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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 →

Hiscox offers cyber ILW capacity based on PCS trigger

Hiscox Re & ILS, the reinsurance and third-party capital management unit of global re/insurer Hiscox, has announced that it is to offer a new cyber industry-loss warranty (ILW) product, which will provide aggregate limits based on the use of a PCS industry loss trigger for global cyber underwriting losses. The cyber read the full article →

PCS puts Merck malware cyber loss estimate at $275m

Property Claim Services (PCS) has published its first estimate for insurance industry losses from the Petya / NotPetya malware cyber attack that hit pharmaceutical giant Merck & Co. in June, putting the initial figure at $275 million. PCS launched its new loss aggregation service for individual affirmative international cyber events, named read the full article →

PCS estimates Equifax cyber loss at $125m, designates Merck hack

Property Claim Services (PCS) has published its first estimate of the insurance industry loss due to the recent Equifax cyber hacking breach putting it at $125 million, Artemis can reveal. PCS has also designated its second Global Cyber loss event, the malware attack that hit pharmaceutical giant Merck & Co. PCS read the full article →

PCS designates Equifax hack as first Global Cyber Index event

Having only launched PCS Global Cyber, a loss aggregation service offering industry loss estimates for individual affirmative international cyber events, just over a week ago, Property Claim Services (PCS) has already designated the first event, the recent Equifax hacking breach. The PCS Global Cyber service can provide an index trigger for read the full article →

PCS launches Global Cyber Index service for risk transfer industry

Property Claim Services (PCS) has announced the launch of PCS Global Cyber, a new loss aggregation service that offers industry loss estimates for individual affirmative international cyber events and can provide an index trigger for cyber risk transfer contracts, such as ILW's or catastrophe bonds. PCS, a Verisk Analytics company, has read the full article →