Nexus Group, the London-based independent specialty managing general agent (MGA), has formed a partnership with Beazley to provide cyber insurance with effect from May 1, 2017.
Nexus will underwrite the new line, offering third party cover up to a maximum limit of liability of £5 million ($6.5 million) per policy in the aggregate and, in respect of privacy breach response services, up to a maximum of 250,000 records in the aggregate per policy.
The Nexus cyber insurance cover is offered both in the UK and internationally with capacity provided by Beazley’s Lloyd’s business.
“Cyber insurance is currently the fastest growing sector in the global insurance arena, and this new product is closely aligned with our core financial lines products, namely professional indemnity, directors and officers and crime,” commented Richard Wynn, director of Business Development, Nexus Group.
“Also, our client base in the trade credit sector, including manufacturers, suppliers, retailers and construction companies all have cyber exposures in particular with regard to fraudulent transfer risks which are becoming prevalent in invoice driven accounts transactions,” said Wynn.
Nexus said that quotations will be provided on a statement-of-fact basis which streamlines the underwriting process.
“Key to the policy is the Beazley Breach Response service which helps clients handle data breaches successfully, Wynn added. “Beazley’s experience of handling data breaches via their network of specialist partners (which include privacy lawyers, forensic investigators, computer security and credit monitoring experts) is unrivaled in the market.”
Beazley Breach Response (BBR) is led by data breach managers who are Beazley employees and whose sole role is to deal with data breaches, explained Matt Norris, Beazley’s Focus Group leader for Technology, Media & Business Services.
He noted that the BBR team has handled over 5000 data breaches. “We believe this experience gives the best opportunity for the incident to be effectively resolved, with the insured’s reputation intact, or even enhanced,” Norris added.
The Nexus Group employs over 110 people and trades out of offices in London, France, Italy, Hong Kong and Ireland.
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