Probitas 1492, the Lloyd’s insurer, has started underwriting cyber insurance with Richard Taylor, head of Cyber & Technology, focusing the book of business on complex small-and-medium-sized enterprises (SME), up to large single risks.
“We have spent the past couple of months establishing cyber as a new line of business for the syndicate and building out the framework for future ambitions, so it’s exciting to now officially start underwriting and supporting the market,” commented Taylor.
“The cyber market needs to continue working towards a more dynamic and collaborative approach to understanding client risk maturity and quantification,” he added.
It is with this goal in mind that the Lloyd’s insurer is building Probitas Labs, which aims to be the market’s centre of excellence for cyber.
“Our goal is to continually generate fresh insights on risk analysis by developing products, services, and partnerships with industry experts to support and enhance cyber risk transfer within the market,” Taylor said.
Probitas Labs will focus on three main areas:
- Cyber Research & Development, including data analytics and market platforms,
- Client & Vendor Services, which will help support clients before, during and after a breach, and
- Thought Leadership.
“Probitas Labs aims to be an integral part of the cyber community and a valuable tool and mouthpiece for cyber specialists, policyholders and brokers,” Taylor explained.
Probitas Syndicate 1492 is managed at Lloyd’s by Probitas Managing Agency Ltd.
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