Cyber Insurance Will Reshape Cybersecurity

Cybersecurity is broken. It’s a bold statement, but given the increasing frequency of cyber breaches, along with the presence of more varied and evolving threats, there is growing uncertainty about the ability of the cybersecurity industry to protect its customers. There is virtually no company that isn’t a potential target. From mom-and-pop storefronts to Fortune 500 companies, no business is immune to cyber risk. Even with the best possible cybersecurity posture, there is always a threat of a breach. There are several factors driving the rise in cyber threats. They break down into a few core categories: more areas of exposure, difficulty in law enforcement and more creative hackers.

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Annuities

Bow River Advisers Partners with New York Life Investment Management to Expand Private Equity Access Through Evergreen Fund

PR Newswire | January 10, 2024

New York Life Investment Management ("NYLIM") today announced a strategic partnership with Bow River Advisers, a subsidiary of Bow River Capital. The partnership combines NYLIM's distribution and client service strengths, with Bow River Advisers' expertise in private markets investing and portfolio management. With this new agreement, NYLIM will take a minority interest in Bow River Advisers and serve as distribution partner for the Bow River Capital Evergreen Fund ("EVERX" or "the Fund"), a fund that provides access to a diversified portfolio of private equity investments. "New York Life Investment Management has been committed to providing quality alternative investment solutions to our clients for more than two decades," said New York Life Investment Management Chief Operating Officer Kirk Lehneis. "This partnership with Bow River Advisers, an innovator in providing high-quality private equity exposure in an investor-friendly structure, will allow us to provide a more differentiated product offering to our clients, while providing additional support to the Fund's existing client base." The Bow River Capital Evergreen Fund was launched in May 2020, and provides access to a broad range of private equity investments across sector, sponsor, geography and size. The Fund's combination of immediate investment exposure, broad diversification and low investment minimums ($50,000 for accredited investors) has attracted interest from a wide range of investors, particularly those interested in diversifying their traditional stock and bond portfolios. "We built the Bow River Capital Evergreen Fund to provide investors with what we believe is an easily accessible private equity portfolio," said Jeremy Held, Managing Director, Bow River Advisers and President of the Evergreen Fund. "Our partnership with New York Life Investment Management provides significant resources that will allow us to broaden the Fund's investor base while remaining focused on portfolio management and the Fund's day-to-day operations. As one of the largest and most well-respected institutional investors in the world, New York Life Investment Management will bring expertise that can enhance the reach of the Fund going forward." NYLIM will provide distribution and marketing support to the Fund, and Bow River Capital Evergreen's investment strategy, team and day-to-day operations will remain unchanged. About New York Life Investments With over $687 billion in Assets Under Management as of September 30, 2023, New York Life Investments, Pensions and Investments' 25th Largest Money Manager, is comprised of the affiliated global asset management businesses of its parent company, New York Life Insurance Company, and offers clients access to specialized, independent investment teams through its family of affiliated boutiques. New York Life Investments remains committed to clients through a combination of the diverse perspectives of its boutiques and a long-lasting focus on sustainable relationships. "New York Life Investments" is both a service mark, and the common trade name, of certain investment advisors affiliated with New York Life Insurance Company. About Bow River Capital Bow River Capital is a private alternative asset manager based in Denver, Colorado, focused on investing in the lower and middle market in four asset classes: private credit, private equity, real estate, and software growth equity. Through its subsidiary Bow River Advisers, LLC, Bow River Capital also offers a registered interval fund – Bow River Capital Evergreen Fund (EVERX) – designed to provide private market access to a broader set of investors. Collectively, the Bow River Capital team has deployed capital into diverse industries, asset classes and across the capital structure.

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Health Insurance

Caris Life Sciences and Flatiron Health Partner to Create Transformational Real-World Data Offering

PR Newswire | January 09, 2024

Caris Life Sciences(Caris), the leading next-generation AI TechBio company and precision medicine pioneer that is actively developing and delivering innovative solutions to revolutionize healthcare and improve the human condition using molecular science and AI, and Flatiron Health, a leading healthtech company transforming evidence generation through an engaged care network, oncology-specific expertise, and fit-for-purpose scientific methods and tools, today announced a partnership to create a multimodal data offering to support and accelerate biopharmaceutical drug development and patient care. Combining the breadth and depth of Caris' genomic, transcriptomic and imaging database with Flatiron's industry-leading longitudinal patient data and high-quality clinical outcomes, backed by deep scientific expertise, equips cancer researchers with robust comprehensive real-world data (RWD) offering at scale to power the next wave of cancer therapeutics. "We are excited to collaborate with Flatiron Health to create a multimodal data offering in support of biopharma's efforts to bring novel personalized therapeutic interventions to market to ultimately improve the lives of cancer patients," said David Spetzler, MS, PhD, MBA, President of Caris Life Sciences. "In forming this data union, we are able to maximize biological and clinical context to better understand each patient journey." "We are thrilled to announce this groundbreaking partnership that brings together Caris' leading molecular science capabilities with Flatiron's unparalleled gold standard of high-quality oncology real-world data," said Stephanie Reisinger, Senior Vice President and General Manager, Real-World Evidence, Flatiron Health. "This opportunity has the potential to create the largest and best-in-class clinical-omics dataset with Whole Exome and Whole Transcriptome sequencing coverage, expanding our opportunity to support biopharma in the preclinical stages of drug discovery and translation." "Identifying sufficient numbers of records to build cohorts of adequate size that can be used to address the most pressing research questions is a challenge that plagues the oncology community. With Caris and Flatiron's combined strength and broad reach across oncology, we can provide this incredibly powerful data at a scale that will fuel drug discovery and therapeutic innovation," said Brian Lamon, PhD, Chief Business Officer of Caris Life Sciences. As the pioneer in precision medicine and molecular profiling, Caris has created a molecular-rich, real-world database that contains more than 50 petabytes of oncology-specific genomic, transcriptomic, proteomic and imaging data. Caris was the first in the molecular diagnostic industry to provide Whole Exome Sequencing DNA coverage and Whole Transcriptome Sequencing RNA coverage (WES / WTS) for every patient tested. About Caris Life Sciences Caris Life Sciences (Caris) is the leading next-generation AI TechBio company and precision medicine pioneer that is actively developing and delivering innovative solutions to revolutionize healthcare and improve the human condition using molecular science and AI. Through comprehensive molecular profiling (Whole Exome and Whole Transcriptome Sequencing) and the application of advanced AI and machine learning algorithms, Caris has created the large-scale, clinico-genomic database and computing capability needed to analyze and unravel the molecular complexity of disease. This convergence of sequencing power, big data and AI technologies provides an unmatched platform to deliver the next-generation of precision medicine tools for early detection, diagnosis, monitoring, therapy selection and drug development. Headquartered in Irving, Texas, Caris has offices in Phoenix, New York, Tokyo, Japan and Basel, Switzerland. Caris or its distributor partners provide services in the U.S., Europe, Asia and other international markets. About Flatiron Health Flatiron Health is a healthtech company expanding the possibilities for point of care solutions in oncology and using data for good to power smarter care for every person with cancer. Through machine learning and AI, real-world evidence, and breakthroughs in clinical trials, we continue to transform patients' real-life experiences into knowledge and create a more modern, connected oncology ecosystem. Flatiron Health is an independent affiliate of the Roche Group.

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Core Insurance

Chubb and NetSPI Launch Cyber Protection Partnership

Chubb | December 08, 2023

Chubb, the world's largest publicly traded property & casualty insurance company, has announced an innovative collaboration with NetSPI, a global leader in proactive security, to strengthen clients' cyber-risk profile via enhanced attack surface management and penetration testing solutions. Chubb policyholders in the U.S. and Canada can take advantage of NetSPI's full portfolio of proactive security solutions, including Breach and Attack Simulation (BAS), Attack Surface Management (ASM), as well as a suite of comprehensive penetration testing offerings, at preferred pricing, subject to applicable insurance laws. NetSPI's suite of solutions can be tailored to support any size business across all industries. "This collaboration with NetSPI provides clients with peace of mind, enabling them to identify vulnerabilities, security issues, and exposure to risk before it escalates into a claim," said Craig Guiliano, Vice President of Cybersecurity Threat Intelligence at Chubb. "This value-added solution is part of Chubb's efforts to proactively identify cyber exposures that are difficult to detect using common scanning tools and to more broadly strengthen our policyholders' security posture." "We're thrilled to empower Chubb clients to proactively confront cyber threats," said Aaron Shilts, President and CEO of NetSPI. Too often we see companies forced to react after incurring losses from cyberattacks that can severely impact their finances and reputation. Chubb understands the value of ensuring clients enhance their security apparatus and minimize their susceptibility to risk. [Source -PR Newswire] An advantage to the Chubb policyholder stemming from this partnership is the access to NetSPI's industry-leading proactive security technology and expertise allowing Chubb policyholders to keep pace with an ever-evolving risk environment. As part of this collaboration, select Chubb clients are eligible to access NetSPI's Attack Surface Management (ASM) platform at no cost. This solution continuously evaluates client attack surfaces for exposures and vulnerabilities. It utilizes its penetration testing expertise to decrease the probability and impact of a costly cyberattack, provide actionable insights for attack surface reduction, and decrease false positives to help teams prioritize remediation. Chubb offers insurance coverage for data breaches, network security, and other cyber risks, for over 20 years. With these new policyholder offerings, Chubb Cyber Insurance further provides more value-added benefits at a time when organizations are playing defense against the threats of data breaches, business interruption and reputational risk following a cyber incident. Chubb policyholders interested in learning more about NetSPI's offerings and rates can submit a request via Chubb Cyber Services page here. About Chubb Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. As an underwriting company, we assess, assume and manage risk with insight and discipline. We service and pay our claims fairly and promptly. The company is also defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London, Paris and other locations, and employs approximately 40,000 people worldwide. Chubb Insurance Company of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides its products and services through licensed insurance brokers across Canada. About NetSPI NetSPI is the global leader in proactive security, delivering the most comprehensive suite of penetration testing, attack surface management, and breach and attack simulation solutions. Through a combination of technology innovation and human ingenuity NetSPI helps organizations discover, prioritize, and remediate security vulnerabilities. Its global cybersecurity experts secure the world's most prominent organizations, including nine of the top 10 U.S. banks, four of the top five leading cloud providers, four of the five largest healthcare companies, three FAANG companies, seven of the top 10 U.S. retailers & e-commerce companies, and many of the Fortune 500. NetSPI is headquartered in Minneapolis, MN, with offices across the U.S., Canada, the UK, and India.

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