Cyber

Cowbell adds former Hippo comms chief Collins as it looks ahead to public listing

Cowbell Cyber has hired Hippo’s former head of marketing Andrea Collins as its new chief marketing officer, the latest addition to the firm’s management ranks as it eyes a potential public listing sometime in the next two years, The Insurer can reveal.

Axa XL strengthens cyber teams across Europe and Australia

Axa XL Insurance has expanded its cyber capabilities across Europe and Australia with the appointment of 10 cyber underwriting experts.

Beazley’s Cox: Carriers using old cyber wording now in the minority

Widespread adoption of cyber war exclusions across Lloyd’s and the wider London market means carriers still using the old wording are now in the minority, according to Beazley CEO Adrian Cox.

Beazley cyber GWP up 24% in Q1 despite tougher wordings

Lloyd’s largest insurer Beazley said this morning it is on track to deliver its “high 80s” combined ratio target following a first quarter which saw strong growth in both property and cyber lines.

Mosaic launches global primary cyber coverage with Safe Security

Mosaic is now underwriting primary cyber insurance globally, offering $20mn in capacity across its network of underwriting hubs, a move that follows the insurer offering coverage on an excess basis for two years.

Corvus reports “industry-leading” 36% loss ratio for 2022 as it grows premiums 80%

Cyber insurtech Corvus has reported a loss ratio of just 36 percent across its book for 2022 as it cited AI-based underwriting tools that it said are “significantly more advanced” than those of its competitors in matching price and risk, as it also grew cyber premiums by 80 percent.

RPS: Cyber writers facing rise in third-party liability claims

The cyber market is seeing a rise in third-party privacy claims with carriers responding by taking swift action on policy wordings, while ransomware activity showed a marked increase in April as a new variant called Royal emerged, according to Risk Placement Services.

CFC names Phillips as US cyber practice leader

CFC has appointed Resilience’s Michael Phillips to the new role of US cyber practice leader.

EU risk managers warn cyber insurance could become “unviable product”

The Federation of European Risk Management Associations has warned cyber insurance could become an “unviable product” for companies as concerns grow over insurers failing to cover state-backed attacks and the impact of new exemption clauses.

Beazley cybersecurity subsidiary Lodestone names Kizziah as CEO

Cybersecurity firm Lodestone Security, a wholly-owned subsidiary of Lloyd’s (re)insurer Beazley, has appointed Alton Kizziah as CEO.

CFC appoints Marino as US distribution lead

Specialist cyber insurance provider CFC has appointed Lori Marino as distribution leader for the US.

Munich Re: Tech trends in cyber make “systemic, catastrophic” event more likely

Although the cyber insurance market is “coming of age” as awareness and skills around cybersecurity grow, the risk landscape remains challenging with future attacks likely to be increasingly accelerated by technology trends, according to a new report by Munich Re.

Appeals panel backs Merck in $1bn+ NotPetya coverage dispute

A New Jersey appeals court panel has backed a lower court decision that Merck’s property insurers led by Chubb cannot rely on a war exclusion to exclude more than $1bn in damages caused by the 2017 NotPetya malware attack.

WTW: Cyber capacity flowing back with $10mn blocks returning on towers

Competition from cyber writers is driving down pricing, with WTW now “often seeing” flat rates or even decreases at renewal and the market also returning to $10mn blocks on towers.

Resilience introduces new holistic cyber risk solution

Resilience has introduced a new cyber solution that enables customers to more effectively look at their risk holistically, The Insurer can reveal, with CEO Vishaal “V8” Hariprasad telling this publication that it will help cyber become a “team sport” for clients.

AGCS: Nat cats the main loss driver for TMT industry but cyber concerns dominate

Natural catastrophes remain the major driver of insured losses for the technology, media and telecommunications industry, but cyber risks have risen up the agenda to become the primary concern among executives, according to Allianz Global Corporate & Specialty.

Spectra gains BMA in-principle approval and seed funding for cyber insurance broker

Former Hudson Structured Capital Management partner and CUO Edouard von Herberstein has raised seed capital and received in-principle approval to launch Spectra, a cyber-focused insurance broker in Bermuda that will look to develop into an MGA from next year.

Aon launches cyber property damage cover for vulnerable critical infrastructure

Aon has launched a new cyber property damage cover as threat actors increasingly target critical national infrastructure, including the emerging market for battery energy storage systems (BESS), through vulnerabilities in supply chain third-party operators and maintenance teams.

QBE positions for cyber growth with Davis named global head

Sydney-headquartered QBE Insurance Group has appointed Serene Davis to the newly-created role of global head of cyber.

Howden: Cyber will “prove that the industry is capable of innovating”

Cyber as a peril presents a unique opportunity for the insurance industry to demonstrate its relevance to the wider economy through product innovation and risk transfer solutions that address issues around aggregation and systemic risk, according to David Howden.

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