News

Beazley launches combined cyber and executive risk division

London carrier Beazley has launched a cyber and executive risk division led by its head of cyber and executive risk Mike Donovan.

PRA orders Lloyd’s and UK insurers to develop silent cyber action plan

UK insurers have been instructed by the Prudential Regulation Authority (PRA) to develop detailed plans setting out how they are reducing their exposures to so-called silent cyber losses.

Channel Syndicate names Anderson cyber head

Scor-managed Channel Syndicate has appointed Gillian Anderson head of technology and cyber.

Zurich faces $100mn lawsuit over unpaid NotPetya claim

US food giant Mondelez is suing Zurich for $100mn after its claim for damage caused by the massive NotPetya ransomware attack was rejected.

CFC adds business interruption to cyber offering

CFC has introduced business interruption to its cyber insurance coverage and expanded cover for a variety of cyber crime activities including cryptojacking.

Hackers target Hiscox and Lloyd’s in 9/11 data breach: report

The FBI is undertaking an investigation into the theft of some 18,000 insurance and legal documents relating to the 11 September attacks by a hacker, according to reports.

AIR pegs Marriott breach losses at up to $600mn

Risk modelling firm AIR Worldwide has estimated cyber losses for the Marriott breach will be between $200mn and $600mn.

Marriott to rival Merck as largest-ever affirmative cyber loss

Property Claim Services (PCS) has designated the Marriott cyber hack as a designated event amidst speculation that the hotel group’s cyber coverage could be in the region of $300mn.

Merck’s NotPetya insured loss could still be $2bn

Pharmaceutical giant Merck may still be responsible for $2bn of insured losses from the NotPetya virus in June 2017 making it by far the largest insured cyber loss in the sector’s short history, according to the loss adjudication firm PCS today.

Cyber risks are global but insurance not meeting demand: Munich Re

Demand for cyber insurance is growing rapidly as increasingly costly events prove no market, sector or company is spared, irrespective of its size, from cyber risk, according to Munich Re.

Guy Carpenter names Marsh’s O’Brien as cyber centre head

Guy Carpenter has named Siobhan O’Brien as head of the cyber centre of excellence for international and global specialties, the reinsurance broker announced today.

Brokers find cyber threats most concerning emerging risk: Argo

Brokers have said cyberthreats are the emerging risk that they are most concerned about, according to a study by Bermudian (re)insurer Argo.

MS Amlin back new cyber reinsurance start-up Envelop Risk

MS Amlin is backing the cyber (re)Insurance start-up Envelop Risk with capacity to formally support its facility which begins later this year.

Aon cracks ‘silent cyber’ market with $350mn of reinsurance capacity

Hot on the heels of news that so-called “silent cyber” losses accounted for the bulk of last year’s $3bn NotPetya bill, Aon has announced a potential solution.

PCS: NotPetya insured losses now $3bn+

The industry’s ultimate insured losses from the June 2017 NotPetya virus will now exceed $3bn with the majority emanating from silent - or non-affirmative - coverage, according to the independent loss adjudicator, Property Claims Services (PCS).

Cyber ILWs come closer to reality with new PCS cat launch

The industry’s understanding of its full loss exposures to major cyber events took a significant step forward this week with the launch of a new cat cyber loss index that may eventually lead to greater reinsurance and retro capacity being devoted to the fast expanding class.

Tokio Marine swoops on Munich Re for global head of cyber risk

Tokio Marine Holdings has appointed Daljitt Barn to the newly-created role of global head of cyber risk, the carrier announced today.

Aon boosts cyber reinsurance team

Aon has made two promotions within its cyber reinsurance business, with Catherine Mulligan and Luke Foord-Kelcey both moving into elevated positions at the broking house.

Cyber market growth not to be taken for granted: Geneva Association

Think tank the Geneva Association has warned (re)insurers not to presume that demand for cyber coverage will continue to grow at current rates.

Sompo International taps Swiss Re to expand US cyber team

Sompo International has appointed Richard DePiero a senior vice president and US cyber product leader for Sompo Pro, the carrier’s professional liability insurance unit.