Å˽ðÁ«´«Ã½Ó³»­

cyber insurance News

Markets/Coverages: Coalition Enters Excess Cyber Å˽ðÁ«´«Ã½Ó³»­ Market in Australia

Coalition, the San Francisco-based cyber managing general agent and cyber-security firm, announced it entered the excess cyber insurance market in Australia, enabling businesses to add a layer of risk management to their cyber towers. Australian brokers can now sell coverage …

Berkshire’s Jain on Cyber: ‘The Mindset Should Be You’re Not Making Money’

While describing cyber insurance as a “fashionable” and profitable business, Berkshire Hathaway’s head of insurance operations said aggregation and loss costs have kept the company away from the risk for the most part. Yes, profitability has been “fairly high” for …

Markets/Coverages: Marsh Expands Cyber Facility ECHO, Offering Up to $125M of Excess Å˽ðÁ«´«Ã½Ó³»­ Capacity

Marsh, the insurance brokerage business of Marsh McLennan, announced an additional $25 million layer of capacity to its existing $100 million Cyber ECHO facility. Available to Marsh clients globally, Cyber ECHO now offers up to $125 million of excess cyber …

Lockton Re: Hypothetical Cyber Event Offers Carriers an Opportunity to Review Risks

A simulated cyber catastrophe highlights the benefits and problems cyber insurance carriers will encounter as a result, according to a report released by Lockton Re. The report, “A Kaleidoscope of Possibilities: Preparing for Ivan Wiper,” focuses on the consequences of …

Markets/Coverages: Ariel Re and Hiscox Re & ILS Launch Cyber Catastrophe Consortium

Re/insurer Ariel Re and Hiscox Re & ILS, the reinsurance and insurance linked securities arm of insurer Hiscox, announced the launch of CyberShock, a cyber catastrophe consortium. The CyberShock consortium is designed to offer up to US$50 million of per-program …

Cerebral Inc. to Pay $7M for Data Exposure, Non-Cancels on Counseling Subscriptions

Cerebral Inc., a major U.S. provider of telemedicine mental health services, will likely have to pay $7 million in penalties and refunds to clients as part of a settlement with the Federal Trade Commission. The firm exposed the personal information …

CRC Moves InsureTrust Cyber Broker to Wholesale Division

Alabama-based CRC Group, a wholesale and specialty distributor and part of Truist Å˽ðÁ«´«Ã½Ó³»­ Holdings, has shuffled its deck a bit, moving InsureTrust, a cyber coverage broker, from Starwind Specialty. Starwind was formed in 2021 with the combination of CRC Group’s …

Fitch: U.S. Cyber Insurers Saw Strong Profits, Slowdown in Premium Growth in 2023

The U.S. cyber insurance line generated strong direct underwriting profits for the second straight year in 2023, but written premium volume has stalled amid renewed pricing pressure, according to a Fitch Ratings analysis. For standalone cyber coverage, the direct incurred …

SC’s Top Officer: No Details on 2012 Hack That Forced $12M in Cyber Å˽ðÁ«´«Ã½Ó³»­

COLUMBIA, S.C. (AP) — Twelve years after a hacker stole personal data from more than 3.6 million people in South Carolina by obtaining Social Security numbers and credit card information from tax returns, the state’s top police officer said Wednesday …

Markets/Coverages: Munich Re’s HSB Launches Cyber Å˽ðÁ«´«Ã½Ó³»­ for Autos

With millions of connected vehicles on U.S. roads, personal cars and trucks will likely be the next big target for hackers and cyber thieves, according to specialty insurer HSB, which has launched a new cyber insurance product to help consumers …