News

Beazley on target to grow cyber GWP ~60% to $1.35bn in 2022

Analysts have described plans by Beazley to grow its cyber premium volume to $1.35bn this year as “remarkable”, praising the carrier’s market-leading position in the class.

Beazley eyes $1bn European platform opportunity as cyber helps fuel growth

Beazley CEO Adrian Cox has described the group’s domestic European platform as a $1bn opportunity over the next 10-15 years amid rising demand for the specialty products offered by the carrier.

Cyber MGA Parametrix extends cloud offering through IMA tie-up

Parametrix Insurance has partnered with IMA Financial Group in a move which sees the cyber MGA’s specialist cloud downtime coverage being offered throughout the private equity-backed broker’s network.

Envelop Risk launches Class 3A Bermuda vehicle Augmented Re

Cyber reinsurance and analytics firm Envelop Risk has received regulatory approval to establish Augmented Re, a Class 3A reinsurer in Bermuda.

Global cyber market GWP hits $9bn as threats increase

Worldwide gross written premiums for cyber risks have expanded to $8.6bn, according to a new report from research firm Insuramore, while a separate survey from Hiscox revealed that 20 percent of businesses said a cyber attack had almost rendered them insolvent.

At-Bay confirms new capacity deal through fronting carrier Trisura

Cyber insurtech MGA At-Bay has confirmed the launch of a new program through fronting carrier Trisura that is backed by a panel of “diverse and highly rated” capacity providers, a partnership first revealed by The Insurer on Wednesday morning.

At-Bay moves cyber/tech E&O program to fronting carrier Trisura

San Francisco-based cyber insurtech At-Bay has moved its existing cyber and tech E&O program from HSB paper to a Trisura-fronted program supported by a panel of several reinsurers, with HSB parent Munich Re continuing to provide the biggest share of capacity, The Insurer can reveal.

Munich Re: Market needs cyber war exclusions to be “future proofed”

The cyber market needs to implement “robust” exclusions to tackle systemic risks with Munich Re keen for solutions to emulate Lloyd’s Market Association (LMA) clauses aimed at clarifying whether cyber war is covered.

GC’s Cordonnier: Cyber reinsurance market needs 20-30% extra capacity each year “just to stand still”

Cyber reinsurance capacity must grow by 20-30 percent each year to meet the growing demand from primary carriers, Guy Carpenter managing director and co-head of cyber Anthony Cordonnier has warned.

Acrisure partners with Coalition to offer cyber risk assessment

Acrisure’s cyber services division has announced a partnership with Coalition to offer the insurtech MGA’s Coalition Risk Assessment, which is designed to help small and mid-size organisations understand their cyber and digital risk exposure.

Coalition adds Vantage capacity to excess cyber program

Coalition has secured capacity from Vantage’s US specialty insurance carrier to support the fast-growing insurtech MGA’s excess cyber program.

Blackpoint Cyber expands insurance leadership team with Wilkerson hire

Cybersecurity specialist Blackpoint Cyber has appointed J Chris Wilkerson as vice president of Blackpoint RISK and head of insurance.

Allied World PL/cyber QS firm orders with 2pt bump to 34.5% cede

Allied World’s $1.8bn premium financial and professional lines quota share treaty has firm ordered at a 34.5 percent ceding commission, a 2 point increase from the prior year, although it is currently unclear if the planned cession will be filled out, The Insurer can reveal.

Cyber specialist Resilience names Thompson SVP of underwriting

Resilience has further built out its team with the addition of Sarah Thompson as senior vice president of underwriting.

Vantage enters cyber with hire of CNA’s Lea

Vantage Group Holdings has appointed Andrew Lea as senior vice president of cyber liability, technology errors and omissions (E&O), media and management professional liability insurance, with the executive joining after five years at CNA.

Cyber extortion and ransomware dominate D&O concerns

Cyber attacks and data loss are the top risks facing directors and officers, with cyber extortion and the growth of ransomware attacks a leading concern, according to a new report from WTW and Clyde & Co.

Fitch: “Surprising improvement” in cyber direct loss ratio last year

The standalone US cyber market improved its direct loss ratio last year with earned premium growth exceeding the change in incurred losses on the back of large rate increases, according to an analysis from Fitch Ratings.

Parisi: Munich Re taking nuanced approach to “fit for purpose” war exclusions in cyber

Bob Parisi, head of cyber North America for Munich Re’s facultative and corporate unit, has clarified that Munich Re is “working to develop fit for purpose” war exclusions but is taking a more nuanced approach than merely looking to issue blanket exclusions.

Cooper Gay partners with CyberCube on cyber risk analytics

European MGA Cooper Gay has agreed a partnership with CyberCube that will see it roll out the insurtech’s analytics platform to enable insurers to better analyse and understand cyber risk.

Corvus: Ransomware claims falling as cyber resilience improves

Ransomware claims activity saw signs of improvement during the fourth quarter of 2021, according to a new study by Corvus, with fewer ransoms now being paid compared with those demanded.