Brit Ltd has introduced Brit Cyber First50, a pioneering Lloyd’s Consortium which has been backed by a substantial investment of $50m.
The offering has been created created in direct response to brokers and clients requesting efficiencies in the placement process.
It’s arrival into the market comes amid the current concerns regarding the ever-evolving cyber-risk landscape, the demand for higher coverage limits has grown, making efficient placement solutions crucial for large global firms.
It is expected that this initiative will also address the growing demand among corporates to obtain higher cyber limits.
By providing the primary $50m limit via Brit Cyber First50, the consortium aims to streamline the cyber placement process for large corporates.
This approach reduces the necessity for brokers to present multiple quotes, engage with various markets, and handle multiple claims parties. Additionally, by opting for policies through the Brit-led consortium, brokers enable clients to access Brit’s acclaimed claims service.
Jon Sullivan, Group Chief Underwriting Officer, commented, “Brit is a longstanding leader in the cyber market, and we have a strong track-record of creating innovative products and placement solutions built around client demand. 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.”
Adam Taylor, Brit Cyber Class underwriter 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.”
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