Coverage typically includes protection against data breaches; business interruption loss; cyber extortion; data recovery and more for large corporations.
PRODUCT: Beazley Quantum.
BEST RATING: A+
COMPANIES: Beazley, Lloyd's of London.
AVAILABILITY: Distributed through the London Wholesale platform.
FOCUS: Beazley recently announced the launch of Beazley Quantum. This new cyber consortium provides comprehensive cover for large corporates with a turnover in excess of $1 billion, infusing $100 million of new capacity into the cyber market.
As a pioneer in the cyber insurance market, Beazley is committed to supporting broker partners and their clients of all sizes with preemptive, responsive and adaptive approach to cyber risks.
“As a leader in the cyber space, we have steadfastly taken strategic steps to build a thriving and sustainable cyber insurance market," says Paul Bantick, chief underwriting officer, Beazley. “With the launch of Beazley Quantum, we are directly addressing the needs of large corporates and delivering much-needed additional capacity to these businesses that are in the front line of the cyber threat."
COVERAGE DETAILS: Coverage typically includes protection against data breaches; business interruption loss; cyber extortion; data recovery costs; regulatory defense costs and penalties; and liability arising from cyber incidents. Coverage can also be provided against property damage and the resultant business interruption loss arising from cyber incidents.
TARGET: Large corporates with turnover above $1 billion. The appetite includes most industry sectors including financial institutions, health care, retail, technology, professional services, energy, manufacturing and other industrial companies.
COVERAGE TERRITORY: Global.
CONTACT: Aidan Flynn, head of cyber underwriting strategy, cyber, Beazley; 22 Bishopsgate, London, EC2N 4BQ, United Kingdom; +44-207-674-7812.
Will Jones is IA editor-in-chief.
