Euclid Program Managers has announced the launch of Euclid Cyber LLC, a managing general agent (MGA) that will provide excess cyber liability coverage for large businesses. The MGA will focus on companies with annual revenues exceeding $1 billion, offering policy limits of up to $5 million.
Euclid Cyber will write policies on behalf of Spinnaker Insurance Co., a New Jersey-based insurer specializing in program business. Spinnaker was acquired by insurtech firm Hippo Holdings Inc. in 2020 and has since been a provider of underwriting capacity to various MGAs. It is currently embroiled (along with Cowbell) in a $1.5 million legal dispute with a Washington law firm which suffered a security breach when hackers accessed its systems.
The new MGA will be led by Annamaria Landaverde and Colette Fearon as co-managing principals. Landaverde previously served as senior vice president and cyber practice leader at Munich Reinsurance America Inc., while Fearon was a cyber underwriter at the same company. Their backgrounds in cyber risk underwriting and program development position them to oversee Euclid Cyber’s operations.
The launch of Euclid Cyber expands Euclid Program Managers’ presence in the cyber insurance sector, adding to its existing portfolio of MGAs in specialized insurance lines. The company has previously established MGAs in areas such as executive liability and environmental insurance.
Cyber insurance has seen rising demand due to increasing ransomware attacks, regulatory scrutiny, and the financial risks associated with data breaches. Companies with large revenue streams are particularly vulnerable to these threats, making excess cyber liability coverage an area of growing interest for insurers.
Euclid Cyber’s focus on large businesses aligns with broader trends in the cyber insurance market, where insurers are developing tailored risk transfer solutions to address the evolving threat landscape. As the MGA begins its underwriting operations, it remains to be seen how it will position itself within the competitive cyber insurance space.
