Brit Ltd announced the launch of Brit Cyber First50, a new initiative designed to simplify the placement of large cyber risks for institutional clients with revenues exceeding $10 billion. The program introduces a $50 million Primary Lloyd’s Consortium, led and managed by Brit, to address the increasing demand for efficient cyber insurance placement amid rising cyber threats.
Cyber First50 responds to the need for higher cyber coverage limits, reflecting the growing frequency and severity of cyber losses. By providing a primary $50 million limit through a single quote, the consortium aims to speed up the insurance placement process for large corporates, eliminating the need for brokers to navigate multiple quotes, markets, and claims parties.
“Evolving Threat”
Jon Sullivan, Group Chief Underwriting Officer at Brit, emphasized the company’s role as a leader in the cyber market and its focus on meeting client demands through the creation of relevant products. “Launching Cyber First50 is part of our commitment to enhance capacity within Lloyd’s for large-scale cyber risks,” Sullivan noted.
Adam Taylor, Brit Cyber Class underwriter, pointed out the critical nature of cyber threats to large corporations and the growing necessity for higher insurance coverage limits. “Cyber is a constant and evolving threat to large corporates and, 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,” Taylor stated.
This initiative is set to make the cyber insurance procurement process more efficient for brokers while providing clients access to Brit’s claims service. By streamlining the placement into a single consortium-led quote, Brit Cyber First50 aims to improve the insurance industry’s capability to support corporates in an evolving cyber risk environment.
Source: Brit launches Brit Cyber First50 to expedite placement of large cyber risks.
Other News: Wall Street Journal on Cyber Insurance and Acts of War (Opens in a new browser tab)