Pen Underwriting has renewed and increased its Lloyd’s cyber insurance capacity to £55 million (around $73.1 million) to support brokers and their clients in key territories worldwide.
The agreement allows Pen Underwriting to write in excess of £55 million in cyber insurance premiums in the UK, Canada, New Zealand, and the US over the next 12 months – a 15% increase on the previous year.
“We’re delighted to have once again renewed and increased our cyber capacity with our Lloyd’s consortium. Digital risks and cyber exposure for every size, type, and location of a firm are only going in one direction – up,” said Hamir Patel, the head of cyber at Pen Underwriting.
“But Pen’s proven track record in providing cost-effective cover for customers while delivering the right underwriting results for our capacity partners means we are on hand to keep helping more companies with emergency cyber incident response, service restoration, and cover for any indemnified losses.”
The cyber capacity covers Pen Underwriting’s small and medium-sized enterprise (SME)-focused online quote and bind trading facility in four territories and the open market capacity for larger accounts.
Adrian Scott, the managing director of financial and international lines at Pen Underwriting, said: “It’s no secret that the increasing frequency and scale of ransomware attacks specifically, as well as internet security and data breach incidents in general, is pulling cyber into sharp focus for insurance markets.
“Capacity provision to MGAs will undoubtedly become more considered and selective, so not only renewing but increasing the premium value we can write is another great result for Pen, our dedicated cyber team, our brokers, and their customers.”