Cyber insurance mutual Miris (Mutual Insurance and Reinsurance for Information Systems) has received an operating licence from Belgian regulators allowing it to begin underwriting by January 1, 2023.
The company said it aims to provide additional cyber insurance capacity for its members as it seeks to integrate and enhance capacity from the insurance market.
The Brussels-based mutual insurer – owned by and operates for its members – was created by industry veterans Danny Van Welkenhuyzen, Mark Pollard and Philippe Obert in collaboration with leading European corporations.
Chief Operating Officer Pollard said: “Miris aims to provide additional capacity, and in the longer term to help to stabilise the market for its members.
“That depends on the members being exceptionally well-protected against the risks. Miris will have a role in promoting and validating excellence in cyber risk protection, as well as providing risk transfer capacity.”
Van Welkenhuyzen, Miris’ chief executive officer, added: “The National Bank of Belgium, as regulator, needs to verify all aspects rigorously — the suitability of the members, of the governance structure, the feasibility and solvency margins of the business plan.
“We have worked closely with them for many months to satisfy the stringent requirements appropriate to the project.”
Chemical groups BASF, based in Germany, and Solvay, based in Belgium, are among 12 European companies to join Miris, who is also talking to some 40 others about joining, according to a Reuters report.
According to credit rating agency AM Best, for the first two years of operation, Miris will allocate up to €25m of capacity to each member. The mutual said it will operate in coinsurance with the insurance market, taking the wording and pricing from the market. The minimum attachment point will be €10m.
Depending on the underwriting performance of Miris, the capacity granted is expected to increase to €30m in the third year.
