Pembroke Managing Agency Limited, recently acquired by Bermuda-based re/insurer Hamilton Insurance Group, has established a new team of cyber underwriters and announced the launch of a new product.
Pembroke’s four-person cyber team, led by divisional director Jacqueline Spencer-Sim, consists of senior underwriter Iain Ainslie, underwriter Maria Mathews, and assistant underwriter Jack Butler.
Pembroke says Spencer-Sim and her team have overseen the development of Hamilton Cyber Sentinel (HCS), a product that covers replacement costs of affirmative hardware and software as well as post-breach remediation such as employee training and specific marketing campaigns.
With a global panel in place and monetary retention replacing a waiting period, HCS aims to streamline claims response on a worldwide basis.
Pembroke adds that HCS’s line size at market launch is $10 million, increasing to $15 million in January 2020.
“I’m delighted with the comprehensive work that Jacqui and her team have done to bring this product to market,” said Pembroke Chief Executive Officer Tim Glover.
“HCS represents a strategic shift for Pembroke from being a follow to a lead market in this segment, managed by an expert team of underwriters. Responding to the needs of our clients is one of our hallmarks, and HCS is entirely consistent with that ethos.”