Re/insurance marketplace Lloyd’s of London has announced investment in Axio to support further development of insurance solutions within the London insurance market.
According to the announcement, the investment is a direct result from Axio’s selection into, and participation in Lloyds’s Lab Cohort 10, where it successfully piloted an extension of the Axio360 platform.
“The Lloyd’s Lab is a centre of innovation for the insurance industry giving us as investors the opportunity to back great companies ourselves where we have a strong shared interest for our industry. We’re able to generate attractive return on capital and aid the growth of these companies for the benefit of the market,” Eleanor Bucks, Lloyd’s Chief Investment Officer commented.
The Axio360 platform was designed to help Lloyd’s syndicates develop coverage solutions for cyber physical damage exposure.
It is a decision-making engine for holistic cyber risk management, including cybersecurity assessments, cyber risk quantification (CRQ), risk transfer, and cyber insurance analysis.
Cyber physical damage is a type of cyber risk whose demand for coverage continues to grow in importance as the world increasingly contends with more sophisticated forms of cyber attacks, especially those targeted at critical infrastructure.
Axio highlighted that its pairing with Lloyd’s is a natural progression of the company’s dedication to helping quantify cyber risk for critical infrastructure organisations.
Scott Kannry, Axio CEO and co-founder, said: “I’m honoured to welcome Lloyd’s to the Axio investor family. One of our founding goals was to help the insurance industry better tackle cybersecurity risk, and the investment support from Lloyd’s is evidence of our unique ability to deliver on that goal. We’re now excited to work even more closely with the Lloyd’s Market to help it deliver better coverage solutions, especially for the most challenging areas of cybersecurity risk.”
Dawn Miller, Lloyd’s Commercial Director and co-founder, added: “As part of Lloyd’s ongoing commitment to innovation, today’s announcement is an excellent example of the power of Lloyd’s Lab’s accelerator programme, which forms an integral part of our innovation hub located in the heart of The City. We look forward to driving the increased prominence of the Lab in its mission to innovate the market, through our support and backing of companies with exceptional solutions.”
