News

Brokers: Cyber stabilisation continues with “strong competition between markets”

In new reports WTW and McGriff have both noted that stabilisation in cyber with flat to negative premium changes is the norm, with WTW adding that it is starting to test whether some underwriting questions can be bypassed if security controls are good.

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.

Marsh parts ways with cyber advisory and tech E&O product leader Case

Marsh last week parted ways with its cyber advisory and commercial and tech E&O product leader Elisabeth Case, a move that comes after the broking giant announced last month it was launching a global cyber practice within its specialty division.

Arch launches Green-led Australian cyber practice

Arch Insurance Australia has established a new cyber insurance practice, with Rachel Green leading as as national cyber underwriting manager for Australia and the Pacific region.

Coalition launches Allianz-backed active cyber insurance cover in Australia

Coalition has expanded its active cyber insurance products to Australia, with capacity provided through a multi-year agreement with Allianz Australia.

Travelers to acquire cyber MGA Corvus in ~$435mn deal

Travelers has agreed to acquire cyber MGA Corvus Insurance in a $435mn deal which is expected to close in the first quarter of 2024.

Cowbell raises $25mn in Series B top up with Prosperity7 Ventures as new investor

Cowbell has raised an additional $25mn for its Series B round, bringing in new investor Prosperity7 Ventures in addition to securing fresh backing from existing investors, as the cyber insurtech aims to reach operating profitability in 2024.

Pen names Summerfield to lead dedicated cyber practice from 2024

Gallagher’s UK-based MGA Pen Underwriting has appointed Ian Summerfield as head of cyber.

Peak Re: Financial losses from cyber dominate consumer concerns

Almost two-thirds of emerging middle-class Asians have faced cybersecurity issues, with financial losses from cyber crime ranked as their main concern, according to Peak Re.

TMK: Cyber tail could catch out new entrants as claims pressure mounts

Tokio Marine Kiln (TMK)’s Paul Gooch has questioned the sustainability of the current competitive environment in cyber insurance as claims put pressure on the future pricing cycle, with the cyber leader warning that new market entrants may not be adequately considering the tail risk.

Lockton Re Bermuda-based global cyber chair Bousfield resigns to join Howden Tiger

Lockton Re’s global chair of cyber Paddy Bousfield has resigned from his post after a two-year tenure with the firm, and is expected to sit out for a six-month gardening leave before joining Howden Tiger in a new role, The Insurer can reveal.

Cyber platform Upfort closes $8mn Series A round

Upfort, a San Francisco-based cybersecurity and insurance platform, has raised $8mn in a Series A funding round led by SYN Ventures.

Allianz: 2023 has seen “worrying resurgence” in cyber attacks

Ransomware and extortion attacks are continuing to evolve after two years of high but stable loss activity, leading to a new wave of mass cyber events as hackers find ways to extort money from companies, often by targeting physical supply chains.

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.

Marsh to launch global cyber practice led by Tom Reagan

The new Marsh Specialty division will integrate the broker’s global cyber capabilities across insurance, risk intelligence, incident management and cybersecurity.

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.

Gallagher Re’s Pikinska: Cyber risk data for SMEs remains lacking

The different exposures and risk profiles of large corporates and SMEs are the main driver of the growing case to bifurcate the cyber insurance market to create separate product suites for the two distinct segments, according to Gallagher Re’s Justyna Pikinska.

Cyber supply chain risks are under-addressed by insurers: IUA

Although companies are increasingly reliant on digital support from third parties, supply chain risks have to date received “far less attention” than other major cyber threats such as war risks, according to a new whitepaper by the International Underwriting Association cyber underwriting group.

Resilience: Cyber attackers shifting ransomware tactics to bypass security controls

Cybercriminals are returning to “big game hunting” tactics in ransomware attacks while third-party vendors have become the lead point of failure for cyber claims, according to a new report from insurtech Resilience.

Howden Tiger’s TigerEye platform under forensic investigation following cyber incident

Howden Tiger’s pricing and portfolio management platform TigerEye has been hit by a “cybersecurity incident”, with the reinsurance intermediary expected to pay a ransom to recover the system, The Insurer understands.