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.
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
U.S. cyber market continues to grow, remains profitable: Aon
10th July 2018
The latest market update from Aon indicates U.S. cyber insurance is growing increasingly sophisticated while the market expands and becomes less concentrated, resulting in continued profitability and shrinking claims. Following an ‘unprecedented year’ for ransomware attacks a total of 170 U.S. insurers were reportedly writing cyber insurance in 2017, up from ... Read the full article
Marsh names Kevin Richards as Global Head of Cyber Risk Consulting
10th July 2018
Global insurance and reinsurance broker Marsh has appointed Kevin Richards to the newly-created position of Global Head of Cyber Risk Consulting. Richards will be tasked with leading the strategic development and delivery of Marsh’s cyber risk consulting business worldwide, and will work closely with the company's regional and local cyber risk ... Read the full article
ACORD, Aon, and Beazley release new Cyber Data Breach Standard
9th July 2018
ACORD, the insurance and reinsurance industry data standards body, has collaborated with Aon and Beazley on the development of the ACORD Cyber Data Breach Standard, a new standard that aims to increase operational efficiency across the global re/insurance value chain. According to a 2017 ACORD survey, nearly 60% of re/insurers consider ... Read the full article
Steady growth in cyber market but fresh opportunities remain: A.M. Best
6th July 2018
Although the cyber insurance and reinsurance market has seen steady growth over the last year, there remain significant untapped opportunities, particularly in regard to cover for SMEs, according to rating agency A.M. Best. The agency’s Market Segment Report observed that cyber risk awareness benefitted from a number of high-profile cyber events ... Read the full article
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