cyber reinsurance News

Global Reinsurance Capital Is Resilient Despite Losses of $230B over 2 Years: Aon

Global reinsurance capital – comprising traditional and alternative capital – fell 2 percent in 2018 to US$595 billion from $605 billion in 2017, remaining resilient in the face of insured natural catastrophe losses of $230 billion over the two-year period, …

Cyber Reinsurers Aim to Master the Dangers of Global Accumulation

Cyber insurance is a market with enormous growth potential – but one that also has the potential to become a costly, worldwide event in a matter of seconds. Unlike natural catastrophes, cyber isn’t limited to geographic regions. It’s a risk …

Aon Creates $350M of Cyber Capacity, Launches New Solution for Silent Cyber

Aon plc is continuing its investment in cyber by creating US$350 million of new reinsurance capacity and launching its silent cyber* solution. Aon’s silent cyber solution is designed to partner with carriers in their journey to identify, quantify and mitigate …

AIR Worldwide and Capsicum Re Collaborate to Enhance Silent Cyber Models

Catastrophe modeling firm AIR Worldwide (AIR) announced it is collaborating with reinsurance broker Capsicum Re to enhance the insurance industry’s modeling of what many refer to as “silent” cyber incidents. As part of the collaboration, the two firms will identify …

Aon Promotes Mulligan to Head of Cyber, Foord-Kelcey to Head of Cyber Innovation

Aon plc has promoted Catherine Mulligan and Luke Foord-Kelcey within its Reinsurance Solutions business to strengthen its suite of cyber products for insurers. As global head of Cyber for Aon’s Reinsurance Solutions business, Mulligan will be responsible for setting strategy, …

Cyber Reinsurance Underwriting Group Formed for London Market

The International Underwriting Association of London (IUA), representing carriers operating in or through London, has formed a group on cyber underwriting specifically for reinsurers. The organization said the move follows a growing interest amongst reinsurance practitioners in the activities of …

Insurers Say Cyber Insurance Underwriting Is Profitable for Now: PwC

Carriers say that cyber insurance is quite profitable for them at the moment, and a majority are also using reinsurance to manage their exposures, PwC found in a global survey of specialist writers. The consulting firm’s survey found that 80 …

Pool Re Extends Retrocession Program to $2.9B with Cyber Terrorism Now Covered

Pool Re announced it has renewed its retro program and extended the cover to include material damage and direct business interruption (BI) caused by acts of terrorism “using remote digital interference.” The renewed cover, brokered by Guy Carpenter, has been …

JLT Re Appoints Ed’s Gray as Cyber Treaty Specialist, London & International Team

JLT Re, the global reinsurance broker and consultant, has appointed Ben Gray as a partner in JLT Re’s London & International Markets (LIM) team with a focus on cyber treaty. Gray joins from UK-based broker Ed where he was a …

UK’s Terrorism Reinsurer, Pool Re, Plans to Extend Cover to Include Cyber

Britain’s 6 billion pounds ($7.3 billion) terrorism reinsurance fund hopes to extend its cover to include cyber attacks on property, chief executive Julian Enoizi said. Pool Re, set up in 1993, acts as a backstop to insurers paying out claims …