Spearheaded by Brit Ltd, this consortium aims to streamline cyber insurance placement for major institutional clients boasting revenues of $10 billion or more.
In response to the escalating frequency and magnitude of cyber losses, Brit Cyber First50 seeks to address the pressing demand among corporations for enhanced cyber coverage. This strategic move by Brit Ltd underscores the company’s commitment to meeting the evolving needs of the market and fortifying cyber resilience among large-scale enterprises.
In a statement released to the press, Brit said that opting for policies through the consortium, brokers can facilitate clients in accessing Brit’s acclaimed claims service.
“By offering the primary $50m limit through Brit Cyber First50, the consortium will expedite the cyber placement process for large corporates, mitigating the need for brokers to submit multiple quotes, approach multiple markets and manage multiple claims parties,” the statement said.
Commenting on the move, Jon Sullivan, Group Chief Underwriting Officer, said: “Brit is a longstanding leader in the cyber market, and we have a strong track record of creating innovative products and placement solutions 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.”
Adam Taylor, Brit Cyber Class underwriter, explained: “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.
“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.”
Taylor added: “Brit Cyber First50 directly responds to this challenge, expediting and simplifying the process for brokers to secure clients’ primary cyber limits.”
