Reinsurance News
Kovrr
CrowdStrike IT outage could cost UK economy up to £2.3bn: Kovrr
2nd September 2024
Kovrr has estimated that the total cost to the UK economy from the CrowdStrike IT outage will likely fall between £1.7-£2.3 billion. For those unaware, back in July, an automatic update of CrowdStrike's Falcon sensor software crashed more than 8.5 million Microsoft Windows machines globally. According to Kovrr, the incident resulted in ... Read the full article
Kovrr collaborates with Microsoft on internal cyber security data
8th June 2022
Cyber risk modeller Kovrr has announced its selection by Microsoft for Startups – a global program dedicated to accelerating the trajectory of high-potential start-ups to enable growth at scale. By being a program member, this will give Kovrr exclusive access to Microsoft’s technology, as well as its mentorship and business support. In ... Read the full article
Aon opts for Kovrr to enhance client risk quantification, aggregation management
20th October 2021
Cyber risk modeller Kovrr is collaborating with broker Aon on a new cyber risk modeling reinsurance solutions designed to support the growing demand for data-driven insights. Aon will access Kovrr's impact-based modelling framework as well as its Portfolio Exposure Management solution to analyse insurance portfolios and reinsurance treaties. The tools also help ... Read the full article
Kovrr launches CRIMZON framework
8th October 2021
Cyber risk modeller Kovrr has launched its CRIMZON framework for comparing and managing accumulations of systemic cyber risk. Formerly named CRA-Zones, the CRIMZON framework expands re/insurance applications beyond identifying risk accumulation to include cyber threat assessment and trend analysis, deeper risk management and monitoring, as well as event response. The CRIMZON framework divides ... Read the full article
Acrisure Re partners with Kovrr to launch cyber division
14th June 2021
Acrisure Re, the reinsurance division of global brokerage Acrisure, has announced the formation of a new London-based cyber reinsurance unit in partnership with cyber risk modeller Kovrr. The new division will be led by Cyber Practice Leader, Tom Quy, and will utilise data-driven risk analysis from Kovrr. Kovrr’s modelling technology is designed ... Read the full article
Kovrr adds Hetul Patel to advisory board
22nd March 2021
Cyber risk modeller Kovrr has announced that Hetul Patel has joined its advisory board. Hetul is currently Director for non-life consulting at Actuaries OnTap. He has extensive knowledge of the reinsurance industry gained through his 20 years’ experience working as an actuary and executive in the global reinsurance industry. His experience includes ... 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
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
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
Kovrr adds Visesh Gosrani to Advisory Board
21st July 2020
Cyber risk modelling company Kovrr has expanded its Advisory Board with the addition of Visesh Gosrani, Chair of the Institute and Faculty of the Actuaries Cyber Risk Working Party. Gosrani has over 20 years of experience as an actuary and Chief Risk Officer in the insurance industry. He currently runs a consulting ... Read the full article
Kovrr releases open framework to measure catastrophic cyber risk exposure
10th July 2020
Cyber risk modelling company Kovrr has developed an open framework designed to measure and understand catastrophic cyber risk exposure. The CRA-Zones framework defines the minimal elements needed to provide a view of cyber risk aggregations, allows for analysis across multiple portfolios of risks and allows for monitoring of exposure trends. CRA-Zones group ... Read the full article
Kovrr adds Cohen & Company’s John Butler to advisory board
6th March 2020
Israel-headquartered cyber risk modeller Kovrr has announced the addition of John Butler, Head of the US Insurance Management Platform and the Global ILS Program at Cohen & Company, to its advisory board. Prior to joining Cohen & Company, Butler served as Managing Partner at re/insurance linked investment manager, Twelve Capital. Currently, ... Read the full article
Kovrr recruits Marco Lo Giudice from Tokio Millenium Re
11th December 2019
Israel-headquartered cyber risk modeller Kovrr has expanded its team with the addition of Marco Lo Giudice, who arrives from Tokio Millenium Re. He will be responsible for spearheading Kovrr’s efforts as it further grows its modelling and portfolio accumulation management capabilities. Lo Giudice has worked in the catastrophe modelling and exposure management ... Read the full article
Cyber risk modeller Kovrr secures $5.5m in funding round
17th September 2019
Israel-headquartered cyber risk modeller Kovrr has raised $5.5 million in a funding round led by StageOne Ventures and Mundi Ventures. Kovrr intends to use the capital on product development and to help accelerate global growth. “Cyber attacks cause billions of dollars of damage and currently affect every category of risk," said Kovrr’s Chief ... Read the full article
Industrial cyber vulnerability could spell multi-billion dollar loss for re/insurers
23rd August 2019
Analysis by predictive cyber risk modelling firm Kovrr has warned of the potential for a multi-billion dollar loss to the re/insurance industry stemming from a recently discovered vulnerability in the IoT operating system of a major security company. Kovrr modelled two scenarios in which attackers exploit the URGENT/11 exposure in VxWorks, ... Read the full article
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