Brooklyn Underwriting responds to changing IT landscape

9 March 2023

Brooklyn Underwriting has made changes to “certain parts” of its book in light of the changing IT insurance market landscape.

The Axa-owned underwriting agency says in a Linkedin post it will be reducing capacity to a maximum of $5 million and insureds will be required to have cyber with Brooklyn.

Rates and minimum excesses will also be increased, the post says.

Brooklyn says it will allow one renewal cycle for existing renewals before imposing the changes.

“We continue to bring a high quality product to the market, coupled with our specialist underwriters Brooklyn can continue to provide support to this sector in the future,” the underwriting agency says.

“Brooklyn are committed to staying in the market for managed service providers and other harder to place risks, however, to do so we need to ensure the portfolio is stable.”

Managed service providers are third-party IT firms that provide clients with ongoing technology support.