News

Axa XL expands global cyber coverage to address gen AI risks

Axa XL has introduced a new endorsement to its global cyber insurance coverage, specifically targeting risks associated with generative AI.

Cyber insurance lawyer Selby launches Selby Strategies

Former Kennedys partner and well-known cyber insurance lawyer Judy Selby has launched Selby Strategies to offer performance coaching.

CAC launches CyberPeril Pro solution for energy and utility sectors

US broker CAC Group has launched CyberPeril Pro, a cyber insurance solution designed to address coverage gaps within the energy and utility industries.

TMK confirms appointment of Axis’s McShane

Tokio Marine Kiln has confirmed the appointment of Thomas McShane as head of technology and media E&O.

French cyber MGA Stoïk raises €25mn with Munich Re and TMHCC among investors

Stoïk has secured €25mn in a Series B funding round led by French venture investment firm Alven, with the Paris-based insurtech planning to use the proceeds to bolster its position in the European cyber SME space.

Pen launches large corporate cyber offering

Gallagher’s UK-based MGA Pen Underwriting has launched its cyber proposition for large corporate clients.

Resilience adds CrowdStrike’s Polly as chief revenue officer

Resilience has appointed former CrowdStrike executive Matthew Polly as chief revenue officer.

DeNexus closes $17.5mn Series A funding round, adds Axa XL CUO as board observer

Cyber risk quantification and modelling firm DeNexus has secured $17.5mn in a Series A funding round that included participation from Axa XL.

Pierson Ferdinand adds Rivers as partner in cyber risk, privacy, data security practice

New York-based startup law firm Pierson Ferdinand LLP has appointed Rachel Rivers as a partner in its cyber-risk, privacy, and data security practice.

Coalition recovers £1.4mn under new UK ‘clawback’ service

Cyber insurer Coalition has recovered £1.4mn ($1.8mn) for a UK policyholder under its new service dedicated to recovering funds stolen in a cyberattack.

Cybersecurity firm Stellar Cyber and Converge partner on insurance program

Stellar Cyber, a provider of Open XDR security solutions, has partnered with Converge Insurance to launch the RiskShield Cyber Insurance Program for managed security service providers and their customers.

Coalition: Ransomware and aggregation risk dominate H1 cyber insurance claims

Increased ransomware activity in the first half of 2024 drove a rebound in related claims severity, with aggregation issues remaining front of mind for cyber insurance providers, according to new research by Coalition.

Extreme malware attack would not exhaust deployed limit in cyber market: study

The cyber insurance market could withstand a “plausible yet remote” malware event, according to the calculations of three cyber realistic disaster scenario models by Beazley, Munich Re and Gallagher Re.

Cybersecurity consultancy S-RM adds Kroll’s McManus in insurance BD role

Cybersecurity and investigations consultancy S-RM has hired Kelly McManus as global business development lead, insurance and legal.

Allianz calls for “step up” in cyber mitigation as large claims jump 14% in H1

The volume of cyber claims is expected to stabilise in 2024 following a rise in frequency last year, driven by an increase in data and privacy breach incidents, according to Allianz Commercial’s latest cyber risk outlook.

Markel bolsters cyber with Eastwood as senior underwriter

Markel has appointed AIG’s Jack Eastwood as a senior underwriter in its cyber and technology team.

AI-related annual global premiums to reach up to $4.7bn by 2032: Deloitte

Increased deployment of AI technologies and emerging risks could generate $4.7bn in annual global premiums from AI-related insurance by 2032, although global premiums are expected to moderate at an annual increase of 3.1 percent next year, according to Deloitte’s latest industry outlook.

BHSI launches DACH PI and cyber offering through Hamburg office

Berkshire Hathaway Specialty Insurance has begun offering professional indemnity and cyber insurance lines in the DACH region, led by new recruit Thomas Pache.

Beazley launches $100mn cyber consortium

Beazley has launched a $100mn cyber consortium named “Beazley Quantum” for large corporates with turnover in excess of $1bn.

PwC: Only 15% of firms understand financial impact of cyber risks