Cyber
Criminals sell AI hacking tool that runs on stolen API keys
Bitsight found the platform for sale on a cybercrime forum, with its usage billed to the customers whose keys were stolen.
CoverWire
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Cyber
India's CERT-In says AI agents read data in live systems during testing
The agents reached the data through exposed credentials and over-permissive cloud roles, raising a question of who is liable.
Reinsurance
Allphins says reinsurers are checking accumulation before they bind
Exposure manager Joseph Harrison says reinsurers are asking cedants for richer data to find hidden links between insureds.
Cyber
ConnectWise shuts Cloud Backup after attack hits 162 Microsoft 365 tenants
Attackers signed in using the backup app's credential, in what Microsoft called an active supply-chain attack.
Deals
Allstate's Arity agrees to buy INRIX traffic and roadway data assets
The insurer-owned firm will add INRIX traffic data to driving behaviour records covering more than three trillion miles.
Cyber
Conduent agrees $80m data breach class action settlement
The US business services firm says cyber insurance should prevent a material financial hit, and the deal needs court approval.
Deals
Wipro buys 20% of insurance AI firm FLARRE.AI for $2,000
The IT services group says the stake will add AI agents that speed up work on insurers' core platforms.
Cyber
Coalition says AI phishing kits drove a 30% rise in email fraud claims
The cyber insurer says phishing kits costing $500 a month are making micro businesses worth attacking.
AI
MGT Insurance offers small commercial quotes inside ChatGPT and Claude
The US carrier's quoting agent Aimee prices small business risks from a plain-language chat, with agents reviewing quotes before binding.
Funding
Wildfire home insurer Stand raises $70m at a $1bn valuation
The insurer now covers more than $10bn of property, up from $1bn a year earlier, and is reinsured by Arch and RenaissanceRe.
MGAs
Lexcel launches AI system that applies specialty underwriters' rules
The Los Angeles firm says its system is already in use with specialty MGAs, with underwriters signing off every quote.
Regulation
FSB finalises 12 sound practices for AI at financial institutions
The board, chaired by Andrew Bailey, urged financial firms' boards to reference the practices after a June consultation.
Cyber
French supermarket fridge hack leaves retailers facing a cover gap
Hackers heated fridges to 50C at about 350 stores, and brokers told Reuters cyber policies rarely pay for spoiled stock.
Deals
CCC Intelligent Solutions agrees $6.1bn take-private by GTCR and Elliott
The all-cash deal values the motor claims and repair software network at a 44% premium to its unaffected share price.
Regulation
EU publishes EN 18286, the first harmonised standard under the AI Act
Following the standard gives providers of high-risk AI, including life and health pricing models, a presumption of conformity.
AI
Markel says its AI agent reviews M&A data rooms in under 10 minutes
Chief executive Simon Wilson said the warranty and indemnity book grew more than 75% in a year.
Brokers
NBS makes professional indemnity cover available to brokers on Recorder
Brokers can send professional indemnity risks from Recorder straight into NBS, which keeps its own questions, rating and underwriter review.
AI
EY UK and INSTANDA form alliance on insurers' core system modernisation
The consultancy will pair its insurance transformation teams with INSTANDA's configurable policy platform to move AI work beyond experiments.
Funding
Bind AI launches with $10m for quote-to-bind software used by brokers
The New York start-up says its software is already live with hundreds of US insurance agencies.
MGAs
Wilbur and Vitesse link claims and payments for London delegated authority
Claims teams can start payments inside Wilbur, with payment status flowing back to the claim from Vitesse's platform.
