SCOR has partnered with German digital-risk managing general agent Baobab Insurance through the SCOR Syndicate at Lloyd’s to increase underwriting support for Baobab’s CyberSafe policies in Germany and Austria.

Under the arrangement, the French reinsurance company has added capacity to Baobab’s existing binder, widening eligibility to companies generating up to €1bn in annual revenue across the two countries.

The move brings SCOR alongside several Lloyd’s syndicates that are already backing Baobab and forms part of its efforts to build its cyber portfolio in Europe, particularly for industrial clients.

SCOR Business Solutions cyber & technology EMEA head Jeremy Campagno said: “Baobab combines impressive technological expertise with a data-driven underwriting strategy.

“This partnership supports SCOR’s broader strategy to expand in Europe and strengthen its capabilities in cyber insurance whilst addressing the rising exposure of industrial clients.”

The partnership centres on Baobab’s data-led underwriting model, which emphasises risk evaluation and prevention rather than post-loss handling.

Its proprietary Deep Scan system produces datasets several times larger than conventional techniques, which SCOR said enhances transparency for risk-based pricing.

Baobab also supplies clients with real-time vulnerability alerts that the companies say have helped avert losses amounting to several million euros and supported a loss ratio below wider market levels.

Policyholders also receive preventive services including staff awareness programmes, phishing exercises and access to Baobab’s in-house cyber specialists.

SCOR said the broadened scope of cover aligns with its strategy to extend cyber underwriting across Europe and meet growing exposure among industrial customers.

Baobab Insurance co-founder and managing director Vincenz Klemm added: “The partnership with SCOR is a major milestone. By increasing our underwriting authority to companies with up to €1bn in revenue, we are entering a new dimension. We are proving that our digital approach of data-driven risk assessment and prevention possesses the necessary depth not only for SMEs [small and medium-sized enterprises] but also for the upper industrial sector.”

Earlier this month, SCOR and AXA partnered to set up a new consortium at Lloyd’s of London with the intention of supporting investments in ecological restoration.

The initiative seeks to unlock funding for ecological restoration projects by de-risking investments and closing insurance gaps for ecosystem recovery projects.

The consortium will focus on underwriting SCOR’s Restore Product, which ensures the phase of restoration where measures are implemented to enable ecosystem recovery.