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Probitas launches cyber underwriting business

Probitas launches cyber underwriting business | Insurance Business UK

Probitas launches cyber underwriting business

Lloyd’s underwriting syndicate Probitas 1492 has announced that it has started to officially underwriter cyber.

The new business, helmed by Probitas head of cyber & technology Richard Taylor, will be primarily focused on complex SME to large single risks.

“We have spent the past couple of months establishing cyber as a new line of business for the syndicate and building out the framework for future ambitions, so it’s exciting to now officially start underwriting and supporting the market,” said Taylor in a statement.

On top of launching cyber underwriting capabilities, Taylor also mentioned that Probitas is currently building Probitas Labs – a cyber centre of excellence for the market.

“Our goal is to continually generate fresh insights on risk analysis by developing products, services, and partnerships with industry experts to support and enhance cyber risk transfer within the market,” the division head commented.

According to the syndicate, Probitas Labs will concentrate on three main areas: cyber research & development (including data analytics and market platforms); client & vendor services; and thought leadership. Probitas hopes that the Labs will be “an integral part of the cyber community and a valuable tool and mouthpiece for cyber specialists, policyholders and brokers.”

“Data, analytics and industry-leading modelling software have always been at the core of Probitas’ business, playing an essential part in the underwriting methodology; cyber & technology will be no different in this respect,” said Taylor.