Beazley closes second Gallagher Securities-placed $160mn cyber cat bondBeazley has successfully closed its second 144A cyber catastrophe bond through another PoleStar Re Ltd issuance which provides $160mn of cover.
CFC’s Trueman: Lloyd’s cyber war exclusions should not be source of competitionLloyd’s cyber war exclusions guidance should not be a source of competition within the market but rather a force for standardisation, according to CFC CUO Dan Trueman.
Beazley hires Aon’s Carmichael as head of US cyberBeazley has appointed Melissa Carmichael as head of US cyber, with the former Aon executive succeeding Patricia Kocsondy, who assumed the role of head of global cyber digital risks in January.
Fitch: US cyber premiums “unexpectedly declined” in ’23 with Chubb the largest writerAn analysis of statutory financial data by Fitch Ratings has shown that US cyber premiums dropped 1 percent last year with Chubb the largest writer of the business, while the standalone loss plus defence and cost containment ratio worsened by 1 percentage point.
At-Bay: Ransomware claims frequency increased 64% in 2023Ransomware claims frequency surged by 64 percent in 2023 compared with the previous year, driven mainly by a 415 percent increase in indirect ransomware claims frequency, according to At-Bay.
Agencies issue threat alert as Black Basta targets healthcare sectorThe Health Information Sharing and Analysis Center (Health-ISAC) has issued a threat alert over concerns Russian ransomware group Black Basta is intensifying its attempts to breach companies operating in the healthcare sector.
Cyber-focused law firm Vitkowsky Law establishedWell-known insurance lawyer Vince Vitkowsky has established Vitkowsky Law to focus on cyber risks, liability, litigation, and insurance.
Lloyd’s Turk: Guidance success would end noise around cyber war exclusionsLloyd’s CUO Rachel Turk has said the revised guidelines around state-backed cyber wordings have the potential to bring certainty to the market’s approach and end the current noise around war exclusions.
Lloyd’s updates state-backed cyber exclusionsLloyd’s has updated its market guidance on cyber exclusions to tighten eligible clauses for state-backed cyber attacks.
Market expects refresh of Lloyd’s cloud outage RDS: ParametrixThere is an expectation in the market that Lloyd’s cloud outage realistic disaster scenario will be refreshed to better reflect the present risk, according to MGA and modelling firm Parametrix.
Cyber premiums exceed losses in every high-profile event since 2017: Howden ReCyber insurance premiums exceeded losses in every high-profile cyber event between 2017 and 2022, with this large loss buffer offering the market an opportunity to take on more risk, according to Howden Re.
WTW: 2024 cyber risk rates forecasted to range from -5% to flatCyber risk rates are forecast to range from -5 percent to flat through the rest of 2024 as underwriters respond to the expanding threat landscape and the impact of several recent significant losses in the specialist sector, according to WTW's latest Marketplace Realities report.
Howden Re issues call to arms for industry to recalibrate thinking and embrace cyber opportunityHowden Re has called for a recalibration of how cyber risks are underwritten in a new report which suggests the rewards from writing the class are often underestimated when compared to natural catastrophe exposures.
WTW expands CyXS facility as Lloyd’s participants double to 14WTW has increased the capacity and broadened the coverage of its excess cyber insurance facility led by Axis and Canopius.
MPCH partners with Canopius to launch cryptographic storage solutions coverageNew York-based cryptographic storage solutions provider MPCH has secured capacity support from Canopius to insure its customers' digital assets.
Berkley Cyber Risk Solutions introduces new crisis counselling coverageWR Berkley’s Berkley Cyber Risk Solutions has launched a new coverage that reimburses insureds' employees for the costs of crisis counselling incurred in response to cyber breach events.
Axa XL introduces coverage for SEC cyber incident reporting requirement costsAxa XL has introduced a new cyber insurance endorsement designed to help public companies manage the costs associated with the US Securities and Exchange Commission's updated cyber incident reporting requirements.
Jain: Berkshire bearish on cyber but more bullish on post-reform Florida riskBerkshire Hathaway’s Ajit Jain has told the investment giant’s annual shareholders meeting he discourages its subsidiaries from writing cyber because of aggregation fears and unknown loss costs, but that reforms in Florida mean a more balanced homeowners market where risk bearers can profit.
Resilience’s Hariprasad: Insurtech’s new tools put insureds on “proactive footing”Resilience’s CEO V8 Hariprasad has said that the cyber insurtech’s launch of a pair of new tools – offering breach and attack simulations and the ability to build a cyber risk profile – innovates by proactively mitigating risk rather than simply monitoring it.
Cloud outage events longer and more frequent in 2023: ParametrixThe cloud services provided by Amazon, Microsoft and Google experienced more interruption in 2023 than 2022, according to the latest Cloud Outage Risk Report from MGA and modelling firm Parametrix.