Brit has introduced Brit Cyber First50, which is designed to enhance the efficiency of cyber placement for large institutional clients who generate revenues of at least $10bn (£7.81bn).
The Cyber First50 is a new $50m Primary Brit-led and managed Lloyd’s Consortium.
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Developed in response to calls from brokers and clients for a more streamlined placement process, the initiative is particularly timely as corporations are increasingly seeking to secure higher limits for cyber insurance due to the growing scale of potential cyber losses.
Brit Cyber Class underwriter Adam Taylor said: “Cyber is a constant and evolving threat to large corporates and, as the prevalence of cyber risks grows, so too does the potential detriment it can cause to businesses, requiring large global firms to increasingly seek higher coverage limits.
“It is essential that the Lloyd’s market is able to meet this need, in order to remain the destination of choice for insuring the biggest and most complex cyber risks. Brit Cyber First50 directly responds to this challenge, expediting and simplifying the process for brokers to secure clients’ primary cyber limits.”
The consortium offers the primary $50m limit through Brit Cyber First50 to fast-track the cyber placement process for large corporates, reduce the broker’s need to submit multiple quotes, approach multiple markets and manage multiple claims parties, thereby enhancing efficiency.
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By GlobalDataBrit group chief underwriting officer Jon Sullivan said: “Cyber is one of our core classes, which we continue to grow, and we are therefore delighted to launch Cyber First50 with the objective of making it easier to secure large-scale capacity in Lloyd’s.”
The company also stated that brokers that place policies through the Brit-led consortium will allow their customers to benefit from Brit’s claims service.
In 2023, Brit said its group chief underwriting officer Christiern Dart was stepping down from his role after nearly 17 years.
