Welcome to iLeads Insurance Market Minute, where we bring you the latest, most relevant news regarding the insurance market. Last week you were reading Bill Allowing Workers to File Stress Claims Advances. This week we’re bringing you:
Are you part of America’s best insurance franchise groups?*
The call for entries for Insurance Business America’s 5-Star Franchise Brokerages is underway. The report will highlight the best insurance franchise groups in the country that are rated excellent by their franchisees.
How would you rate your franchisor based on a number of criteria? Please take a few minutes to fill in this short survey and let us know how well your franchise group supports you.
As is our policy with every Insurance Business America survey, all answers will remain confidential, and the results will only be presented in aggregate form.
Survey closes June 22, 2021.
Arcisure Re launches cyber reinsurance division*
Arcisure Re, the reinsurance division of broker and fintech service provider Arcisure, has announced the launch of a London-based cyber reinsurance division in partnership with Kovrr, a cyber risk modeler. The new division will be headed up by Tom Quy, cyber practice leader.
The partnership with Kovrr will bring additional expertise to the new division by providing clients with transparent, data-driven analysis, aimed at enabling them to make more informed decisions when purchasing cyber reinsurance. Kovrr’s technology will allow clients to stress-test their portfolios to identify loss drivers and areas of accumulation risk.
“The cyber market has experienced significant challenges in recent months, resulting in a hardened market,” said Jason Howard, CEO of Arcisure Re. “As such, this has presented us with an opportunity to offer a product which combines our collaborative advisory and analytical capabilities with Kovrr’s unique approach to risk modeling. This partnership will strengthen the new cyber reinsurance division, and we look forward to seeing the positive results in produces among clients.”
“I am delighted to be partnering with Kovrr as we launch our cyber division,” Quy said. “Over the past couple of years, I have worked with the Arcisure London wholesale team to expand its cyber offering and I am excited to be doing the same for Arcisure Re. our partnership with Kovrr will add a new dimension to our existing expertise. Modeling the impact of cyber incidents on an insurer’s portfolio is key to supporting the further growth of the cyber reinsurance industry, and our partnership will enhance our ability to be at the forefront of this.”
SEC fines title insurer over cyber vulnerability disclosure*
The U.S. Securities and Exchange Commission fined a title insurance company $487,616 for failing to adequately disclose a cybersecurity vulnerability that exposed sensitive customer information, the agency said Tuesday.
The SEC said in a statement that on May 24, 2019, a cybersecurity journalist notified Santa Ana, California-based First American Financial Corp. of a vulnerability in its application for sharing document images that exposed more than 800 million images dating back to 2003, including images containing sensitive personal data such as Social Security and financial information.
First American issued a press release regarding the vulnerability on May 24, 2019, and submitted a Form 8-K to the SEC on May 28, 2019, but senior executives were not told the company’s information security personnel had identified the vulnerability several months earlier and had failed to remediate it, the SEC said.
Kristina Littman, chief of the SEC enforcement division’s cyber unit, said in a statement, “Issuers must ensure that information important to investors is reported up the corporate ladder to those responsible for disclosures.”
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