Europe

Newline Europe launches cyber offering led by Beckers

Newline Europe, the European arm of Odyssey-owned Newline, has launched a continent-wide cyber business and named Johannes Beckers to lead the offering as its new head of cyber liability.

Munich Re: Ransomware remains top cyber loss driver as accumulation concerns build

The resurgence in ransomware will continue to be the dominant loss driver for cyber insurers, with AI expected to enhance the competition between ransomware-as-a-service models and further complicate the risk landscape, according to a new report by Munich Re.

Munich Re reduces size of cyber book following launch of “precise” war exclusions

Munich Re saw its cyber reinsurance premium volume contract to $2bn in 2023 following a sustained period of double-digit growth.

Munich Re strengthens call for government backstops for systemic cyber risks

Munich Re CEO Joachim Wenning has called on policymakers in Germany and Europe as a whole to discuss the creation of government backstops for cyber risk.

MGA Nirvana names García–Beltrán European head of cyber

Specialty MGA Nirvana has appointed cyber veteran Andrea García–Beltrán as head of cyber Europe.

Hannover Re reduces US cyber proportional business at 1.1: Althoff

Hannover Re reduced its lines and in some cases discontinued its participation in US cyber proportional reinsurance at 1.1 amid a deterioration in terms and conditions in the class, according to board member Sven Althoff.

Andersen: Aon used ILS structure for a large European corporate’s cyber cover

Aon followed up structuring the first ever cyber cat bond by using the ILS structure for “one of the largest corporations in Europe”, which could not get the cyber limit it wanted from traditional insurers, the broker’s president Eric Andersen revealed on an earnings call.

Descartes trials inaugural parametric cyber shutdown cover for French SMEs

French parametric insurer Descartes Insurance has launched a parametric cyber insurance cover for SME corporate clients in France.

Howden bolsters cyber leadership with new European regional heads

Howden has bolstered its cyber leadership team with the appointments of Kristoffer Haleen as head of cyber, northern Europe, and Manuel Perez Martín de la Hinojosa as head of cyber, southern Europe and LatAm.

Ferma calls for country-level cyber backstops with overarching global oversight body

Europe’s largest risk management body has called for the creation of government backstops to address systemic cyber exposures as part of a more aligned approach from all stakeholders to help facilitate further growth in the cyber insurance market.

Merck and insurers settle $1bn+ NotPetya cyber coverage dispute

Merck and its property insurers have settled their long-running legal dispute relating to losses from the 2017 NotPetya cyber attack, which led to a $1bn+ claim on the pharmaceutical giant's property insurance policy.

Climate and cyber risks must be priority in near future: Ferma

The Federation of European Risk Management Associations has urged businesses to prioritise risks associated with developments in climate risk and cyber in the coming years.

Marsh promotes Konyar to lead European cyber at Marsh Specialty

Marsh has appointed Gamze Konyar as head of cyber, Europe at Marsh Specialty, effective immediately.

Howden launches €20mn European primary cyber and tech E&O facility

Howden has launched a dedicated European cyber and technology E&O facility for primary business.

Howden names Marsh’s Bayon de La Tour as international cyber head

Howden has appointed Marsh’s Jean Bayon de La Tour as international head of cyber.

Geneva Association calls for public cyber backstops amid sharp rise in attacks

The Geneva Association has added its voice to those calling for the introduction of some form of public backstop to address cyber risks following a 38 percent increase in attacks during 2022

Arch continues European cyber push with new French office

Arch Insurance has further expanded its European cyber offering with the launch of a French operation, led by Sergio Pierro as senior cyber underwriter and Roxanne Deslandes as cyber underwriter.

Munich Re: More orderly 1.1 ahead despite increasing nat cat losses and cyber accumulation potential

The upcoming reinsurance renewals on 1 January 2024 will be more orderly than the prior year, as the market now has a greater understanding of loss burdens owing to weather-related events and inflationary impacts, according to Munich Re’s Clarisse Kopff.

Arch targets European cyber growth through new Spanish office

Arch Insurance has bolstered its European cyber offering with the launch of a Spanish operation, led by Jose Carlos Jiménez Fernández and Rafael Ortiz Losada as senior cyber underwriters.

COMMENT: Filling the cyber cat void

When it comes to the worst-case impact of a catastrophic cyber event on the global economy, the industry term ‘protection gap’ feels rather inadequate. ‘Chasm’ is more appropriate.