The Source for Cyber Insurance News, Insights and Data
“Mosaic has announced it will be underwriting primary cyber insurance globally, offering US$20 million in capacity across its network of underwriting hubs…Yosha DeLong, global head of cyber at Mosaic, says: ‘We’re excited to offer a primary cyber insurance solution across all Mosaic’s underwriting regions. We have always had the vision of being a primary solution … Read more
Marsh reports claims were up 77% in Q1 2023 compared with the previous quarter. Resilience reports the same trend. “One possible explanation for the resurgence is that ransomware purveyors based in Russia are now recalibrating after being temporarily preoccupied with the country’s war against Ukraine, which has involved the use of cyber attacks, (Amanda Bevilacqua, … Read more
“Misreporting about the LMA (Lloyd’s Market Association) exclusions – specifically that Lloyd’s war exclusions do not cover state-sponsored cyber attacks – has been “deeply unhelpful,” said Andrew Hill, global head of Cyber Coverage & Innovation at WTW, who moderated a panel on the LMA cyber war exclusions at the Zywave Cyber Risk Insights London Conference … Read more
A new CEO has joined Lodestone, a wholly-owned sub of Beazley. The insurer has a ready-made client base for Lodestone, suggesting vertical integration of cybersecurity solutions — services to insurance — could be a model for other carriers. “(Alton) Kizziah will focus on expanding the senior leadership team, adding specialized skills and expertise to extend … Read more
“After ‘careful consideration,’ county officials opted to pay the $1.1 million ransom to the unknown hacker to regain control of their system. An insurance policy ensured a payout of $511,852, county officials said. ‘The county had prepared for the possibility of such an incident by securing appropriate insurance coverage,’ Wert said. ‘After negotiating with the … Read more