Reinsurance

Envelop combines Bermuda and Lloyd’s underwriting activities

Envelop Risk has combined its Bermuda and Lloyd’s underwriting activities into Envelop Underwriting, led by Dom Peters.

Beazley seized summer opportunity to bolster cyber “toolkit” of ILWs and cat bonds: Cox

Beazley CEO Adrian Cox has doubled down on the role played by catastrophe bonds and industry loss warranty arrangements in the carrier’s cyber reinsurance protection.

Shift towards non-proportional cover to continue towards 1.1

Cedants are expected to place more non-proportional cover at 1.1, while reinsurers will be focused on business interruption coverage grants, according to Aon Reinsurance Solutions’ Rory Egan.

Reinsurers look to address portfolio “fault lines” ahead of 1.1

As the 1.1 renewals near, reinsurers are pointing to the CrowdStrike outage as the latest example of a near miss for the market, which should prompt caution around pricing and highlight challenges with event definitions.

Panel: Cyber reinsurers seen as “conduit” for capital market access through ILS and sidecars

Cedants are focusing more on tailored solutions for cyber as event covers grow in popularity, while sidecars may also soon emerge in the space, speakers on a reinsurance panel at a NetDiligence summit said.

NetDiligence reinsurance panel: CrowdStrike should prompt reevaluation of “fault lines” in portfolios

The CrowdStrike outage was the latest example of a near miss for the cyber (re)insurance market and highlighted challenges with event definitions, speakers during a session at NetDiligence conference suggested.

Beazley adds third PoleStar cat bond and new $290mn ILW to cyber reinsurance program

Beazley has expanded its cyber reinsurance coverage with a third PoleStar Re cat bond and a new industry loss warranty as it moves to protect against high severity events.

Munich Re’s US cyber head Landaverde exits for new role with start-up

Munich Re’s US cyber practice leader Annamarie Landaverde resigned from her role on Friday to take up a new post at a start-up, Cyber Risk Insurer can reveal.

Munich Re excludes cyber war from entire portfolio

Munich Re has now completely excluded cyber war from its primary insurance and reinsurance books, according to management board member Stefan Golling.

Ariel Re’s Carr: CrowdStrike highlights cyber coverage discrepancy concerns

Significant discrepancies between the products being offered by primary carriers remain a key concern for the cyber reinsurance market as it nears the 1 January renewals, Ariel Re’s Dan Carr has told The Insurer.

Reinsurers to remain hungry for cyber at 1.1

The dynamic of abundant reinsurance capacity and less pressure on demand seen at mid-year is expected to continue heading into the 1 January renewals despite the impact of the CrowdStrike outage.

Coalition launches reinsurance vehicle with backing led by Aspen capacity

Coalition has secured capacity from Aspen to launch Coalition Re, a new vehicle that will offer non-proportional cyber treaty coverage as well as a white-label cyber product with up to 100 percent quota share support, Cyber Risk Insurer can reveal.

Howden Re places Envelop Risk cyber XL-on-XL retro cover led by Ariel Re

Howden Re has placed a cyber retro cover on behalf of Envelop SPA 1925 which enables the cyber reinsurance vehicle to protect both the excess of loss and quota share components of its portfolio in one placement, The Insurer can reveal.

Cyber pricing roller coaster not expected to go back up before next year

The cyber market feels “like a roller coaster” but recent headline-grabbing aggregation events have not been enough to lead to a pricing upswing, At-Bay’s head of cyber and tech E&O Michael Drummond has commented.

Howden Re continues cyber ri build-out with Axis’ Gruen leading threat intelligence

Howden Re has expanded its cyber reinsurance capabilities with the appointment of Harriet Gruen as head of cyber threat intelligence.

Continued rebalancing of demand-supply dynamics for cyber reinsurance

Aon reports that reinsurance buyers saw further improvements in conditions at recent renewals, as competition and capacity among reinsurers increased.

Lockton Re lures Gallagher Re’s Norris to build out cyber ILS offering

Lockton Re has appointed Theo Norris as head of cyber ILS as it continues to bolster its capital markets offering, The Insurer can reveal.

TransRe promotes Kališnik and Liu to cyber leadership roles

TransRe has promoted Tina Kališnik to global portfolio leader, cyber and Diana Liu to US cyber underwriting leader.

Beazley expected to price ~$1bn cyber ILW in coming weeks with 1 July inception

Beazley is working on securing a roughly $1bn layer of cyber industry loss warranty cover that is anticipated to carry a $10bn attachment point, and could price as high as around a 10 percent rate on line, Cyber Risk Insurer can reveal.

Brokers: “Strong” cyber reinsurance supply leads to improved terms for buyers

Reinsurance brokers have reported that strong cyber reinsurance capacity at the mid-year renewals allowed buyers to improve terms across all structures, with ceding commissions increasing between 1 and 2.5 percentage points for proportional cover.