PCS Global Cyber

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ILS / ILW retro needed for non-affirmative cyber: Johansmeyer, PCS

As re/insurers struggle to find ways to manage their non-affirmative cyber exposures, there’s an opportunity for the insurance-linked securities (ILS) community to support an ILW-based retro market to address the issue, says Tom Johansmeyer, Head of PCS. Non-affirmative cyber risk losses occur when a policy pays out on a cyber cause read the full article →

Hiscox backs PCS trigger parametric cyber risk transfer on AkinovA

Specialist insurance, reinsurance and ILS capital manager Hiscox has provided the capital to back a novel parametric cyber risk transfer arrangement that is based on a trigger from PCS and was transacted on the technology platform created by AkinovA. It's the first transaction from the AkinovA electronic trading platform or marketplace read the full article →

Hiscox has cyber ILS fund ambitions

Hiscox is targeting the launch of a new ILS fund focused on cyber risks, as it looks to put its expertise in underwriting cyber insurance and reinsurance together with its Hiscox Re Insurance Linked Strategies ILS management expertise to create what would be a new and unique insurance-linked investment opportunity. Hiscox read the full article →

Capital One cyber attack designated as PCS Global Cyber loss event

The recent Capital One cyber hack attack and resulting significant data breach could lead to a significant cyber insurance and possibly reinsurance market loss, leading Property Claim Services (PCS) to designate the event. Our sister publication Reinsurance News explained over a week ago that U.S. and global banking and personal finance read the full article →

Norsk Hydro cyber attack may cost $41m. AIG leads cyber insurance

Norsk Hydro has said today that its costs from the cyber attack by malware or ransomware are estimated at up to US $41 million just from the first week since the event occurred. Norsk Hydro is one of the world’s largest aluminium manufacturing firms. The Norway-headquartered company’s operations were disrupted after unusual read the full article →

Norsk Hydro cyber attack loss potential investigated by PCS

Norsk Hydro, one of the world's largest aluminium manufacturing firms, was hit by a cyber attack recently, as malware or ransomware caused the company to shutter and reduce operations at a number of locations. The Norway-headquartered company’s operations were disrupted after unusual activity was spotted on its servers by IT experts, read the full article →

PCS aims to help understanding of the silent side of cyber risk: Johansmeyer

The enhancement of the PCS Global Cyber Index to include cyber catastrophe is in response to client demand, and is another positive step in helping the international risk transfer industry both understand and address the growing cyber threat. PCS Global Cyber, a loss aggregation service that offers industry loss estimates for read the full article →

PCS adds cyber catastrophes to index product, as Petya loss hits $3bn

Property Claim Services (PCS) has expanded its industry loss index and estimates service for the cyber insurance and reinsurance space by adding cyber catastrophe events, covering losses that involve multiple insureds across affirmative and silent cyber with industry-wide insured losses of at least $250 million. The PCS Global Cyber loss aggregation read the full article →

Silent cyber in Petya loss shows need for dead cat trades: PCS’ Johansmeyer

The insurance and reinsurance industry loss from the Petya / NotPetya cyber attack is escalating far beyond the level initially assumed possible, thanks to silent cyber exposure, demonstrating there is a need for a cyber dead cat trading market, according to Tom Johansmeyer, Co-Head, PCS Strategy & Development at ISO. Silent Cyber read the full article →

Hudson’s Bay hacking designated as PCS Global Cyber loss event

A recent cyber hack attack on U.S. retailer Hudson's Bay, owner of the Saks and Lord & Taylor store brands, is expected to cause a loss to insurance and perhaps reinsurance interests and as a result Property Claim Services (PCS) has designated the event and will produce an estimate of read the full article →