SCOR, a global reinsurer, has expanded its partnership with Baobab Insurance, a German digital risks managing general agent (MGA) specialising in cyber insurance, by extending underwriting capacity to significantly larger companies in Germany and Austria.
The move comes as cyber risk exposure continues to rise sharply among industrial businesses, driven by increasing digitisation, interconnected supply chains and the growing financial impact of cyber incidents, according to Beinsure.
By increasing the revenue threshold for eligible clients, the partnership aims to address a gap in the market for companies that have outgrown SME-focused cyber products but still require tailored, prevention-led cover.
SCOR operates across life and health reinsurance, as well as property and casualty insurance, serving insurers and large corporate clients globally. Through its SCOR Business Solutions division, the group focuses on complex commercial risks, including cyber, and has been scaling its European cyber underwriting activities in response to rising demand from industrial buyers.
Under the revised arrangement, the SCOR Syndicate at Lloyd’s has added capacity to Baobab’s existing binder, expanding eligibility to companies with annual revenues of up to €1bn in both Germany and Austria. This materially shifts Baobab’s addressable market, allowing the MGA to move deeper into the industrial segment rather than remaining concentrated on smaller enterprises.
Baobab’s cyber insurance offering is built around a prevention-first underwriting model. Central to this is its proprietary Deep Scan system, which assesses client risk upfront by generating datasets several times larger than traditional cyber risk assessment tools. According to SCOR, this approach improves transparency and enables more granular, risk-based pricing.
Beyond underwriting, Baobab provides policyholders with real-time vulnerability alerts designed to prevent incidents before they occur. The companies say these alerts have already helped prevent losses worth several million euros and have contributed to a loss ratio that runs below broader market levels. Policyholders also receive preventive services such as staff awareness training, phishing simulations and direct access to Baobab’s in-house cyber specialists, all included as standard rather than optional add-ons.
The deal places SCOR alongside several other Lloyd’s syndicates already supporting Baobab and reflects a wider trend among reinsurers. According to Beinsure, there is growing preference for MGAs with embedded risk controls and data-led underwriting, rather than models driven purely by capacity growth.
SCOR Business Solutions, the large corporate risk insurance arm of SCOR’s property and casualty business, employs more than 250 underwriters and data analysts across Europe, North America, Latin America and Asia Pacific, enabling it to combine global reach with local market expertise.
SCOR Business Solutions head of cyber and technology EMEA Jeremy Campagno said, “According to our data, prevention-led cyber programmes show materially lower volatility when paired with continuous monitoring.”
Baobab co-founder and managing director Vincenz Klemm said the expanded underwriting authority represents a turning point for the MGA, enabling it to demonstrate that its data-driven approach can scale beyond SMEs into upper industrial risks.
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