Sidley Austin LLP is advising financial services company Global Atlantic Financial Group on its $19.2 billion #risk transfer deal with life insurer MetLife, advised by Willkie Farr & Gallagher LLP.
#lawfirms #reinsurance #insurance #lifeinsurance
#risktransfer
https://news.bloomberglaw.com/business-and-practice/wake-up-call-sidley-willkie-debevoise-lead-reinsurance-deals
.

Sidley Austin LLP is advising financial services company Global Atlantic Financial Group on its $19.2 billion #risk transfer deal with life insurer MetLife, advised by Willkie Farr & Gallagher LLP.
#lawfirms #reinsurance #insurance #lifeinsurance
#risktransfer
https://news.bloomberglaw.com/business-and-practice/wake-up-call-sidley-willkie-debevoise-lead-reinsurance-deals
.

[#CyberInsurance] I have been finding the rapid evolution of cyber insurance to be fascinating. As the type of org that only deals with managing risk, it has been quite telling as to the state of affairs in the #cybersecurity landscape.

Now, the White House said it will assess how the federal government could intervene to prevent catastrophic cyberattacks from overwhelming insurers. The new national cybersecurity strategy says the Biden administration will explore creating a backstop that would be structured before major hacks (per WSJ].

This, according to a Google Cloud head of business risk and insurance, leaves companies in general—exposed to risk that they have no other way to mitigate or transfer. | https://www.wsj.com/articles/u-s-government-to-explore-cyber-insurance-backstop-ddc94c11 | #cyberinsurance #cybersecurity #riskmanagement #risktransfer

[#CyberInsurance] Getting coverage is only getting harder over time, and costs are climbing as well. This continues to happen as insurers are leery of how long-term risks will play out, including yearslong #databreach lawsuits.

Most major cyber insurers are willing to write insurance for their largest customers up to around $15 million, says a cyber expert at insurer AXA. But for big companies where #cyberattacks and collateral damage can end up costing much more, a patchwork of several policies will be required. https://www.wsj.com/articles/cyber-insurers-unlikely-to-offer-higher-coverage-limits-despite-better-conditions-25059df4 | #cybersecurity #risktransfer #riskmanagement

[#CyberInsurance] When it comes to cyber insurance, not only have prices been rising because of ransomware and attacks that cause high impact, but... "Insurance providers now fear a looming “catastrophic risk”. Their concern is that a single incident will affect an array of systems across the globe because so many individuals and companies are tied to a handful of large providers for their cloud services or mobile operating systems. A successful attack on one major platform could trigger a torrent of claims that send multiple insurers into bankruptcy." https://www.washingtonpost.com/business/insurers-must-brace-for-catastrophic-cyber-risk/2022/04/06/67368220-b5fd-11ec-8358-20aa16355fb4_story.html | #infosec #cybersecurity #risktransfer