All Cyber articles
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NewsSwiss Re: Cyber premiums ceded to reinsurers up but “no large swings” on horizon
Premiums ceded by the primary cyber market to reinsurers have continued to tick up but are unlikely to meaningfully surpass current levels of roughly half of the annual premium pot, according to Swiss Re’s John Coletti.
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Panel: Cyber market “back to some murky wordings” on war exclusions
The headway being made by cyber insurers on war exclusions before the Russia-Ukraine war has been reversed amid a return to murky wordings, with how the market responds to the issue set to have a big impact for years, according to panellists on an Advisen webinar discussion hosted by Amwins.
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Beazley eyes $1bn European platform opportunity as cyber helps fuel growth
Beazley CEO Adrian Cox has described the group’s domestic European platform as a $1bn opportunity over the next 10-15 years amid rising demand for the specialty products offered by the carrier.
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Cyber MGA Parametrix extends cloud offering through IMA tie-up
Parametrix Insurance has partnered with IMA Financial Group in a move which sees the cyber MGA’s specialist cloud downtime coverage being offered throughout the private equity-backed broker’s network.
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Envelop Risk launches Class 3A Bermuda vehicle Augmented Re
Cyber reinsurance and analytics firm Envelop Risk has received regulatory approval to establish Augmented Re, a Class 3A reinsurer in Bermuda.
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At-Bay moves cyber/tech E&O program to fronting carrier Trisura
San Francisco-based cyber insurtech At-Bay has moved its existing cyber and tech E&O program from HSB paper to a Trisura-fronted program supported by a panel of several reinsurers, with HSB parent Munich Re continuing to provide the biggest share of capacity, The Insurer can reveal.
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Munich Re: Market needs cyber war exclusions to be “future proofed”
The cyber market needs to implement “robust” exclusions to tackle systemic risks with Munich Re keen for solutions to emulate Lloyd’s Market Association (LMA) clauses aimed at clarifying whether cyber war is covered.
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GC’s Cordonnier: Cyber reinsurance market needs 20-30% extra capacity each year “just to stand still”
Cyber reinsurance capacity must grow by 20-30 percent each year to meet the growing demand from primary carriers, Guy Carpenter managing director and co-head of cyber Anthony Cordonnier has warned.
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Allied World PL/cyber QS firm orders with 2pt bump to 34.5% cede
Allied World’s $1.8bn premium financial and professional lines quota share treaty has firm ordered at a 34.5 percent ceding commission, a 2 point increase from the prior year, although it is currently unclear if the planned cession will be filled out, The Insurer can reveal.
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Fitch: “Surprising improvement” in cyber direct loss ratio last year
The standalone US cyber market improved its direct loss ratio last year with earned premium growth exceeding the change in incurred losses on the back of large rate increases, according to an analysis from Fitch Ratings.
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(Re)insurance industry “hasn’t worked out” what cyber risk means: WTW’s Garrard
While cyber presents an enormous growth opportunity for the (re)insurance industry, the market has not yet fully worked out the role it can play in addressing such perils, according to WTW’s global head of risk and broking Adam Garrard.
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CAC Specialty hires former Aon cyber exec Snyder Frenier
CAC Specialty has named Stephanie Snyder Frenier as senior vice president, business development leader of professional and cyber solutions, with the former Aon executive joining after less than a year at BitSight.
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Insurance leaders unveil new public-private systemic risk initiative Resilience UK
Aon’s Dominic Christian and Pool Re’s Julian Enoizi have unveiled a proposed new UK initiative designed to facilitate industry and government collaboration to promote resilience to systemic risks such as cyber and climate change.
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Panel: Cyber insurers look to modify war exclusions in response to Russia-Ukraine
Cyber insurers are looking to modify war exclusions in response to the uncertainty related to the Russia-Ukraine war, according to executives speaking at the Bermuda Risk Summit, who noted that the exclusions are “not built for purpose” and may not be ”exceedingly effective”.
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Mosaic moves cyber underwriter Cole from London to Bermuda
Mosaic has transferred London-based cyber underwriter George Cole to Bermuda following a temporary secondment to the island.
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Kudale: Cowbell poised to ride “second wave” of cyber market expansion
On the heels of his company raising $100mn in Series B funding, Cowbell Cyber CEO Jack Kudale has told The Insurer that insurtechs that are able to keep their loss activity under control will be able to capitalise on a “second wave” of cyber market expansion as more new buyers ...
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Vantage targets cyber and misc professional as next part of insurance build-out
Following on from securing up to an additional $200mn in capital, Vantage Group Holdings is looking to build out its insurance operations to represent 70 percent of its business, with CEO Greg Hendrick telling this publication that cyber and miscellaneous professional liability are the two next lines to be added.
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At-Bay hires Forescout’s Dekens as chief strategy officer
Cyber insurtech At-Bay has appointed Thomas Dekens to the newly created role of chief strategy officer, with the new hire most recently at cyber security company Forescout.
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Insurers granted appeal of war exclusion ruling in $1.4bn Merck case
A New Jersey judge has granted insurers’ request for interlocutory appeal of a ruling in the $1.4bn Merck case that stated the hostile acts exclusion in the insurance policies at issue does not apply to a nation-state cyberattack, with a brief from AIG outlining four flaws in the trial court ...
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Howden: Underwriting caution remains over cat and cyber uncertainty in 2022
A new survey from broker Howden highlights a keen desire for growth across most lines of business with an ambition to embrace sustainable energy, although there is some hesitancy over catastrophe and cyber.
