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.
ProExec partners with CyberCube’s Broking Manager
10th March 2022
ProExec, a part of RT Specialty, the wholesale broking division of Ryan Specialty Group, has partnered with CyberCube’s Broking Manager, the cyber risk analytics platform for insurance intermediaries, to further enable RT ProExec’s team to quantify and explain to its retailers and their clients the sources and potential financial impacts ... Read the full article
Russia-Ukraine war to increase cyber-related claims?
9th March 2022
The fallout from the war between Russia and Ukraine following the former’s invasion of the latter could increase cyber-related insurance and reinsurance claims within Europe and North America, according to a new note from DBRS Morningstar. The note says that considering the number of cyberattacks having ‘materially increased’ and the tightening ... Read the full article
CyberCube advises stress testing of portfolios with eastern European business
4th March 2022
CyberCube has released a new report saying that insurers and reinsurers should stress test their portfolios if they hold eastern European business, following the invasion of Ukraine by Russia. The company has released a new report called War in Ukraine creates fundamental shift in the cyber threat landscape that presents eight ... Read the full article
Cowbell Cyber appoints chief insurance officer
2nd March 2022
Cowbell Cyber has appointed a new chief insurance officer in Kara Owens. Owens’s appointment, nearly four years after she was hired by Markel to lead its global cyber executive, will see her oversee reinsurance partnerships, and risk and portfolio management, as well as driving new product development and innovation. It ... Read the full article
Russian cyberattacks may test insurer war exclusion language: Fitch Ratings
2nd March 2022
The risk of cyberattacks has increased following Russia’s invasion of Ukraine and may test the effectiveness of ‘war exclusion’ and ‘hostile act exclusion’ language in policies, says Fitch Ratings. A new note from the agency says that the wording, already under greater scrutiny following a recent court ruling that found an ... Read the full article
CFC names Philippa Berry as Cyber Product Leader
1st March 2022
CFC has promoted Philippa Berry to the role of Cyber Product Leader, where she will contribute to CFC’s cyber underwriting strategy and oversee a variety of cyber-related special projects. She holds over 10 years of experience in the London market, much of which has been spent focused on cyber, and has ... Read the full article
Aon hit by cyber attack
28th February 2022
Global insurance and reinsurance broker Aon was hit by a cyber attack on February 25th, 2022, according to an 8-K filed with the Securities and Exchange Commission (SEC) in the U.S. In its filing, Aon states that it identified a cyber incident impacting a limited number of systems. In response, Aon promptly ... Read the full article
Gallagher Re partners with BitSight to deliver cyber-modelling insights
28th February 2022
Global reinsurance broker Gallagher Re and BitSight have collaborated to integrate BitSight cybersecurity data with Gallagher Re’s reinsurance insights and analytics. The partnership will provide reinsurance clients with a holistic view of security performance and supply chain aggregation within their portfolios, giving them a comprehensive and differentiated understanding of cyber risk ... Read the full article
Marsh makes two senior cyber appointments
28th February 2022
Insurance broker and risk advisor Marsh has appointed Helen Nuttall as UK Head of Cyber Incident Management, Marsh Specialty, and Patrick Cannon as UK Head of Cyber Claims. Both appointments are based in London, with Nuttall reporting to Sarah Stephens, Head of Cyber, International, Marsh Specialty, and Cannon reporting to Helen ... Read the full article
Cowbell Cyber and Smart Choice to team up
24th February 2022
Cowbell Cyber and Smart Choice are to partner up to help distribute cyber coverage and risk monitoring services. Under the arrangement, Smart Choice's network of 9,000 agency partners across 45 states will have access to Cowbell Prime 100, Cowbell's flagship standalone and admitted cyber insurance product. Smart Choice said in a statement ... Read the full article
Cyber reinsurance premium to exceed property cat in decade beyond 2030: Gallagher Re
22nd February 2022
Analysis by global reinsurance broker, Gallagher Re, finds that by 2040 the cyber market will become comparable in size to either property or casualty as the segment experiences a second wave of growth from 2023. Gallagher Re's cyber reinsurance team has published a new white paper, CY-FI: the Future of Cyber ... Read the full article
Cyber threats continue to grow: Tokio Marine HCC
18th February 2022
The threat from cyber threats continues to grow, according to a new report from Tokio Marine HCC. The second edition of the Cyber Incidents Report found that just ten incidents in 2021 led to the theft of over $600m in cash, while tens of millions of records, and ten of thousands ... Read the full article
WTW partners with Falvey Cargo Underwriting on cyber coverage
18th February 2022
Re/insurance broker WTW has announced a new affirmative cyber coverage product for cargo and stock throughput risks, which is the result of a collaboration with Falvey Cargo Underwriting, a Falvey Insurance Group company. According to WTW, the product will be the first standalone cargo cyber solution available in the insurance marketplace. Among ... Read the full article
Brit recruits Hodgkins as Cyber Underwriting Consultant
16th February 2022
Specialty insurer Brit has announced the appointment of Tim Hodgkins as Cyber Underwriting Consultant. He joins from cybersecurity solutions provider SureCloud, where he held the role of Senior Security Consultant and focused on supporting financial services businesses manage and reduce risk across their technology landscape. Hodgkins started his career at PwC, working ... Read the full article
DeNexus updates cyber risk platform
15th February 2022
DeNexus has updated its DeRISK Platform, a tool that provides evidence-based authentic and transparent data in order for industrial companies to measure the financial impact of cyber risks on their business. The company launched the product as the latest in a series of ever-improving cyber models which are aimed at helping ... Read the full article
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