeting them where they are: Resilience’s Bryant
15th February 2023
In an Interview with Reinsurance News, Kyle Bryant, Chief Underwriting Officer at cyber risk solutions firm, Resilience, discussed the implications of a lack of reinsurance appetite for cyber risk, alongside how the firm is handling the current challenges in the market. When answering a question regarding the challenges that a lack ... Read the full article
Brit announces renewal and expansion of flagship cyber consortium
15th February 2023
Global specialty re/insurer Brit Ltd. has announced the renewal and planned expansion of its leading cyber consortium - Brit Cyber Attack Plus (BCAP). BCAP is a cyber product, designed to protect clients from the impact of physical damage arising from cyber-attacks. The consortium was launched in 2014 to address the coverage gap ... Read the full article
CFC introduces policy encryption for cyber insurance
15th February 2023
Specialist insurance provider CFC has announced that it is introducing policy encryption for its cyber insurance policies, with the firm noting that it is the first provider in the industry to do so. CFC suggests that providing this additional layer of security for its customers is another critical step to keeping ... Read the full article
Ransomware attacks creating repercussions for the insurance industry: Coinnect
14th February 2023
A new report from Coinnect has highlighted how ransomware attacks are creating repercussions for the insurance sector, as companies are being forced to deal with several issues related to the assessment of their customers' cyber risks and the determination of the potential impact of an attack. The report, titled, ‘Ransomware Intelligence ... Read the full article
Liberty Mutual launches cyber office and makes new appointments
13th February 2023
Liberty Mutual, a property and casualty insurer, has announced the formation of a Global Risk Solutions (GRS) Global Cyber Office, as well as the appointment of respected experts to key leadership roles. According to the firm, the new office builds and scales Liberty Mutual's cyber capabilities around the world, bringing a ... Read the full article
Oasis develops open data standards for cyber exposure
10th February 2023
The not-for-profit catastrophe modelling platform Oasis Loss Modelling Framework has announced the launch of its new Open Exposure Data (OED) standard for cyber. The standards have been developed by the market to provide a transparent and free schema to encourage consistency and efficiency in the capture and transfer of cyber exposure ... Read the full article
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