News

CFC launches instant quote and bind platform for SME cyber policies

London-based MGA CFC Underwriting has developed an online trading platform that brokers can use to generate and customise cyber policies for their small to medium enterprise (SME) clients, without underwriter involvement.

War exclusion confusion irking cyber market

The fallout from 2017’s NotPetya attacks is still being felt by the cyber insurance market – with frustrations rising about the press reports of the resulting lawsuits causing confusion over whether the standalone product will pay out.

Beazley introduces cyber cover to marine portfolio

London carrier Beazley has launched a cyber product to cover loss of hire and physical damage to a vessel in the event of a cyber incident impacting its operational capabilities.

Bermuda grants first insurance regulatory sandbox licence to Akinova

Akinova has become the first company to be granted an insurance regulatory sandbox licence by the Bermuda Monetary Authority, under a framework that came into effect last July.

US cyber growth slowed in 2018, Chubb market leader: Fitch

A new Fitch report reveals that US property/casualty insurers’ total cyber direct written premium growth moderated to 8 percent in 2018, down from 37 percent in 2017 and warns the cyber market is still untested.

Arch UK expands into cyber

The UK arm of Bermudian carrier Arch Insurance is set to launch its first cyber product aimed at businesses in the small to medium enterprise bracket.

Axa XL adds cyber endorsement with $15mn limit for property clients

Axa XL has introduced a first party cyber insurance option for its US clients that buy 100 percent of their property coverage from the (re)insurer.

Cyber capacity booming but insurers increasing scrutiny: Marsh

Marsh has revealed that higher demand for cyber insurance is not leading to higher pricing, with rates down by 0.6 percent for the coverage in the fourth quarter.

Tokio Marine HCC buys cyber specialist NAS

Tokio Marine HCC has bought NAS Insurance Services, the California-based cyber and professional liability specialist underwriter it has worked with since 1975.

DLA’s NotPetya claim denial not because of war exclusion, says Hiscox

Hiscox is being challenged by DLA Piper for refusing a multimillion pound claim from the NotPetya cyber attack but the UK insurer has denied reports it was because of a war exclusion.

Marsh launches cyber products evaluation programme

Marsh has announced the Cyber Catalyst programme, which brings together Allianz, Axis, Axa XL, Beazley, CFC, Munich Re, Sompo International and Zurich North America to evaluate products and services they consider effective in reducing cyber risk.

AIG is lead insurer on Hydro cyber risk policy

Norwegian aluminium company Norsk Hydro has revealed AIG is the lead insurer on its cyber risk policy, and has also estimated the financial impact from the first week since its cyber attack is $35-41mn.

Gallagher appoints cyber practice leader from Hub

John Farley has joined Gallagher as managing director and leader of the US broker’s cyber practice.

Hydro confirms cyber insurance in place after attack

Norwegian aluminium company Norsk Hydro said the situation is “quite severe” following a cyber attack but has confirmed it has an insurance programme that includes business interruption cover.

Merck insurers resist NotPetya silent cyber claim

US pharmaceutical company Merck is taking legal action against its property insurers over losses relating to 2017’s NotPetya cyber attack after several markets denied the claim citing a war exclusion.

FM Global slashes cyber limits to $1mn in property coverages

FM Global is significantly reducing sub-limits on cyber coverages offered as part of its property policies, The Insurer can reveal.

Vitale and Soughan to launch new Cyber Specialty MGA

Mario Vitale is set to return to the market as CEO of a start-up MGA that will initially specialize in providing cyber business interruption (BI) coverage, The Insurer can reveal.

Munich Re backs MGA Ascent’s cyber product

Reinsurance powerhouse Munich Re is to provide capacity to the David Umbers-led MGA – Ascent.

Cyber insurtech Arceo.ai launches platform with heavyweight support

Insurtech cyber start-up Arceo.ai has officially launched its platform with the backing of a heavyweight advisory board that includes former Aspen executive Mario Vitale and ex-RMS CEO Hemant Shah.

Aspen swoops on Liberty’s Watson for cyber hire

Aspen Insurance – the insurance segment of Bermudian headquartered carrier Aspen – has hired cyber underwriter Amie Watson to join its growing London cyber team, The Insurer can reveal.