Merck $275mn loss tops league table of insured cyber eventsRe-Insurance.com’s revelation earlier this week that Merck may still look to recoup hundreds of millions of dollars of cyber losses from insurers on its $1.75bn property program would see the bill for the US pharmaceutical firm’s NotPetya hit dwarf any other insured cyber loss.
Merck’s $915mn NotPetya hit may infect beyond its $275mn cyber towerOne year on from what is already the largest loss in cyber liability history, insurers on US pharmaceutical firm Merck’s vast $1.75bn property tower are still waiting on a formal loss notification.
O’Hara joins cyber start-up Envelop RiskBrian O’Hara, a leading forefather of Bermuda’s (re)insurance industry and the former CEO of XL, has joined start-up cyber analytics firm Envelop Risk.
Chubb overtakes AIG as largest insurer of cyber coverage: AM BestIn 2017, Chubb more than doubled its direct premiums written for US cybersecurity business to $284.4mn, leapfrogging AIG and XL Group.