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.
Asta-managed Trium Cyber gets green light from Lloyd’s
14th September 2022
Asta, the leading third-party managing agent at Lloyd’s, has announced that Trium Cyber, a new risk carrier backed by Jim Stanard’s Pelican Ventures, has received ‘in principle’ approval from Lloyd’s. Trium Cyber expects to write $50m of gross premiums during its first year of operations, commencing January 2023. Its executive team includes ... Read the full article
Envelop Risk launches new Capital Markets unit with David Ross as Head
13th September 2022
Global specialty cyber underwriting firm, Envelop Risk, has announced the launch of its Bermuda-based Envelop Capital Markets practice, which will be led by underwriter and insurance-linked securities (ILS) specialist, David Ross. The practice is set to develop a market for tail risk protection, retrocession, and cyber reinsurance through both indemnity and ... Read the full article
Russian sovereign internet creates cyber risks for re/insurers: CyberCube
12th September 2022
A sovereign Russian internet could lead to cybercriminal safe havens, giving greater confidence that large-scale attacks can be carried out without consequences, says a new report by cyber risk analytics expert CyberCube. The report examines the rise in the use of wiper malware by Russian threat actors, which, unlike ransomware, has ... Read the full article
Wider audience access to cyber risk analysis through CyberCube and AkinovA partnership
12th September 2022
CyberCube, a cyber risks analytics provider, has announced its partnership with AkinovA, an electronic marketplace for the transfer and trading of insurance risk, to enable AkinovA’s clients to benefit from CyberCube’s modelling and analytics. Through this partnership, CyberCube’s products will be made available to AkinovA’s platform, making all its models accessible ... Read the full article
Three newco cyber start-ups in rating pipeline: AM Best’s Holzberger
11th September 2022
Stefan Holzberger, Chief Rating Officer at AM Best, has revealed that his company currently has three newco dedicated cyber insurers in the pipeline for initial rating. The rating agency executive disclosed the imminent entrance of three new cyber entities to the market during an AM Best Reinsurance Market Briefing panel held ... Read the full article
US cyber market premiums shot up by 76% last year: Aon
10th September 2022
The US cyber market saw continued and increasing demand for its products in 2021, according to a new report from re/insurance broker Aon. The report, US Cyber Market Update: 2021 Cyber Insurance Profits and Performance, said the number of insurers in this sector grew from 200 to 214 between 2020 and ... Read the full article
Everest Re names Catherine Rudow as Global Head of Cyber Reinsurance
9th September 2022
The reinsurance division of Bermuda-based carrier Everest Re Group, Ltd., Everest Reinsurance, has appointed Catherine Rudow to the newly created role of Global Head of Cyber Reinsurance. Rudow assumes responsibility for strategically expanding the company's cyber reinsurance business, driving consistent underwriting best practices and guidelines across the division. She will also be ... Read the full article
Ageas partners with eBaoTech to enable its digital platforms’ strategy
9th September 2022
Ageas Group has selected eBaoTech's InsureMO platform for its digital transformation as part of its strategy to explore and invest in new growth engines. Ageas plans to leverage InsureMO - a PaaS platform designed to accelerate insurance innovation - to enable its growth via B2B2C channels. Hans De Cuyper, the CEO of ... Read the full article
Gallagher Re expands cyber reinsurance team in North America
7th September 2022
Global reinsurance broker, Gallagher Re, has appointed Jasper Goring as head of its cyber reinsurance hub in New York amid the creation of a dedicated cyber analytics function and the growth of its specialist team in North America. Goring will lead the broker’s cyber reinsurance specialism to support NA-based clients and ... Read the full article
Market will have to “suck it and see” on cyber wordings: Helios’ Hanbury
5th September 2022
Nigel Hanbury, CEO of Helios Underwriting and Board member of Association of Lloyd’s Members, has said it will be a case of “suck it and see” when it comes to the new exclusions for state-backed cyber attacks recently laid out by Lloyd’s. In a public statement, the Lloyd’s investment and underwriting ... Read the full article
Coalition launches in UK cyber insurance market
5th September 2022
Insurance brokers across the UK now have access to the cybersecurity tools provided by American insurer Coalition, as it has commenced trading in the country this month. Coalition entered a multi-year capacity agreement with Allianz Global Corporate & Specialty and will distribute its products via brokers. According to the announcement, it will ... Read the full article
Cyber supply chain risk reveals re/insurance market challenges: SCOR
2nd September 2022
In a recent report, French reinsurance firm SCOR has addressed the potential challenges for the market amidst the growing concern of cyber-attacks on digital supply chains. SCOR states that cyber-attacks have been a growing anxiety over the last 18 months as traditional and IT supply chains are becoming increasingly entangled to ... Read the full article
Cowbell Cyber makes senior appointments in Matthew Jones and Sean Park
2nd September 2022
Cowbell Cyber has hired Matthew Jones as its new chief strategy officer, while simultaneously appointing Sean Park to its board of directors. The firm said that Jones is joining the firm from Anthemis, where he was managing director after a stint at Swiss Re. Park, a co-founder and co-CIO of Anthemis ... Read the full article
Zurich recruits Global Cyber Underwriting Manager from Munich Re
2nd September 2022
Switzerland headquartered insurer Zurich Insurance Group has appointed Andreas Schmitt as its new Global Cyber Underwriting Manager. He joins the company from Munich Re, where he most recently served as a Senior Executive Advisor, based in Singapore. Schmitt spent more than 12 years at Munich Re, working across Germany, Australia and Singapore. ... Read the full article
UK cyber market stable, trade credit facing challenges
2nd September 2022
The cyber market in the UK has remained “stable and modestly” favourable in this year’s second quarter, while the Trade Credit market has become more challenging in the same period, according to Aon’s latest Q2 Market Dynamics Outlook: The United Kingdom. According to the re/insurer, the cyber markets’ stable condition has ... Read the full article
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