Upfort, a cyber security and insurance platform and Arch Insurance, a global provider of specialty risk insurance solutions, have entered into a strategic partnership to transform cyber insurance programs for small and medium-sized enterprises (SMEs), associations and risk pools.
Both organisations will work with brokers to develop group programs that prioritize broad insurance coverage, competitive pricing, as well as embedded security solutions and a seamless digital experience.
As a result, this will allow both insurance agents and brokers to promote cyber resiliency at scale, in addition to enriching more meaningful and productive connections with clients and prospects.
Moreover, as cyber insurance premiums expected to grow by 20% year-over-year until 2025, more market segments need to access coverage to protect against evolving cyber risks.
Josh Riley, Managing Director of Upfort, commented on the partnership: “We’re excited to join forces with Arch Insurance to revolutionize how cyber insurance is bought and sold. By integrating our technology with Arch’s industry-leading insurance solutions, we’re accelerating the world’s journey toward cyber resilience. We are proud to be the partner of choice for Arch to expand its cyber offering.”
Jamie Schibuk, Executive Vice President, Professional Liability and Cyber at Arch Insurance, said: “At Arch Insurance, we’ve been thoughtfully growing our cyber brand to meet the needs of our customer base. Partnering with Upfort equips us with the tools to deliver a sophisticated solution that combines the financial strength and experienced incident response services we provide with the powerful yet practical security solutions that Upfort has to offer. With Upfort, we’re well positioned to lead the pack in the fastest-growing commercial insurance line of business in history.”
Furthermore, Upfort is also taking cyber resilience a “step further”, as the company is becoming the first to embed cyber security solutions within every Upfort program policy at no additional cost to the insured or broker.
