The Source for Cyber Insurance News, Insights and Data
Envelop Risk, the data-driven cyber (re)insurance and analytics specialist, has launched Envelop SPA 1925. It is a dedicated cyber reinsurance Special Purpose Arrangement (SPA) at Lloyd’s, collaborating with Apollo through its Strategic Partner Syndicates business and Apollo Syndicate 1971. Chris Baddeley, an active underwriter based in London, heads the SPA, which began operations on January … Read more
As in the US, the discussion turns on the threat of a catastrophic “systemic” cyber attack, which could generate $3.5 trillion in “global economic damage” according to a recent model prepared for Lloyd’s of London (which has been tightening its war exclusions.) The UK established a backstop decades ago for terrorism coverage after IRA attacks … Read more
The risk analytics provider to the cyber insurance industry warns about scenarios that could impact the already confused world of cyber war risk and exclusions. Its new report — “CyberCube’s Global Threat Outlook: A Perspective on the Threat Landscape for Q4 2023” — urges re-insurers and those in the ILS markets to consider its findings … Read more
When Lloyd’s provided updated guidance and exclusions for nation-state cyber attacks, some industry players and news outlets concluded the organization intended to jettison all such coverage. Not so, Lloyd’s said earlier this year, asserting it wanted to ensure such coverage was distinguished from general cyber insurance and its risk was properly priced. But customers continue … Read more
Lloyd’s denies it has to pay under the terms of the insurance policy, but the university system claims the damages are covered under California rules of policy interpretation. A 2019 legal settlement puts the university on the hook for $7 million and the system’s internal costs are likely substantial. Disputes such as this are no … Read more