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.
Daljitt Barn joins Tokio Marine from Munich Re as Global Head of Cyber Risk
3rd September 2018
Tokio Marine Holdings has announced the appointment of Daljitt Barn from reinsurance giant Munich Re, to the newly created role of Global Head of Cyber Risk. Based in London, Barn started at Tokio Marine on September 3rd, 2018, and will be responsible for developing the firm's cyber strategy. Joining from Munich Re, ... Read the full article
CyberCube adds former Swiss Re CUO Matthias Weber to Board
28th August 2018
Cyber risk analytics firm CyberCube has announced the addition of Matthias Weber, former Group Chief Underwriting Officer (CUO) at Swiss Re, to its Board of Directors. Weber joined Swiss Re in 1992, and worked across a diverse number of roles and markets during his 25-year tenure at the company, including as Head ... Read the full article
Cyber insurers could lose up to 119% of policyholder surplus in single event: A.M. Best
20th August 2018
A new collaborative report by A.M. Best and Guidewire Software has estimated that three of the top 20 cyber insurers could generate significant gross losses to policyholder surplus of between 15% to 119% from a single cyber catastrophe event occurring in 2022. A.M. Best and Guidewire’s Cyence Risk Analytics team extrapolated ... Read the full article
Don’t take cyber market for granted, accumulation real threat: Geneva Association
17th August 2018
Despite having responded to increasingly widespread and sophisticated threats with expanded offerings and premium volumes, the cyber re/insurance market’s own growth and effectiveness should not be taken for granted, warns leading think tank the Geneva Association. Anna Maria D'Hulster, Secretary General of the GA, acknowledges re/insurers’ historical experience with expanding the ... Read the full article
Capsicum Re appoints Cyber Broker and Wordings Director
16th August 2018
Specialist reinsurance broker Capsicum Re has announced the appointment of Jasper Goring as a Cyber Broker and Prab Naidu as Wordings Director within its cyber division. Goring joins Capsicum Re from Paragon International Insurance Brokers, where he most recently served as Senior Vice President and focused on cyber business in the ... Read the full article
Sompo International hires Swiss Re’s Richard DePiero as U.S Cyber Product Leader
15th August 2018
Bermudian property and casualty (P&C) re/insurer Sompo International Holdings Ltd. has appointed Richard DePiero as Senior Vice President, U.S Cyber Product Leader for Sompo Pro, the company’s U.S professional liability insurance unit. DePiero joins Sompo from Swiss Re Corporate Solutions, where he served as Senior Vice President, Head of Cyber & ... Read the full article
CyberCube adds former NSA Director and head of U.S Cyber Command to Board
13th August 2018
Cyber risk analytics firm CyberCube has announced that former Director of the National Security Agency, Commander of the U.S Cyber Command (USCYBERCOM), and Chief of the Central Security Service Michael S. Rogers has joined its Board of Directors. This appointment marks the first private sector position that Rogers has taken since ... Read the full article
Chubb appoints Aspen’s Raheila Nazir as UK&I Cyber Underwriting Manager
7th August 2018
Property & Casualty (P&C) insurer Chubb has announced the appointment of Raheila Nazir as Cyber Underwriting Manager for the UK and Ireland, effective immediately. Nazir will report to Kyle Bryant, Cyber Risks Manager, Europe, Chubb and be responsible for the leadership and direction of Chubb’s Cyber Underwriting team in the region. ... Read the full article
Cyber capacity is plentiful at H1 while pricing remains flat: CIAB
6th August 2018
Capacity in the cyber re/insurance space has proven plentiful over the last six months, while the take up rate among clients has been consistently low and pricing has generally remained flat to down, according to the Council of Insurance Agents & Brokers (CIAB). Results for CIAB’s latest biannual Cyber Insurance Market ... Read the full article
Email data breaches continue to escalate in Q2: Beazley
6th August 2018
The number of attacks targeting business email accounts continued to increase through the second quarter of 2018, particularly for organisations using Microsoft’s Office 365, according to specialist insurer Beazley. Beazley said that email compromises accounted for roughly 23% of incidents reported to its Beazley Breach Response (BBR) Services team during Q2 ... Read the full article
Cybersecurity liability primary concern among U.S. D&Os: Willis
30th July 2018
Cybersecurity liability emerged as the biggest perceived risk in the coming year (80%) among U.S. directors and officers (D&O) surveyed by Willis Towers Watson, ahead of claims by employees (55%), and regulatory and enforcement (48%). 55% of respondents said that their organisation had experienced a lawsuit or demand by a current ... Read the full article
XL Catlin to offer first on-demand cyber insurance product
25th July 2018
XL Catlin has partnered with cloud-based Insurtech firm Slice Labs to create what it claims to be the first ever on-demand cyber insurance product for small and medium-sized businesses. The subscription and usage-based product will be built on the Slice Insurance Cloud Services platform and is to include services designed to ... Read the full article
JLT Specialty expands European Cyber practice with four new hires
24th July 2018
JLT Specialty, the specialist insurance broker and risk consultant, has expanded its European Cyber practice with four new senior appointments in London and Stockholm. Monica Tigleanu joins the practice as a Partner from Beazley, where she served as an Underwriter for Cyber Risk. As a certified Information Privacy Professional, she is experienced ... Read the full article
Willis launches CyCon, a new cyber solution for the construction industry
13th July 2018
Re/insurance broker Willis Towers Watson has announced the launch of its CyCon cyber insurance solution, having concluding that cyber attacks and the failure of IT systems rank among the top risks facing the construction industry. While the construction sector has continued to embrace and integrate more sophisticated technologies for project design, ... Read the full article
JLT Re partners with CyberCube
11th July 2018
Reinsurance broker JLT Re has partnered with cyber risk analytics firm CyberCube in a move it says will “provide new and unique insights to help clients face the challenges of cyber risk.” The combination of JLT Re’s existing cyber and enterprise modelling tools with CyberCube is expected to enhance the reinsurance broker's offerings ... Read the full article