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.
Munich Re’s HSB launches cyber coverage in Canada
24th September 2021
HSB Canada, part of Munich Re, has introduced a new collection of cyber insurance and services designed to protect small and medium-size businesses from cyber-attacks, data breaches, identity theft, and cyber extortion. HSB Cyber Suite is a cyber reinsurance solution for property-casualty insurers, including underwriting, marketing support, 24/7 claim service, and ... Read the full article
Ariel Re adds Occam’s Carr to London office as Head of Cyber
23rd September 2021
Bermuda-based reinsurer Ariel Re has added Daniel Carr to its London office as Head of Cyber, effective October 1. Carr most recently served for Occam Underwriting as as Chief Innovation Officer and Cyber Lead. Prior to that he worked as a Cyber Security Specialist with AEGIS in London. Ariel Re says this addition ... Read the full article
Corvus, SiriusPoint announce investment & underwriting capacity partnership
16th September 2021
Corvus Insurance, a provider of smart commercial insurance products, has partnered with specialty re/insurer SiriusPoint, via a strategic investment and multi-year underwriting capacity partnership that will support existing and future commercial insurance product offerings. The partnership’s first program, with leading program management solution provider R&Q’s Accredited acting as the fronting insurer, ... Read the full article
Chubb names Head of Cyber & Tech for Overseas General Insurance
15th September 2021
Chubb has announced the appointment of Raheila Nazir as Head of Cyber & Technology for Overseas General Insurance, the company's international general insurance business. In this role, she will lead Chubb's international Cyber & Technology practice and be responsible for overseeing underwriting, strategy, product and business development, and financial performance. Nazir was ... Read the full article
Envelop Risk eyes expansion following successful $130mn Series B funding
15th September 2021
Data-driven underwriting and analytics company, Envelop Risk, has announced a Series B funding round in which it secured investments of USD 130 million led by SoftBank Vision Fund 2. As part of the transaction, Neil Cunha-Gomes, Investor for SoftBank Investment Advisers, is set to join Envelop Risk’s board of directors. The company ... Read the full article
Cowbell Cyber appoints Chris Reese as head of insurance
13th September 2021
AI-powered cyber insurer Cowbell has appointed Chris Reese as the company's new head of insurance, a role that will see her support business strategy, operations and growth. Reporting to Trent Cooksley, COO, Reese joins from Lockton Companies having served as senior vice president and cyber & technology insurance practice lead. At Lockton, ... Read the full article
Munich Re’s HSB adds Mathew Prentice as Cyber Product Lead
8th September 2021
Munich Re-owned specialist engineering and technology insurer HSB has added Mathew Prentice to support its computer and cyber product range offering. Prentice will be responsible for the development and implementation of HSB’s underwriting strategy for the computer and cyber account in the UK and Ireland. Based in Birmingham and reporting to Andy ... Read the full article
Munich Re continues to target cyber as top growth area
7th September 2021
Munich Re continues to see “favourable” prospects in the reinsurance market, with cyber, data analytics and artificial intelligence having been identified as the most important growth areas for the company. Discussing the trend of digitalisation within the industry, Board member Torsten Jeworrek asserted that traditional insurance will be “radically changed” by ... Read the full article
Swiss Re to launch central cyber underwriting team
2nd September 2021
Global reinsurer Swiss Re is set to create a central cyber underwriting team, led by AXA XL's John Coletti, that will assume responsibility for group's product development and underwriting activities in the space. Coletti will join Swiss Re as Head of Global Cyber in early October and previously served as the ... Read the full article
“Vital role” of re/insurance stressed at White House cyber meetings
26th August 2021
The “vital role” of re/insurance was highlighted by industry leaders in a recent series of cybersecurity discussions at the White House, which saw President Biden, members of his cabinet and national security team, and private sector and education leaders convene to confront the growing issue of cyber risk. During the closed ... Read the full article
Tokio Marine opts for CyberCube analytics solutions
26th August 2021
Tokio Marine, the global P&C insurance group, has partnered with cyber analytics provider CyberCube to gain access to its suite of products, including Account Manager, Portfolio Manager and a range of other modelling solutions. Tokio Marine Group currently writes cyber insurance via TMNF in Japan, TMHCC in US, Europe and Asia, ... Read the full article
Fitch sees cyber reinsurance opportunities in Asia Pacific
20th August 2021
Cyber reinsurance’s potential to drive growth across the Asia Pacific (APAC) region has been underlined in a new report from Fitch Ratings. The APAC region is reported to have accounted for 7% of the total reported ransomware incidents in 2020. Fitch says several Asian markets have developed regulations to reflect the increased ... Read the full article
Connected Insurance partners with Swiss Re on cyber protection
3rd August 2021
Insurtech firm Connected Insurance (CI) has partnered with Swiss Re to launch an embedded cyber protection that offers personal cyber insurance to individuals and families. The product, called The Digital-Life Insurance, will provide risk prevention tools that help consumers protect themselves and their electronic devices against cyber-attacks. "We have redesigned the traditional ... Read the full article
Beazley secures significant rate increases off ransomware rise
26th July 2021
Beazley has been described during a recent roundtable as having achieved good rate increases across all classes, platforms and territories during H1 2021, with most significant hardening in cyber in response to ransomware. Ransomware, and cyber crime more generally, was described as both a societal as well as an insurance issue. Beazley ... Read the full article
Financial services firms to boost spending on cyber security: PwC
19th July 2021
Financial services firms are expected to boost IT spending in an effort to tighten up cybersecurity, according to new data from PwC UK and the CBI. The latest results from the CBI/PwC Financial Services Survey 2021 show that 70% of firms are planning to invest more over the next 12 months, ... Read the full article
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