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.
WTW sets up cybercrime task force
28th January 2022
Re/insurance broker WTW has announced the formation of its CyberCrime task force within its Financial, Executive and Professional Risks (FINEX) global practice. The objectives of the task force include tailoring traditional or alternative risk transfer solutions for client’s enterprise risk management objectives, as well as identifying and advising on emerging risks ... Read the full article
Corvus Insurance names new head of international
28th January 2022
Corvus Insurance has named Oliver Delvos as its new head of international. Delvos will be based in Frankfurt, Germany, in a role that is slated to begin in the summer. In his new role, Delvos will develop and implement Corvus’s long-term operational and organisational strategy for territories outside of the US, with ... Read the full article
Cowbell Cyber makes two leadership hires
26th January 2022
Cowbell Cyber has appointed Theresa Le as Head of Claims and Risk Engineering and Dan Palardy as Lead Actuary as part of the company's expansion plan. Le brings just under 20 years of experience working with insurers and will provide leadership to both the claims and risk engineering teams. She most ... Read the full article
Cyber MGA Resilience sets up captive reinsurer
26th January 2022
Resilience, a cyber insurance and security solutions managing general agent (MGA), has announced the establishment of a new captive reinsurance company. Through the captive, Resilience Cyber Insurance Solutions plans to retain a share of each risk it underwrites. This strategy, Resilience says, will enable additional growth while also helping it to underwrite ... Read the full article
Hardening cyber market shows no signs of slowing: Berenberg
25th January 2022
Analysts at Berenberg have reported that hardening conditions in the cyber re/insurance market show no signs of slowing down, as demand for coverage continues to outstrip supply. As of Q3 2021, rates were up 204% cumulatively over 12 months and, currently, and Berenberg sees no evidence that this momentum will be ... Read the full article
Acrisure launches cyber services division
24th January 2022
Michigan-based Acrisure is to launch its own cyber services division. The company, which already has insurance, reinsurance, real estate services, and asset management divisions, said that it is forming Acrisure Cyber Services. The fintech company said that its new division would offer businesses an all-in-one solution encompassing risk assessment, insurance, security ... Read the full article
CyberCube designs scenarios for Lloyd’s RDS exercise
20th January 2022
Cyber analytics specialist CyberCube has designed three cyber-specific scenarios to be used as part of Lloyd’s of London’s annual Realistic Disaster Scenarios (RDS) exercise. The three scenarios include a cyber power outage, a widespread malware event and a cloud outage event. These will allow Lloyd’s managing agents and syndicates to stress test ... Read the full article
Hiscox’s Liz Kim joins Gallagher Re’s cyber reinsurance team
19th January 2022
Reinsurance broker Gallagher Re has appointed Hiscox's Liz Kim to its 40-plus strong cyber reinsurance team, based in San Francisco. The hire sees Gallagher Re continue its strategic investment in industry talent and specialist expertise to meet the evolving needs of clients and growing exposures. In her new role, Kim will further ... Read the full article
Cyber market still hardening as underwriting view shifts: analysts
18th January 2022
Analysts at some of the top re/insurance brokers have noted that the cyber reinsurance market is continuing to see hardening rates following another challenging year for losses in this sector. Gallagher Re classified the primary cyber markets as “truly hard” at recent renewals, but said there is still room for reinsurance ... Read the full article
Pool Re investing into research on systemic risks
18th January 2022
Pool Re will be one of the investors in a new research consortium aimed at protecting society from future systemic risks. The consortium, which will be led by the Cambridge Centre for Risk Studies, along with the University of Cambridge’s Judge Business School will "support the creation and extension of private-public ... Read the full article
Cyber the top concern for businesses in 2022: Allianz
18th January 2022
Cyber perils are viewed as the top concern for businesses globally in 2022, as natural catastrophe and climate change risks climb the rankings of the latest Allianz Risk Barometer. With 44% of respondents citing cyber incidents as their biggest concern, largely driven by the threat of ransomware attacks, the peril claimed ... Read the full article
Cowbell Cyber launches captive insurer, Cowbell Re
12th January 2022
AI-powered cyber insurer Cowbell Cyber has announced the launch of a new insurance captive called Cowbell Re, which will help the firm address rising demand for cyber insurance with additional capacity. It’s hoped that the launch of Cowbell Re will provide the company more flexibility as Cowbell Cyber continues its growth ... Read the full article
Cyber landscape to increase in 2022: Beazley’s Raf Sanchez
12th January 2022
Beazley’s Head of Cyber Services, Raf Sanchez, has reported his predictions for the cyber insurance landscape for the following year, anticipating that it will likely increase. “Whilst many organisations know to expect short-term technical and operational impacts, we find they are often un-prepared for the longer lasting impact on their reputation,” ... Read the full article
Munich Re Specialty Insurance names new Senior Cyber Underwriter
11th January 2022
Munich Re Specialty Insurance, a division of German reinsurance giant Munich Re, has appointed Monica Tigleanu as Senior Cyber Underwriter, where she will be based in London. Tigleanu has previously worked for Munich Re as a consultant back in 2018, where she held the position for five months. Back in September ... Read the full article
Tokio Marine HCC names President of Cyber & Professional Lines Group
11th January 2022
Tokio Marine HCC has announced the appointment of Michael Palotay as President of its Cyber & Professional Lines Group, effective January 1st. Palotay, who previously served as Chief Underwriting Officer, will succeed Richard Robin who is retiring and will remain in a consultative capacity until April 1. With more than 15 years’ ... Read the full article
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