New MGA Ascent Underwriting Launched in London; Targets Emerging Cyber Risks

Ascent Underwriting, a specialist Managing General Agent (MGA) providing coverage for emerging cyber risks, has been launched in London, targeting clients ranging from micro businesses to international corporations.

The bulletin said “Ascent will be working with London Market brokers providing insurance products to clients on a worldwide basis and will specialize in writing coverage for non-tangible risk including cloud computing, data privacy, network interruption, professional liability and intellectual property perils.

“CyberPro, Ascent’s first product suite, is primarily aimed at the USA, UK, Canadian and European markets and has been tailored to conform to specific and evolving regulation and legislation within each territory. Coverage is offered on a modular basis and includes comprehensive cyber risk protection with professional services cover. Additional product lines are also scheduled for launch throughout 2013.”

Ascent will utilize Lloyd’s capacity “led by Amlin Plc, the London Underwriting Centre-based MGA has the financial strength, expertise and appetite to underwrite large risks on either a stand-alone or subscription basis,” Ascent said. “It also has the operational efficiency to extend a similar comprehensive coverage offering to SMEs by use of a proprietary technology platform. In addition, Ascent intends to join the UK’s Managing General Agents’ Association (MGAA).”

The Ascent team is led by Directors Gareth Tungatt, previously Underwriting Manager Technology Risks at Barbican Syndicate, and David Umbers, a Senior Partner at Lloyd’s broker Safeonline.

Tungatt said: “Client demand for emerging cyber risk cover is growing rapidly as it becomes less of an optional purchase for businesses of all sizes. We intend to support these businesses and keep Ascent at the forefront of the market by continually developing innovative insurance products for both recognized risks and risks that are beginning to manifest as major threats to businesses.”

Source: Ascent Underwriting