Cyber

CyberCube shrinks workforce as insurtech job losses mount

Cyber modelling insurtech company CyberCube let go around 30 percent of its workforce last month, joining the list of insurtech businesses that have trimmed staff amid a challenging funding environment, The Insurer can reveal.

Cowbell doubles Prime 250 reinsurance capacity with Palomar deal

Cowbell Cyber has expanded its relationship with Palomar with a new agreement that doubles the available reinsurance capacity for Cowbell Prime 250, the cyber insurtech’s coverage for businesses with up to $250mn in revenue.

Jeweller Graff sues Travelers over disputed cyber ransomware claim

High-end diamond house Graff has launched a legal suit in London’s High Court against Travelers Syndicate 5000 to recover more than £9mn ($11mn) in losses incurred after the jeweller fell victim to a Russian cyber attack which saw the personal details of some of the world’s most powerful people leaked online, The Insurer can reveal.

Probitas commences underwriting cyber with Munich Re’s Taylor

Lloyd’s insurer Probitas 1492 has officially started underwriting cyber business, effective 1 July 2022.

Lloyd’s warns on growing physical threat to infrastructure from cyber attacks

Lloyd’s has warned of the growing threat of cyber attacks targeting national infrastructure and privately owned assets, recommending that insurers look to develop a pool or public-private partnership solution and noting that many risk managers remain unaware of the potential physical impacts of cyber incidents.

French cyber insurtech Stoïk raises €11mn in Series A round

Paris-based insurtech Stoïk has raised €11mn ($12mn) in a Series A round led by a16z, with former Axa CEO Henri de Castries and Wefox CEO Julian Teicke also participating alongside existing investors Alven and Anthemis Group.

Envelop Risk to build cyber ILS arm as it swoops for Bernina Re retro head David Ross

SoftBank-backed cyber tech modelling company and MGA Envelop Risk has swooped for Bernina Re’s David Ross to lead a new ILS practice that it will build out in 2022-23, The Insurer can reveal.

Allianz provides capacity to Coalition for US and UK cyber programs

Allianz has agreed a multi-year partnership to assume a share of cyber insurtech Coalition’s US cyber programs and will lead its upcoming UK cyber program, a move that expands the German insurance giant’s cyber business for SMEs in key markets.

Amwins and FusionMGA partner on cyber coverage with no MFA requirements

Wholesale giant Amwins has announced a new partnership with FusionMGA to provide retail brokers with exclusive access to cyber liability coverage for accounts without minimum cyber security controls in place.

AM Best: US cyber DPW increased ~75% in 2021 driven by standalone growth

The US cyber market recorded strong growth in 2021 driven by rate increases, while the combined ratio also improved although that of the top five insurers by premium still exceeds 100 percent, according to a new report from AM Best.

QBE partners with CyberCube on cyber risk analytics

Global (re)insurer QBE has agreed a partnership with CyberCube that will see it roll out the insurtech’s analytics platform designed to enable insurers to better analyse and understand cyber risk.

Swiss Re: Cyber premiums ceded to reinsurers up but “no large swings” on horizon

Premiums ceded by the primary cyber market to reinsurers have continued to tick up but are unlikely to meaningfully surpass current levels of roughly half of the annual premium pot, according to Swiss Re’s John Coletti.

Has the cyber market reached a tipping point?

After 18 months of challenging cyber insurance market conditions there is much cause for optimism in the second half of 2022, according to WTW’s head of FINEX GB cyber and TMT Glyn Thoms.

Panel: Cyber market “back to some murky wordings” on war exclusions

The headway being made by cyber insurers on war exclusions before the Russia-Ukraine war has been reversed amid a return to murky wordings, with how the market responds to the issue set to have a big impact for years, according to panellists on an Advisen webinar discussion hosted by Amwins.

Two become one: The convergence of insurtech and the industry Part 2

In the second part of his examination into the crossover between traditional insurance and tech innovation, Jonathan Spry, CEO and co-founder of Envelop Risk, explores how insurers and innovators can work in harmony…

CRC: More than a quarter of cyber accounts saw 100%+ March price increase

The latest REDY index from CRC for cyber shows that 28 percent of accounts renewing in March paid at least twice as much as pricing in the sector continues to significantly harden.

CyberCube raises funds from existing backers after sale rumours

Cyber modeling and analytics firm CyberCube has raised an undisclosed sum from its existing investors – its first fundraise since pulling in $35mn in a Series B round in 2019 – after persistent rumours that the company was considering a potential sale.

Two become one: The convergence of insurtech and the industry Part 1

In the first part of a two-part examination into the cross-over between traditional insurance and tech innovation, Jonathan Spry, CEO and co-founder of Envelop Risk explores the data-driven future for the industry, the advantages of artificial intelligence (AI) and the cyber ‘shop window’.

State-sponsored actors the most significant cyber threat to (re)insurers: CyberCube

A new report from cyber risks analytics firm CyberCube highlights how state-sponsored actors are among some of the biggest risks to the (re)insurance industry.

ND Panel: Clients forgoing cyber coverage amid soaring costs, coverage restrictions

Surging costs and tighter coverage restrictions for cyber policies have led to more insureds choosing to forgo purchasing the full amount of coverage desired, according to senior broking executives speaking at the Net Diligence Risk Summit.

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