Cyber

AIG is lead insurer on Hydro cyber risk policy

Norwegian aluminium company Norsk Hydro has revealed AIG is the lead insurer on its cyber risk policy, and has also estimated the financial impact from the first week since its cyber attack is $35-41mn.

Gallagher appoints cyber practice leader from Hub

John Farley has joined Gallagher as managing director and leader of the US broker’s cyber practice.

Cyber reinsurance market matures with XoL shift

Ari Chatterjee, Bermuda-based head of underwriting at cyber (re)insurance MGA Envelop Risk, partnering with MS Amlin capacity, analyses the nascent cyber reinsurance market after the 1.1 renewals and notes clear signs of market maturing…

Hydro confirms cyber insurance in place after attack

Norwegian aluminium company Norsk Hydro said the situation is “quite severe” following a cyber attack but has confirmed it has an insurance programme that includes business interruption cover.

Merck insurers resist NotPetya silent cyber claim

US pharmaceutical company Merck is taking legal action against its property insurers over losses relating to 2017’s NotPetya cyber attack after several markets denied the claim citing a war exclusion.

FM Global slashes cyber limits to $1mn in property coverages

FM Global is significantly reducing sub-limits on cyber coverages offered as part of its property policies, The Insurer can reveal.

Vitale and Soughan to launch new Cyber Specialty MGA

Mario Vitale is set to return to the market as CEO of a start-up MGA that will initially specialize in providing cyber business interruption (BI) coverage, The Insurer can reveal.

Munich Re backs MGA Ascent’s cyber product

Reinsurance powerhouse Munich Re is to provide capacity to the David Umbers-led MGA – Ascent.

Cyber insurtech Arceo.ai launches platform with heavyweight support

Insurtech cyber start-up Arceo.ai has officially launched its platform with the backing of a heavyweight advisory board that includes former Aspen executive Mario Vitale and ex-RMS CEO Hemant Shah.

Aspen swoops on Liberty’s Watson for cyber hire

Aspen Insurance – the insurance segment of Bermudian headquartered carrier Aspen – has hired cyber underwriter Amie Watson to join its growing London cyber team, The Insurer can reveal.

Beazley launches combined cyber and executive risk division

London carrier Beazley has launched a cyber and executive risk division led by its head of cyber and executive risk Mike Donovan.

PRA orders Lloyd’s and UK insurers to develop silent cyber action plan

UK insurers have been instructed by the Prudential Regulation Authority (PRA) to develop detailed plans setting out how they are reducing their exposures to so-called silent cyber losses.

Channel Syndicate names Anderson cyber head

Scor-managed Channel Syndicate has appointed Gillian Anderson head of technology and cyber.

Zurich faces $100mn lawsuit over unpaid NotPetya claim

US food giant Mondelez is suing Zurich for $100mn after its claim for damage caused by the massive NotPetya ransomware attack was rejected.

CFC adds business interruption to cyber offering

CFC has introduced business interruption to its cyber insurance coverage and expanded cover for a variety of cyber crime activities including cryptojacking.

Hackers target Hiscox and Lloyd’s in 9/11 data breach: report

The FBI is undertaking an investigation into the theft of some 18,000 insurance and legal documents relating to the 11 September attacks by a hacker, according to reports.

AIR pegs Marriott breach losses at up to $600mn

Risk modelling firm AIR Worldwide has estimated cyber losses for the Marriott breach will be between $200mn and $600mn.

Marriott to rival Merck as largest-ever affirmative cyber loss

Property Claim Services (PCS) has designated the Marriott cyber hack as a designated event amidst speculation that the hotel group’s cyber coverage could be in the region of $300mn.

Merck’s NotPetya insured loss could still be $2bn

Pharmaceutical giant Merck may still be responsible for $2bn of insured losses from the NotPetya virus in June 2017 making it by far the largest insured cyber loss in the sector’s short history, according to the loss adjudication firm PCS today.

Cyber risk: are we increasingly being held to ransom?

Examples of data theft continue to stream through; no one brand seems immune from having to announce major losses of customer data records, according to RMS’s cyber manager Tom Harvey.

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