Ryan Specialty Group’s underwriting arm has launched a London-based cyber-risk managing general agency named EmergIn Risk.
The MGA has secured an initial £20m of Lloyd’s capacity, allowing it to provide cover to companies from system and network interruptions, data corruption or theft, system and data extortion, digital media liability, and cyber crime.
According to EmergIn Risk chief executive Jamie Bouloux, the advantage of specialist MGAs such as EmergIn Risk is that they can customise propositions to offer better cyber insurance products. This is especially important since the industry has moved on from “umbrella-style” insurance.
Meanwhile, Lloyd’s insurer Beazley has joined up with the corporate insurance partner unit of Munich Re
to offer cyber insurance to global businesses.
This joint venture will provide cover of up to $100m or €100m for a wide range of cyber risks, such as hacking or malware attacks, distributed denial of service (DDoS) attacks, cyber extortion, and property damage and bodily injury exposures caused by malicious cyber attacks.
Beazley and Munich Re
have seen a significant rising demand for insurance cover. The partnership can cover a wide range of risks covered and financial limits. By cooperating with clients, brokers and IT companies, they are able to better understand the specific cyber risk profile of a client and develop customized solutions accordingly.
Adrian Cox, head of specialty lines at Beazley, said, "The London insurance market is a crucible for innovation in cyber insurance. I am delighted that we have been able to build on our strong relationship with Munich Re
to expand the coverage available for this prototypical 21st century risk."