Product Hub: Cyber
Welcome to Insurance Age’s Cyber Product Hub. This page hosts all of our cyber product news and insight to help the market keep abreast of latest developments and to boost their business development strategies.
Product overview: Cyber
The dotcom boom of the late 1990s shifted everything from banking to shopping online. But, with criminals recognising that there’s money to be made from our online activities, it also saw the birth of the first cyber insurance policies.
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If you would like to purchase additional rights please email info@insuranceage.co.uk
Tokio Marine Kiln targets cyber growth with new division
Tokio Marine Kiln has set up a stand-alone cyber and enterprise risk division as part of its effort to expand its presence in the cyber market.
Funds transfer fraud replaces ransomware as leading cyber claims type, says Coalition
Ransomware claims frequency dropped 54% between 2021 and 2022, according to a report by cyber specialist insurer Coalition.
Intangic MGA launches with Axa XL-backed cyber parametric policy
Intangic MGA has launched with backing from Axa XL, offering parametric cyber insurance for large public corporations headquartered in the UK.
Hiscox launches broker extranet
Hiscox has launched a broker extranet claiming it is the first full cycle digital trading extranet built by an insurer that supports integration into brokers’ Acturis back office.
Beazley posts 14% GWP growth as profits nearly halve in 2022
Beazley has reported gross written premiums of $5.27bn (£4.4bn) for 2022, up by 14% on the year before.
Amazon partner Superscript raises £45m in Series B round
UK-based insurtech Superscript has completed a £45m Series B funding round led by existing investor BHL UK, owner of Comparethemarket.
Beazley raises £350m as it eyes cyber push
Beazley has raised £350m as it flagged plans to accelerate growth in cyber and specialty business.
CII issues apology after data breach
The Chartered Insurance Institute has apologised after it identified an unauthorised third party had accessed its IT systems.
Lloyd’s finishes cyber threat investigation and starts restoring online systems
Lloyd’s has found “no evidence” its systems were compromised following an investigation into a cyber threat.
Lloyd’s cyber probe ‘advanced’ but online systems remain in shutdown
Lloyd’s external connectivity remains in shutdown as it continues to investigate the cyber threat that emerged last week.
Lloyd’s cuts off online delegated authority platforms amid cyber threat
Lloyd’s took swift action yesterday to safeguard its online security by resetting its systems and switching off all external connectivity after discovering “unusual activity” on its network.
Aviva to open up HNW distribution to regional brokers in 2023
Aviva will be targeting additional high net worth underwriting capacity next year at regional independent brokers who “tend to have a handful of cases”, Gareth Hemming, managing director of UKGI distribution & SME has told Insurance Age.
People Moves: 5-9 September 2022
Keeping you up to date with the latest insurance moves.
Coalition’s broker-only cyber offering goes live
San Francisco-headquartered cyber insurance provider Coalition has begun trading in the UK.
Trade credit joins cyber as a challenging market – Aon
Pricing in the UK market continued to harden across all classes in the second quarter except for directors and officers’ insurance, according to the latest report by Aon.
Blog: Threat intelligence – the new battleground for cyber
James Burns, of CFC, explains what threat intelligence is and what it means for brokers’ SME clients.
Spring launches SME cyber cover
Spring Insure has launched a commercial cyber offering tailored for small and medium sized enterprises.
Verlingue reports £121,807 costs after cyber attack
Verlingue UK’s Companies House filing for last year has shown that an attempted cyber attack in November 2021 cost the business £121,807.
GRP-owned Newstead buys Crendon Insurance Brokers
Birmingham-headquartered Newstead Insurance has purchased local commercial competitor Crendon Insurance Brokers.
Beazley delivers improved COR but profits down on investment returns
Beazley has reported an improved combined operating ratio of 87% for the first half of 2022, from 94% delivered in the same period last year.
HSB creates new commercial division
HSB UK and Ireland, part of Munch Re, has bought together its business development, customer trading and claims areas under a newly created commercial division.
Coalition targets being core market player with broker only UK cyber insurance launch
Coalition is hopeful of becoming “one of the standard set of markets that domestic brokers approach for coverage” within 12 months after teaming up with Allianz to launch a cyber insurance product to SMEs and mid-market businesses in the UK, CEO Joshua…
Allianz partners with Coalition on UK cyber insurance
US based cyber insurance provider Coalition is entering the UK market after partnering with Allianz.
Lloyd & Whyte buys Naturesave Policies
Totnes-based Naturesave Policies, a broker with a focus on green and ethical insurance, has been acquired by Lloyd & Whyte for an undisclosed sum.
Burns and Wilcox eyes £60m-£65m in GWP
The MGA and underwriting business has experienced “significant growth” since it was created in 2019 and is open to M&A as a tool for growth according to CEO, Stuart Kilpatrick.
Cyber insurance costs doubled in a year - Howden
Howden’s annual report on cyber has revealed the average cost of cyber insurance has doubled since last year due to an extreme supply-demand imbalance.
