Cyber

Odyssey’s Hudson Insurance hires WTW’s Lowe as cyber leader

Odyssey Group division Hudson Insurance Group has appointed Emily Lowe as senior vice president and cyber practice leader for HudsonPro, with the new hire joining from WTW.

Cybersecurity platform Axio raises $23mn with IA among investors

Cyber risk quantification solutions platform Axio has raised $23mn in a Series B round led by cybersecurity firm Istari, with participation from existing investors including Distributed Ventures, IA Capital and Axio chairman Bob Dudley, the former CEO of BP.

Ransomware Task Force unveils blueprint for SMEs defending against attacks

The Ransomware Task Force (RTF) – which was created by the Institute for Security and Technology in April 2021 with a broad coalition of cyber experts including insurtech Resilience – has introduced a report that outlines a set of actionable safeguards aimed at SMEs.

CRC: Cyber price increases tapered to 46.5% in June

Wholesale intermediary CRC Group said that 82 percent of cyber accounts had price increases of 20 percent or more in the second quarter, while 44 percent saw increases of 50 percent more.

Cowbell Cyber to offer coverage on Amwins PL portal

Cowbell Cyber has launched its SME cyber insurance product on the Amwins Professional Lines portal.

Marsh: US cyber rates rise by 79% in Q2 amid continued global increases

Cyber price increases continued to outpace other classes of business during the second quarter of 2022, according to the latest Marsh Global Insurance Market Index.

Miller: London cyber premiums rising by 100% as corrective phase continues

Cyber hardening has continued during the first half of the year, broker Miller has reported, with premiums continuing to increase by 100 percent on average.

S&P: Cyber premiums to grow at 25% a year to $22.5bn by 2025

S&P Global Ratings has forecast that cyber insurance premiums will reach $22.5bn by 2025 but the rating agency has warned that the market will remain challenged to make a steady profit.

Resilience adds five senior executives for UK and Europe push

Cyber insurtech Resilience has continued its global expansion with five senior executive appointments in the UK and Europe, including hires from Orient Insurance, Chubb and Allianz.

CyberCube: Maritime and satellite infrastructure face increasing ransomware risk

Both the maritime and satellite infrastructure sectors are at greater risk of cyber-attacks during the second half of 2022, the risk analytics firm CyberCube has warned.

Banning ransomware cover would be “blunt and ineffective move”: Geneva Association

Banning ransom payment reimbursements by insurers would represent a “blunt policy response that may not always have the desired effect”, according to a survey of cyber (re)insurers by the Geneva Association.

Beazley’s Cox: Cyber market approaching “equilibrium”

The cyber market will move back into a state of “equilibrium” over the next 12 months as attritional loss ratios begin to decrease and risk selection improves, but the market still requires more capacity if it is to reach its full potential, Beazley CEO Adrian Cox has said.

Corvus secures another $100mn premium capacity from SiriusPoint

SiriusPoint and R&Q Accredited have struck a deal with Corvus that gives the MGA an additional $100mn in premium capacity for its middle market cyber program, on top of the original multi-year capacity and investment deal announced last year, The Insurer can reveal.

Axa XL bolsters cyber insurance business with spate of promotions and hires

Axa XL’s cyber insurance business has created two new roles and made several regional underwriting management appointments to keep pace with rapidly evolving technology risks and demand for cyber insurance protection.

Ex-Markel cyber chief Owens joins Stone Ridge Asset Management

Cyber underwriting executive Kara Owens has joined asset manager Stone Ridge in a move that reunites her with long-time TransRe CEO Mike Sapnar, The Insurer can reveal.

McGill and Partners to partner with CyberCube on cyber risk analytics

Expansive intermediary McGill and Partners has agreed a partnership with CyberCube that will see it roll out the insurtech’s analytics platform, which is designed to enable both brokers and insurers to better analyse and understand cyber risk.

CFC sounds alarm on BazarCall ransomware

Specialist cyber insurance provider CFC has warned of an emerging method of ransomware attack – dubbed BazarCall – which is targeting small businesses.

Coalition’s Motta says “everything is on the table” after $250mn fundraise

Coalition co-founder and CEO Joshua Motta has said his company is strongly positioned to eventually enter the public markets after announcing a $250mn Series F round, adding that with ample capital in hand “everything is on the table” when it comes to the prospect of taking on more risk or pursuing M&A.

Coalition raises $250mn in Series F funding at $5bn valuation

Cyber MGA Coalition has raised $250mn in a Series F funding round that values the business at $5bn, up from its $3.5bn valuation in September 2021, defying the subdued insurtech funding environment.