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.
Volante Global launches cyber ransomware solution
24th February 2021
International managing general agent platform Volante Global has announced the launch of a new cyber ransomware solution designed to combine ransomware cover with the latest in cyber security technology. At the core of Cyber Lockout is a multi-layered cyber security solution called Trident Lockdown, provided by GBMS Tech, which is built ... Read the full article
Arch to provide cyber insurer Coalition with long-term capacity
17th February 2021
Arch Insurance North America has partnered with Coalition to provide long-term capacity for the cyber insurance specialist’s US and Canada Cyber and Technology Errors & Omissions insurance programs on Arch’s carriers. It’s hoped the partnership with Arch will support Coalition’s growth, which over the past year included $150 million of run-rate ... Read the full article
Lloyd’s report highlights risk of cyber-attacks on the industrial sector
16th February 2021
Lloyd’s has partnered with cyber analytics specialist CyberCube and reinsurance broker Guy Carpenter on a new report examining the increasing risk posed by ‘Internet of Things’ devices to industrial and manufacturing businesses. The three firms conducted an analysis detailing scenarios which represent the most plausible routes by which a cyber-attack against ... Read the full article
Lockton Re adopts Kovrr’s financial cyber risk model
5th February 2021
Lockton Re, the reinsurance arm of global brokerage Lockton, has licensed Kovrr’s cyber risk model as part of the broker's multi-model vendor approach to support its cyber risk initiatives. The Kovrr portfolio exposure management solution utilises a broad set of data sources from multiple cybersecurity vendors, alongside open-source datasets and proprietary ... Read the full article
Cyberscout acquired by identity security specialist Sontiq
3rd February 2021
CyberScout, a provider of identity theft resolution, data defense and employee benefits services for the re/insurance industry, is set to be acquired by Sontiq, a portfolio company of The Wicks Group of Companies that specialises in identity security. By acquiring Cyberscout, Sontiq hopes to further expand into the insurance industry with ... Read the full article
RMS bolsters cyber offering with two key updates
22nd January 2021
Catastrophe risk modeller RMS has bolstered its cyber offering with the launch of a new underwriting application. The company has also made significant updates to its cyber solutions portfolio management application. RMS Cyber Solutions Version 5.0 will allow users to price and select cyber risks without the need for large sets of ... Read the full article
SCOR integrates CyberCube model into cat platform
14th January 2021
Global reinsurer SCOR has integrated a CyberCube-developed cyber risk model into its own catastrophe modelling platform. By integrating CyberCube’s risk model alongside other natural catastrophe models within SCOR's CAT Platform, the reinsurer is aiming to further expand its modelling capabilities. The new architecture was made full operational for the Janurary 1 renewals. “In ... Read the full article
Chubb names Michael Kessler division president of cyber risk insurance
14th January 2021
Global re/insurer Chubb has announced the appointment of Michael Kessler as division president of its cyber risk insurance business. Currently serving as a vice president and chief reinsurance officer, Kessler will now oversee all facets of the business including strategy, product and business development, underwriting and service operations. He reports to Paul Krump, ... Read the full article
Cowbell Cyber launches Prime Plus cyber line
13th January 2021
AI-powered cyber insurance provider for small to mid-sized businesses, Cowbell Cyber, has announced the availability of its excess cyber coverage line, Prime Plus. This new line of insurance offers businesses up to $1 billion in revenue access to an additional $10 million in excess limits. Prime Plus provides organisations with additional financial ... Read the full article
Beazley reports increase in ransomware severity, cost
24th December 2020
Specialist insurer Beazley has reported an increase in the severity and cost of ransomware attacks this year compared to 2019. Consequently, Beazley considers ransomware the biggest cyber threat currently facing organisations. According to the latest Beazley Breach Insights report, the total cost of ransom payments doubled year-on-year through the first six months of ... Read the full article
Data breaches could become the new PPI in 2021: Clyde & Co’s Seaton Gordon
21st December 2020
Clyde & Co London’s legal director Seaton Gordon believes group claims, and potentially class actions, from data breaches could become the new PPI in 2021. Gordon notes how, with fewer legal barriers to individuals bringing claims for loss of their personal data have been reducing in recent times, claims management companies ... Read the full article
Kovrr to help bolster Deutsche Rück’s cyber modelling capabilties
18th December 2020
Cyber risk modeller Kovrr has announced a collaboration with Deutsche Rück designed to help support the reinsurer's cyber risk modelling capabilities. As part of the agreement, Kovrr will implement a platform to provide Deutsche Rück with validation analysis. Kovrr says its solution provides re/insurers with models built bottom-up, utilising data that closely corresponds to ... Read the full article
Cowbell Cyber expands insurance program to 31 states
7th December 2020
Cowbell Cyber, a startup leveraging Artificial Intelligence (AI)-powered cyber insurance for small to mid-sized businesses, has expanded its admitted cyber insurance program to 31 US states. Cowbell Prime will now be available to businesses in a majority of states in the US, regardless of size and industry. According to Cowbell Cyber, the ... Read the full article
Aon launches new digital cyber offering
3rd December 2020
Re/insurance broker Aon has announced the launch of a new digital insurance solution for small and middle market businesses. This digital solution is designed for any business generating up to $100 million in annual revenue across sectors including retail, technology, professional services and manufacturing. The offering builds on other insurance products that ... Read the full article
Kovrr adds Lorenzo Sargenti to advisory board
25th November 2020
Cyber risk modelling firm Kovrr has announced the addition of Lorenzo Sargenti to its advisory board. Sargent formerly served as Managing Director of Client Development at RMS. As part of the advisory board, he will play an instrumental role in guiding Kovrr through client and market development initiatives, providing cyber risk modelling ... Read the full article
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