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Brit Group Holdings Limited has introduced FI Cyber Max, a consortium designed specifically to address cyber risks faced by large financial institutions. The offering streamlines insurance for complex cyber exposures, meaning it makes it easier for institutions to get coverage for incidents like data breaches and system disruptions. Brit said the structure aims to simplify placements (the process of arranging insurance with various insurers) and reduce friction across fragmented towers (multiple insurance layers with different providers).
Patrick Mitchell, Class Underwriter, said financial institutions face complex risks tied to transactions and sensitive data. He further explained, “FI Cyber Max will help simplify the placement process for these organisations, allowing us to reduce fragmentation and deliver coverage needed across multiple lines.”
UP TO $20M LEAD CAPACITY ACROSS MULTIPLE LINES
FI Cyber Max continues this integrated approach by offering up to $20 million in lead capacity, which is the most Brit will insure as the main provider. Brit will offer consistent terms for Cyber, Professional Indemnity, Directors’ & Officers’ Liability, and Crime insurance. This consortium model helps coordinate coverage limits when claims affect more than one type of insurance. It also covers digital and privacy risks that can lead to claims across different insurance lines.
CLAIMS AND DIGITAL RISK SERVICES INCLUDED
Underscoring the importance of connected coverage, Adam Taylor, Class Underwriter for Cyber, Privacy and Technology, said risks connect in an interconnected world. Adding, “No risk exists in isolation, and in an increasingly interconnected world there is a clear need to provide consistent and comprehensive coverage across interrelated risks.”
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Policyholders will also have access to Brit’s claims and risk management services. Brit expects these services to help make decisions faster and handle incidents more consistently. They also support cybersecurity controls and planning for how to respond to threats.
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