MSI, a managing general agent and Lloyd’s approved coverholder, has introduced a new cyber insurance program aimed at managed-care organizations.
MSI said the offering is intended to address the specific cyber risks faced by health insurers, noting that managed-care organizations are frequent targets for cyberattacks due to the volume of sensitive data they manage. The sector has historically seen limited cyber coverage availability, the company said, due to perceptions of elevated risk and operational complexity.
Rajiv Matta, chief innovation officer for MGA programs at MSI, said the program is designed to respond to needs in the market that have not yet been addressed.
According to a Best Wire report, the program includes limits of up to $25 million for both primary and excess placements. It offers coverage for privacy and cyber liability, technology errors and omissions and miscellaneous professional liability. MSI said it will provide access to underwriting expertise, risk management resources and a response panel that includes forensic analysts, legal counsel and breach response specialists.
Additional cyber insurance offerings are also being planned, the company said.
MSI is an indirect subsidiary of the Baldwin Group. It provides more than 20 products across personal, commercial, and professional insurance lines and reports serving over 1.5 million customers.
Earlier in June, Baldwin Group subsidiary Westwood Insurance Agency LLC agreed to acquire Hippo Holdings Inc.’s housing developer distribution network for $100 million, according to company statements. The news outlet also reported that MSI has entered into agreements with a Hippo affiliate for program administration and claims handling on a new housing developer insurance program.
Hippo also announced that its fronting carrier, Spinnaker, will expand its support for MSI’s renters’ and homeowners’ products by offering capacity across a broader set of programs.
