Brit launches new offering for large cyber risks
Brit launches new offering for large cyber risks | Insurance Business America
Cyber
Brit launches new offering for large cyber risks
The Lloyd’s consortium has a primary limit of $50 million
Global specialty insurer Brit has revealed a new cyber offering.
Brit Cyber First50 is tailored for large institutions with annual revenues exceeding $10 billion. This initiative introduces a $50 million primary coverage limit under a Brit-led Lloyd’s consortium. Clients leveraging the Brit-led consortium will also gain access to Brit’s claims service.
Jon Sullivan, Brit’s group chief underwriting officer, touted the firm’s strong track-record of creating innovative products built around client demand.
“Cyber is one of our core classes, which we continue to grow, and we are therefore delighted to launch Cyber First50 with the objective of making it easier to secure large-scale capacity in Lloyd’s,” Sullivan said.
Adam Taylor, a cyber class underwriter at Brit, emphasized how cyber remains a constant and evolving threat to large corporates.
“As the prevalence of cyber risks grows, so too does the potential detriment it can cause to businesses, requiring large global firms to increasingly seek higher coverage limits. It is essential that the Lloyd’s market is able to meet this need, in order to remain the destination of choice for insuring the biggest and most complex cyber risks. Brit Cyber First50 directly responds to this challenge, expediting and simplifying the process for brokers to secure clients’ primary cyber limits,” Taylor said.
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