Pen Underwriting has relaunched its cyber insurance proposition for large corporate clients, marking a significant expansion in its coverage and risk appetite. Announced on October 17, 2024, the revamped offering includes £10 million in primary cover and a £15 million limit for excess of loss (XOL), backed by a consortium of A-rated capacity providers with specialist knowledge of the cyber market.
This updated offering enables Pen to provide a one-stop-shop for brokers, covering businesses of any size and sector worldwide. It dovetails with Pen’s existing SME cyber offering, allowing brokers to source tailored cyber risk solutions for all clients. Fiona Maclean, Head of Corporate Cyber at Pen, highlighted the wider risk appetite, saying, “This is particularly great news for brokers specializing in mitigating corporate clients’ cyber exposure.”
“Area of Risk”
Maclean emphasized that large corporate clients buy sophisticated cyber protection, often investing heavily in cybersecurity measures while retaining some risk. Pen’s new proposition aims to meet their needs by offering higher levels of indemnity for malicious and non-malicious cyber incidents, immediate breach response, and tailored support.
Ian Summerfield, Pen’s Head of Cyber, underscored the importance of continuously evolving their offerings. “Cyber is arguably the most dynamic area of risk faced by today’s businesses, large and small. We will continue to review and revise our propositions to provide the most effective blend of risk management, breach response, and insurance solutions for every customer type.”
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