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.
Cowbell Cyber links up with Swiss Re
11th August 2022
Cowbell Cyber is partnering up with Swiss Re to bring insurance to firms using Amazon Web Services (AWS) and have revenues of up to $750m. According to the two firms, the program grants customers access to Cowbell Factors which provide a relative rating of an organization's risk profile against the company's ... Read the full article
Cybersecurity revenue in insurance sector to grow at 10%: GlobalData
10th August 2022
Cybersecurity revenues in the insurance sector are set to grow at a compound annual growth rate of more than 10%, from $6.4 billion in 2020 to $10.6 billion in 2025, according to data and analytics company, GlobalData. According to GlobalData’s report, ‘Cybersecurity in Insurance’, insurers must navigate the theme cautiously or ... Read the full article
Hudson Insurance appoints Cyber Practice Leader
9th August 2022
Market-leading specialty insurer Hudson Insurance Group has appointed Emily Lowe as Senior Vice President and Cyber Practice Leader for HudsonPro. Within this newly created role, Lowe will be spearheading the development of an Excess Cyber facility for large accounts, while also overseeing Hudson’s overall cyber portfolio. All in all, Lowe brings 15 ... Read the full article
Safety National hires Steven Anderson as Director of Cyber Underwriting
8th August 2022
Safety National, a multi-line specialty re/insurer and member of the Tokio Marine Group, has appointed Steven Anderson as Director of Cyber Underwriting. He will be based out of Safety National’s Dallas, Texas, office. Anderson brings nearly 30 years of industry experience with him towards the role, which includes extensive insight across the ... Read the full article
Spring Insure introduces cyber coverage for SMEs
5th August 2022
Spring Insure, the specialist MGA, has announced the launch of its commercial cyber offering, tailored for SMEs. The company says cyber cover is an addition to the existing product suite of financial institutions and Directors & Officers cover it offers in partnership with Beazley. This cyber product offers protection ... Read the full article
Cowbell launches its product on Amwins’ Professional Lines portal
3rd August 2022
Cowbell Cyber, a cyber insurance provider for small and medium enterprises (SMEs) has been selected by Amwins, an independent wholesale distributor of specialty insurance and services, as trusted digital partner for cyber insurance. According to the announcement, the partnership delivers on the promise of leveraging technology to automate cyber insurance applications ... Read the full article
Strict underwriting will dominate cyber market – S&P
1st August 2022
Ransomware shouldn't be an existential threat to the cyber insurance sector, thanks to a combination of policyholder education, the provision of services to reduce claim values, and policy rate adjustments, S&P Global Ratings says. Yet making a steady profit from cyber will remain challenging for insurers, S&P believes, ... Read the full article
Acrisure acquires two leading MSPs to expand its cyber services division
22nd July 2022
Acrisure, a fast-growing fintech leader and insurance broking group, has acquired two Managed Service Providers (MSP) within its cyber services division: Catalyst Technology Group and ITS Inc. Based in Indianapolis, Indiana, Catalyst Technology Group offers small-and-medium (S&M) size businesses enterprise-class IT support with a specialty in streamlining processes for better customer ... Read the full article
Rossini and Suckerman take new roles within AXA XL cyber business
20th July 2022
AXA XL’s cyber insurance business has announced the creation of two new roles and several regional underwriting management appointments in the US. Rachel Rossini has assumed a new role as Product Manager for Cyber and Technology E&O. In her new role, Rossini will lead the company’s go-to-market strategy in the US cyber ... Read the full article
“Insurers need to be more active to help cyber sector grow” – Coalition CEO
15th July 2022
Insurers needs to help customers with their cybersecurity if the sector is to grow, said Joshua Motta, CEO and cofounder of Coalition. Speaking at the Marsh McLennan Rising Professionals’ Global Forum in London, Motta said that the insurance market has not excelled on the cyber underwriting front in recent years. He said: ... Read the full article
McGill boosts cyber development strategy with CyberCube products
14th July 2022
CyberCube, a cyber risk analytics firm, has announced that specialist re/insurance broker McGill and Partners, will be using its cyber risk analytics platforms as part of its cyber re/insurance growth strategy. According to the announcement, the broker is using CyberCube’s Portfolio Manager and Broking Manager. Neil Sharma, Partner - Reinsurance at McGill ... Read the full article
“Cyberattacks a great threat to infrastructure and assets” – Lloyd’s
14th July 2022
National infrastructure and privately owned assets are at risk of from significant physical damage resulting from cyberattacks, says a new report from Lloyd’s. As a result, Lloyd’s says that as malicious attacks increase in frequency, cyber represents a key opportunity for insurers to support businesses and societies through the products and ... Read the full article
At-Bay adds two to Board of Directors
13th July 2022
Cyber insurance provider At-Bay has appointed two insurance industry veterans to its Board of Directors. Joining the Board are Scott Carmilani and David Lockton. With nearly six decades of experience between them, both Carmilani and Lockton bring a strong track record of innovation and insurance expertise to At-Bay’s board. Carmilani currently serves as ... Read the full article
CFC warns of new ‘BazarCall’ ransomware attacks
12th July 2022
Specialist insurance provider CFC has warned brokers and clients of an emerging method of ransomware attack, dubbed ‘BazarCall’, which is targeting small businesses. According to CFC’s in-house cyber threat analysis team, the ‘BazarCall’ attack method has been growing in use among well-known ransomware groups and is responsible for an increasing number ... Read the full article
Ransomware pay-outs by cyber insurers in the last two years averages £3.2m: Panaseer
12th July 2022
According to a recent survey conducted by enterprise security company, Panaseer, the largest ransomware pay-outs by cyber insurers in the last two years has averaged £3.26 million in the UK and $3.52 million in the US. The company recently released its latest report on the state of the cyber insurance industry, ... Read the full article
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