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Gallagher Re adds Norris from Aon Securities as dedicated cyber ILS broker

Reinsurance broker Gallagher Re has announced the hire of a dedicated cyber insurance-linked securities (ILS) resource, adding Theo Norris from Aon Securities as a resource to help bring new capacity to the cyber market. Norris most recently worked at Aon Securities, the capital markets unit of the insurance and reinsurance broker. At read the full article →

Artemis Live interview: Why isn’t the ILS market writing more cyber risk?

For our latest Artemis Live video interview, we were joined by Tom Johansmeyer, Head of PCS to discuss the subject of cyber risk and ask the question, why isn't it a bigger exposure in the insurance-linked securities (ILS) market? For almost a decade, the subject of cyber insurance-linked securities (ILS), cyber read the full article →

Silent cyber in US property insurance has $12.5bn loss potential: Report

Silent cyber exposures in the United States property insurance market are accumulating to such a degree that a new report suggests a $12.5 billion industry loss from non-physical damage could flow to property carriers, should a major event occur. Silent or hidden cyber risk is one of the fears of property read the full article →

Cyber ILS & retro needed to improve market capacity: S&P

The development of a robust cyber retrocessional reinsurance market and the use of insurance-linked securities (ILS) or alternative capital, would help the cyber insurance market with its capital management and make much-needed capacity available, according to S&P Global Ratings. S&P believes that the cyber insurance market needs more support and capacity, read the full article →

Envelop Risk aims for hybrid balance-sheet approach after raising $130m

Envelop Risk, a company that had a managing general agency (MGA) and data driven approach to providing cyber risk analysis and reinsurance underwriting products has raised a significant $130 million Series B financing led by major investor SoftBank and now targets becoming a risk taker as well. Envelop Risk was launched read the full article →

CFC gets ILS & pension fund backing for Syndicate 1988 launch

Specialist cyber focused underwriter CFC has announced that backing for its newly launched Lloyd's Syndicate 1988 includes an insurance-linked securities (ILS) fund, a large pension fund, and also reinsurance firms based in Bermuda, Cayman and Japan. It's a vote of confidence for CFC's cyber underwriting, with the company acknowledged as one read the full article →

Cyber will need massive amounts of additional capital: Gallagher Re’s Newman

Underwriting of cyber insurance and reinsurance risks is going to require "massive amounts of additional capital" to support what is expected to be a particularly fast-growing class of business, according to broker Gallagher Re's Ian Newman. Newman, who is the Global Head of Cyber at reinsurance broking unit Gallagher Re, explained read the full article →

Time right for ILS to enter cyber reinsurance market: Chatterjee, Envelop Risk

The evolution of the cyber reinsurance sector has seen a significant shift in market structure to something much more palatable for providers of insurance-linked securities (ILS) capacity, according to Ari Chatterjee, Chief Underwriting Officer (CUO) at Envelop Risk. Prior to 2020, cyber risk exposure was on the rise globally amid the read the full article →

Industry needs to contain cyber and intangible risks: Prospectus 2021

Within both the market and contracts the exclusion of communicable diseases is unsurprisingly a key focus, but there are other, similarly difficult to predict losses that companies should be examining, according to industry experts. “While cyber certainly shouldn't be unexpected, I really don't think we've got our arms around it, as read the full article →

Hudson Structured & Aon team up for $70m cyber catastrophe product

Hudson Structured Capital Management Ltd., which enters into insurance and reinsurance investment business as HSCM Bermuda, has teamed up with broking powerhouse Aon for a new cyber catastrophe coverage product, that can cover systemic cyber risks for insurance and reinsurance ceding companies. The pair have already entered into their first deal, read the full article →