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.
Remediation is bearing fruit at Lloyd’s ahead of 1/1 filled with opportunity: LMA’s Davison
6th October 2022
Following a strong underwriting performance in the first-half of 2022, remediation efforts at the specialist Lloyd’s insurance and reinsurance marketplace are proving successful, which puts the sector in a good position ahead of the important January 1st, 2023, reinsurance renewals. While investment losses dented the market’s overall result for H1, Lloyd’s ... Read the full article
Top 20 U.S. cyber insurers all saw premium growth in 2021
6th October 2022
Of the approximately $4.8 billion of U.S. cyber insurance premiums underwritten in 2021 by the property & casualty (P&C) industry, more than 81% came from the top 20 cyber insurers in the U.S. marketplace, led by global insurer Chubb. Based on research data from rating agency AM Best, ... Read the full article
Mosaic adds excess tech E&C coverage to cyber product offering
4th October 2022
Mosaic Insurance’s cyber division has launched excess capacity and coverage for a new product aimed at protecting technology sector companies from rapidly emerging liability risks. The insurer now offers excess technology errors and omissions (E&O) as companion cover to cyber for businesses ranging from AI, virtual reality, edtech, and IT consulting ... Read the full article
Aon adds industry expert Katherine Kuehn as MD, Cyber Solutions
4th October 2022
Insurance and reinsurance broker Aon has hired Katherine Kuehn from vArmour as Managing Director (MD) within its Cyber Solutions division, where she will build upon her network to develop and provide innovative solutions in the cyber risk space. In her new role, Kuehn will leverage her network of key cyber, government ... Read the full article
Security budget cuts may escalate cyber risk, warns Fitch
30th September 2022
Fitch Ratings has warned of a potential increase in cyber risk as corporate and infrastructure cybersecurity budgets across the US come under increasing pressure due to poor revenue outlooks. Analysts note that cybersecurity spending is often viewed as an added cost rather than an essential business expense, with ROI metrics difficult ... Read the full article
Cyber continues to top Travelers Risk Index
29th September 2022
For the third time in four years, cyber threats have been found to be the top overall concern for business decision makers, according to the 2022 Travelers Risk Index results. Of the 1,200 survey participants, more felt that today’s business environment is riskier compared to a year ago, and more than ... Read the full article
Cowbell launches new specialty unit
29th September 2022
Cowbell has launched a new subsidiary to be known as Cowbell Specialty. A statement from the firm said that the launch augments its current business model as Cowbell Specialty joins a reputed panel of 15 carriers and reinsurers that currently support Cowbell Prime cyber insurance programs. Paired with Cowbell Re - the ... Read the full article
Insurers back call for more to be done against cyber attacks: ICA
29th September 2022
As cyberattacks increase in frequency and severity, the Insurance Council of Australia (ICA) has welcomed analysis from the Actuaries Institute on cyber risk and the role of re/insurance in protecting against the impacts of cybercrime. In a recent report, the ICA announced its support for the finding in the Actuaries Institute ... Read the full article
80% of digital health firms operating without effective protection, says Beazley
27th September 2022
A global survey conducted by Beazley has revealed that 99% of digital health firms anticipate growth, but almost 80% do not have an insurance policy tailored to the specific risks they face, despite claims spiking by 50% in the past year. The survey was drawn from 300 business leaders in the ... Read the full article
Aon appoints Adam Peckman as head of Cyber Solutions, Asia Pacific
27th September 2022
Aon plc has appointed Adam Peckman as head of Cyber Solutions, Asia Pacific. Under Peckman's leadership, Aon’s Cyber Solutions in Asia Pacific will bring together cyber broking, security advisory, incident response and risk consulting capabilities across Singapore, Hong Kong, Japan, Australia and New Zealand. At the same time, Peckman will also retain ... Read the full article
Resilience announces expansion into UK market
26th September 2022
Cyber risk company Resilience has expanded its global offering by launching a new operation in London to serve the UK market. In a deal brokered by Lockton Re, the expansion is backed by a capacity agreement with HDI Global Specialty SE. Vishaal Hariprasad, CEO and Co-Founder of Resilience, commented, "The last couple ... Read the full article
Coalition’s launch in the UK receives positive feedback from brokers
22nd September 2022
Following its launch in the UK cyber insurance market earlier this month, cyber insurance provider Coalition has shared details about onboarding some of its first UK policyholders with positive feedback from British brokers. Coalition commenced trading in the UK following a multi-year capacity deal with Allianz Global Corporate & Specialty. ... Read the full article
C&F promotes Nick Economidis to Senior VP of Cyber Insurance
21st September 2022
Crum & Forster (C&F) has announced the promotion of Nick Economidis to Senior Vice President of eRisk. Economidis joined C&F as Vice President of eRisk in 2018, aiding with business line growth and the expansion of its tech and cyber underwriting group. He holds more than three decades of underwriting experience, including ... Read the full article
Cyber to become a prominent line for Swiss Re in future
20th September 2022
Senior executives are “certain” that cyber will become a prominent line of business for Swiss Re in the long term, even as the reinsurer opts to stay underweight in this class for the present moment, until more data becomes available. Speaking at a media briefing at the 2022 RVS event in ... Read the full article
Aspen backs Counterpart’s AI-powered crime coverage for small businesses
16th September 2022
Bermuda-based re/insurer Aspen Insurance Holdings Limited has backed an AI-powered crime coverage for small businesses, launched by AI-driven insurtech, Counterpart. In a press release, it noted that the policy can be purchased on a standalone basis or packaged with its existing Directors & Officers, Employment Practices, and Fiduciary insurance lines. The crime ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
