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.
COVID-19 highlighted concerns around cyber risk: BMA
22nd April 2022
According to a new report from the Bermuda Monetary Authority, the COVID-19 pandemic has highlighted a growing interest and concern around cyber risk and the need for a robust cyber insurance market. As organisations are forced to continue to operate in remote working environments, cyber threat actors continue to exploit inherent ... Read the full article
US cyber direct written premiums increased by 74% in 2021: Fitch
21st April 2022
According to rating agency Fitch Ratings, US standalone and packaged cyber statutory direct written premiums increased by 74% in 2021, to nearly $5 billion compared with a 9% growth for the property & casualty (P&C) industry overall. This major growth was driven by heightened policyholder risk awareness and greater demand for ... Read the full article
Corvus Insurance finds 2021 average ransoms paid by quarter were down 44.2%
19th April 2022
Corvus Insurance has released findings from its second Corvus Risk Insights Index - a compilation of industry trends and data analysis based on the company’s IT security scanning technology, the Corvus Scan. One of the major findings from the report was that ransomware attacks are down from recent peaks, as the ... Read the full article
79% of policyholders believe cyber insurance is worth the cost: Cowbell Cyber
14th April 2022
Findings from Cowbell Cyber’s first ever cyber insurance report dedicated to small and medium sized enterprises (SMEs) – Cyber Round Up, highlighted that 79% of policyholders believe that cyber insurance is worth the cost. In January 2022, Cowbell surveyed its policyholders – SMEs with up to $250 million in revenue, to ... Read the full article
Cooper Gay partners with CyberCube for cyber risk platform
13th April 2022
Cooper Gay, the pan-European Managing General Agent (MGA), has partnered with CyberCube to use its cyber risk analytics platform, Account Manager. In addition to using Account Manager, Cooper Gay is also enrolling in the CyberCube Academy as part of the company’s drive to develop its team’s knowledge of the evolving cyber ... Read the full article
Ascot backs Coalition’s US cyber program
6th April 2022
Commercial lines insurtech Coalition, has announced the addition of global specialty re/insurer Ascot Group to back its US primary surplus lines cyber program through Ascot Speciality Insurance Company. This new multi-year partnership will help to provide Coalition with long-term capacity for its cyber programs, further accelerating the company’s growth. In 2021, Coalition’s ... Read the full article
Bishopsgate hires Caroline Richardson to lead new cyber practice
6th April 2022
Bishopsgate has appointed Caroline Richardson to lead its new cyber practice, joining from Miller Insurance Services, where she worked on both retail and wholesale cyber placements and solutions for global corporate organisations and facilities and grew its international and UK business. Prior to Miller she worked as Associate Director of Aon ... Read the full article
Beazley hires Christian Taube as Head of Cyber, Intl.
4th April 2022
Specialist insurer Beazley has appointed Christian Taube as its new Head of Cyber Services – International, continuing the rapid expansion of its cyber team this year. Before joining Beazley, Taube was Chief Information Security Officer at Contentserv and, prior to that, he built the information security practice at DataGuard. Taube will be ... Read the full article
MSIG Singapore and Hong Kong to advance Financial Lines and Cyber strategy
1st April 2022
MSIG Insurance’s managing general agent partnership with DUAL Asia (DUAL) will end in June, with MSIG pressing ahead with its expansion strategy for its Financial Lines business through its multi-distribution network. In pursuing its expansion strategy, MSIG will be drawing upon its global financial capacity to underwrite Financial Lines risks and ... Read the full article
Lockton names Michelle Faylo as new US cyber and tech leader
31st March 2022
Lockton has named Michelle Faylo as its new US cyber and technology leader. The company said in the announcement that Faylo would lead Lockton's team of cyber specialists, delivering solutions to global businesses that face increasingly complex cyber risks. Devin Beresheim, executive vice president of specialty practices at Lockton, said: “Michelle is ... Read the full article
ICA calls for overhaul of cyber policy settings
30th March 2022
The Insurance Council of Australia (ICA) has argued that Australian businesses, insurers and government must work together to establish the settings for a sustainable cyber insurance market to underpin economic growth into the future. In a new report, the ICA highlights challenges to maintaining and developing a cyber insurance market to ... Read the full article
Cyber insurance in P&C industry grew by 22% in 2020: Fitch Ratings
25th March 2022
According to rating agency Fitch Ratings the Cybersecurity and Identity Theft Insurance Coverage Supplement reported that cyber insurance direct written premiums for the property & casualty (P&C) industry grew by 22% in 2020 to over $2.7 billion. Cyber insurance continues to be viewed as a growth market for P&C insurers, as ... Read the full article
Cowbell Cyber hires new CTO
24th March 2022
Cowbell Cyber has appointed Joshua Chan as its new CTO. Chan will be joining the firm from Zimperium, where he was previously that company’s vice president of engineering. He joins Kara Owens, who joined the company earlier this month from Markel to become Cowbell’s chief insurance officer. The company has ... Read the full article
Falvey Cargo launches new cyber coverage with Chaucer
18th March 2022
Falvey Cargo Underwriting has announced its brand new coverage protection – Cyber for Cargo. This new coverage will also see the company partnering with the leading speciality re/insurance company, Chaucer Group, to help bring this exclusive protection to Falvey clients. The company says that it recognises that cyber risk exposure is an ... Read the full article
Cowbell Cyber secures $100mn in capital
17th March 2022
Provider of cyber insurance for small and medium-sized enterprises, Cowbell Cyber, has secured $100 million in capital led by Anthemis Group with participation from Permira Funds, PruVen Capital, NYCA Partners, Viola Fintech and all existing investors. This latest financing will increase investment in data science, underwriting, risk engineering and claims management; ... Read the full article
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