Beazley secures further $20mn in cyber cat bondSpecialist (re)insurer Beazley has secured an additional $20mn in reinsurance coverage in the first tranche to its pioneering cyber catastrophe bond unveiled earlier this year.
AM Best raises concerns over pullback of DUAE capacityA pullback of delegated underwriting authority enterprise capacity in areas such as cat-exposed property and cyber is a cause for concern, while higher reinsurance pricing is making some programs economically unviable, AM Best has warned.
Cowbell bolsters UK and US teams with Bilbao and Byrne hiresCyber MGA Cowbell has bolstered its UK and US underwriting capabilities with the appointments of Claud Bilbao as UK director of underwriting and Matt Byrne as vice president of tech E&O underwriting.
Cyber now buyer-friendly market but focus on war and infrastructure exclusions to continue: AonCyber shifted to become a buyer-friendly market in early 2023 amid a decline in loss frequency and severity which has prompted a move towards more sustainable pricing levels, according to Aon.
Resilience claims report shows renewed resurgence of ransomware since Q3 2022A new claims report from Resilience shows ransomware attacks rocketed in late 2022 and early 2023, but the cyber insurtech’s CEO told this publication nearly 80 percent of its clients that were attacked recovered data and systems without making a payment.
Liberty Mutual GRS appoints Thielen as global head of cyberLiberty Mutual’s Global Risk Solutions (GRS) has appointed Chubb’s Patrick Thielen as its global head of cyber and Jelmer Andela to the newly created role of head of cyber underwriting at Liberty Specialty Markets (LSM).
Consilium launches Abbotts-led cyber, tech, and fintech divisionConsilium, the specialty (re)insurance broking business of the Aventum Group, has launched a new cyber, tech, and fintech division with Tom Abbotts appointed as its lead.
Munich Re maintains stance on cyber war clarity in response to narrower exclusionsMunich Re has said ensuring market clarity on cyber war wordings remains its “top priority” as the reinsurer continues to take aim at narrower exclusions coming into use in the market despite efforts to clarify wordings for the peril.
Munich Re leads resistance to Marsh wording on Echo facilityMunich Re is leading the pushback against the revised cyber war wordings being introduced by Marsh’s Echo facility, prompting speculation the reinsurer could be set to withdraw its capacity over the disagreement, The Insurer understands.
Boxx unveils US personal cyber product backed by HSB capacityInsurtech Boxx Insurance has begun offering personal cyber insurance to US customers with a new all-in-one coverage underwritten on admitted paper from Munich Re-owned HSB.
Coalition: 2022 cyber claims frequency drops 22% but severity sees modest increaseCyber risks stabilised slightly during 2022 as a 22 percent decrease in the overall claims frequency, although there was a slight uptick in the severity of claims experienced, according to cyber MGA Coalition.
CFC welcomes consistency on cyber war exclusions to avoid Covid BI scenarioThe insurance industry must demonstrate it has learned lessons from pandemic-related BI disputes by ensuring clarity in cyber war exclusions, with CFC’s Lindsey Nelson describing Lloyd’s updated stance as a welcome opportunity to ensure market consistency.
Cowbell adds former Hippo comms chief Collins as it looks ahead to public listingCowbell Cyber has hired Hippo’s former head of marketing Andrea Collins as its new chief marketing officer, the latest addition to the firm’s management ranks as it eyes a potential public listing sometime in the next two years, The Insurer can reveal.
Axa XL strengthens cyber teams across Europe and AustraliaAxa XL Insurance has expanded its cyber capabilities across Europe and Australia with the appointment of 10 cyber underwriting experts.
Beazley’s Cox: Carriers using old cyber wording now in the minorityWidespread adoption of cyber war exclusions across Lloyd’s and the wider London market means carriers still using the old wording are now in the minority, according to Beazley CEO Adrian Cox.
Beazley cyber GWP up 24% in Q1 despite tougher wordingsLloyd’s largest insurer Beazley said this morning it is on track to deliver its “high 80s” combined ratio target following a first quarter which saw strong growth in both property and cyber lines.
Mosaic launches global primary cyber coverage with Safe SecurityMosaic is now underwriting primary cyber insurance globally, offering $20mn in capacity across its network of underwriting hubs, a move that follows the insurer offering coverage on an excess basis for two years.
Corvus reports “industry-leading” 36% loss ratio for 2022 as it grows premiums 80%Cyber insurtech Corvus has reported a loss ratio of just 36 percent across its book for 2022 as it cited AI-based underwriting tools that it said are “significantly more advanced” than those of its competitors in matching price and risk, as it also grew cyber premiums by 80 percent.
RPS: Cyber writers facing rise in third-party liability claimsThe cyber market is seeing a rise in third-party privacy claims with carriers responding by taking swift action on policy wordings, while ransomware activity showed a marked increase in April as a new variant called Royal emerged, according to Risk Placement Services.
CFC names Phillips as US cyber practice leaderCFC has appointed Resilience’s Michael Phillips to the new role of US cyber practice leader.