Pen Underwriting, a specialist managing general agent (MGA) operating across multiple insurance classes and territories, has enhanced its cyber offering by doubling the cover limit available to £10 million for risks incepting on or after 1 July 2026.
This move caters to companies with revenues up to £600 million, and was driven by increasing broker demand for higher limits, particularly for clients at the larger end of this non-corporate revenue band, explains Pen.
Further, the enhancements reflect both shifting market conditions and the commitment to accommodate key differences in customer size and complexity across Pen’s broad underwriting appetite.
Other key enhancements include question sets that have been streamlined, simplified and made ‘smarter’ to reflect shifting customer exposures and to maximise their relevance to a greater number of customer sub-groups, while excess levels have been significantly reduced for smaller companies (by more than half for certain revenue bands or limits) to remove barriers to entry and ensure they reflect the different level of exposure posed by smaller firms.
Pen has also adjusted rates at the lower revenue end of its underwriting appetite to further aid affordability for smaller customers and better reflect the underlying risk. Meanwhile, incident response now has a separate tower of cover which is being increased from £250,000 max to £1 million max, outside the main policy limit, to optimise funds available when customers need support and access to breach response expertise during any one incident.
The insurer has also increased crime sub-limits and made consistent to aid broker cover comparison, with losses flowing from factors such as phishing, corporate identity theft and services fraud all moving upwards to £100,000 or £250,000 dependent on the overall cover limit.
This latest suite of cyber improvements follows six enhancements announced last September, which were designed to remove upfront burdens on customers in the event of a cyber extortion incident and respond to wider shifts identified in the make-up and potential duration of claims.
Ian Summerfield, Managing Director, Cyber, Pen Underwriting, commented, “Our mantra in this market is that cyber risk never stands still, so we won’t either. As market conditions, threats and exposures, and buyer behaviours change, it’s essential we continue to listen to broker feedback and evolve our offering to best meet customers’ needs.
“This is especially important when your underwriting appetite is as broad as Pen’s. The more we can tailor cover to maximise relevance to our hugely diverse customer base, the easier it is for our broker partners to ensure companies invest in the scope of cyber protection they increasingly need.”
