MS Amlin and Envelop Risk formed a new underwriting partnership focused on cyber reinsurance. Verisk’s Property Claim Services beefed up its PCS Global Cyber service with coverage for cyber catastrophe events.
MS Amlin and Envelop Risk formed a new underwriting partnership focused on cyber reinsurance.
The partnership between MS Amlin, a global insurer and reinsurer, and Envelop Risk, a global specialty cyber insurance/reinsurance analytics and underwriting firm, will enable them to offer bespoke, cutting-edge products to the cyber reinsurance market.
Envelop Risk will be responsible for the sourcing, underwriting, product development and marketing of cyber reinsurance deals led by Ari Chatterjee, Envelop Risk chief underwriting officer, while MS Amlin will assist with risk management and advising on the reported claims.
Under the terms of the partnership announced today, Envelop Risk and MS Amlin will underwrite a cyber reinsurance portfolio with MS Amlin AG as capacity provider. The portfolio will cover both proportional and nonproportional structures and target multiple geographies. Underwriting capacity will be available from Oct. 1 with various transactions already under consideration.
Verisk-owned Property Claim Services enhanced its PCS Global Cyber service with coverage for cyber catastrophe events.
The inclusion of events with multiple insureds spanning both affirmative and silent cyber addresses industrywide insured losses of at least $250 million and is now available for existing PCS Global Cyber users.
PCS Global Cyber launched in September 2017 with a plan to add a cyber catastrophe component that addresses both affirmative and silent cyber down the road. The service goes live with an industry loss for the 2017 Petya/NotPetya event and will add future events as they arise.
PCS said this addition to PCS Global Cyber enables insurers, reinsurers and other stakeholders in the global risk and capital supply chain to gain access to an unbiased view of broad cyber catastrophe events around the world. Additionally, they can use the index to facilitate reinsurance and alternative risk-transfer transactions, an area where the need for a loss aggregation service has been palpable.
Sources: MS Amlin/Envelope Risk, Verisk/PCS