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.
Everest adds Ayesha West from Navigators as Cyber VP
8th March 2019
Everest Insurance, a division of global insurer and reinsurer Everest Re Group, has appointed Ayesha West as Vice President of its cyber insurance group. West will be tasked with the management and development of the company’s national cyber insurance underwriting team and will be based in New York, reporting to Head ... Read the full article
CyberScout partners with Pioneer & MSIG Mingtai on Southeast Asia offering
1st March 2019
CyberScout has partnered with Pioneer Insurance & Surety Corp. and MSIG Mingtai Insurance Co. to deliver an embedded, retainer-based cyber insurance offering for the Southeast Asia market. The solutions will offer multilingual 24/7 breach response, consumer cyber assistance, remote consulting and data forensic services to both individuals and small and medium-size ... Read the full article
RTG’s Limehouse acquires Decyber
25th February 2019
Limehouse Agencies, the managing general agency (MGA) subsidiary of RFIB’s Risk Transfer Group Limited (RTG), has acquired the online specialist sport and leisure resilience firm Decyber. This acquisition forms part of RTG’s new corporate strategy first outlined in May 2018 that aims to increase revenue from approximately £50 million to ... Read the full article
Cyber analytics insurtech Arceo.ai launches with new platform
22nd February 2019
Arceo.ai, a risk analytics provider for the cyber re/insurance market, has launched with the debut of a new platform that allows carriers to automate their cyber insurance solutions, while increasing the security of policyholders. The Arceo platform seeks to bridge the gap between insurance and cybersecurity by providing clients with a ... Read the full article
Aspen bolsters London cyber team with addition of Liberty’s Watson
19th February 2019
Aspen Insurance’s cyber team in London is to add Amie Watson as an Underwriter in May. Watson will join from Liberty Specialty Market where she currently serves as a Cyber & Tech Underwriter. Aspen’s London cyber team is headed by Mauro Signorelli, Senior Underwriter, Technology Liability & Cyber Risk Insurance. “Cyber insurance is ... Read the full article
Cyber risks spare no market, sector, or company: Munich Re’s Martin Kreuzer
14th February 2019
The growing cyber threat is proving to be a challenge for all industries, markets and companies, no matter the shape or size, according to reinsurance giant Munich Re. Commenting on the Ryuk ransomware (an updated version of the HERMES ransomware family by North Korea APT Lazarus Group), Martin Kreuzer, a cyber ... Read the full article
Aon highlights greatest cyber security challenges for businesses
14th February 2019
Global insurance and reinsurance broker Aon has published a new report that details the greatest cyber security threats and challenges to organisations in 2019, highlighting both the significant opportunities and risks that new technologies bring. The 2019 Cyber Security Risk Report identified eight key areas where business are likely to face ... Read the full article
AAIC launches cyber product for SMEs, farmers
6th February 2019
American Agricultural Insurance Company (AAIC), a provider of agriculture re/insurance solutions, has announced the launch of Cyber Coverage, a turnkey cyber insurance product available exclusively for Farm Bureau insurance companies. The new product is designed for small business owners and farmers/ranchers and helps policyholders mitigate the risk of common types of ... Read the full article
Beazley combines Cyber & Executive Risk divisions
5th February 2019
Beazley has announced the launch of a new division that is to be led by Mike Donovan, called Cyber & Executive Risk, launched to focus on some of the most challenging risks that businesses face around the world. The new unit combines the specialist insurer's cyber insurance capabilities and its experience ... Read the full article
Swiss Re Corporate Solutions launches cyber offering for SMEs
5th February 2019
Swiss Re Corporate Solutions, a division of global reinsurer Swiss Re, has launched a new risk management solution for small and medium-sized enterprises (SMEs) to help them manage their cyber and digital risks. CyberSolution 360° was developed in collaboration with OZON, a French cyber security insurtech company, and combines insurance with ... Read the full article
Global cyber attack could cost businesses almost $200bn, finds study
4th February 2019
The global re/insurance industry is underprepared for the impact of a single large-scale ransomware cyber attack, which could cost businesses as much as $193 billion, according to a new study by the Cyber Risk Management (CyRiM) project. The report modelled an attack that infects 30 million devices worldwide and forces companies ... Read the full article
Cyber and business interruption top global risk rankings: Allianz
1st February 2019
Cyber incidents and business interruption (BI) are tied as the most concerning risks for global businesses in 2019 and beyond, according to the results of the latest Allianz Risk Barometer report. The annual survey by Allianz, which questioned 2,415 experts from 86 countries, found that 37% of respondents identified cyber as ... Read the full article
PRA calls for silent cyber action from Lloyd’s, UK insurers
31st January 2019
The Prudential Regulation Authority (PRA) believes Lloyd's and the wider UK insurance industry can do more to ensure the effective management of affirmative and non-affirmative (silent) cyber risk exposures, ordering firms to develop an action plan in the first half of 2019, with clear milestones and dates by which action ... Read the full article
Cyber risk could cost businesses $5.2tr within five years: Accenture
22nd January 2019
Professional services firm Accenture says that, over the next five years, companies worldwide risk losing an estimated $5.2 trillion in value creation opportunities from the digital economy—almost the size of the economies of France, Italy and Spain combined—to cyber attacks. Today, many of the base Internet protocols—the set of rules embedded ... Read the full article
Hiscox Re and MS&AD invest in AkinovA’s electronic marketplace
16th January 2019
Hiscox Re and MS&AD have made investments in digital insurtech firm AkinovA to support the development of its electronic marketplace for the transfer and trading of re/insurance risk. AkinovA claimed that the investments would further accelerate its progress ahead of the marketplace’s launch. The company is currently building its marketplace in collaboration ... Read the full article