Pen Underwriting has renewed multiple binders with its consortium of Lloyd’s partners, enabling it to write in excess of £55m in cyber insurance premiums in the UK, US, Canada and New Zealand over the course of the next 12 months.
This marks an increase of 15% on the previous year, and the capacity covers both Pen’s SME-focused online quote & bind trading facility, as well as open market capacity for larger accounts.
Pen first entered cyber insurance in 2016 an online facility that enables broker partners to quickly quote and bind SME cyber risks.
The firm first launched in the US due to its well-established cyber market, before expanding out to the UK, Canada and New Zealand.
“We’re delighted to have once again renewed and increased our cyber capacity with our Lloyd’s consortium,” said Hamir Patel, Head of Cyber at Pen Underwriting. “Digital risks and cyber exposure for every size, type and location of firm are only going in one direction – up.
“But Pen’s proven track record in providing cost-effective cover for customers while delivering the right underwriting results for our capacity partners, means we are on hand to keep helping more companies with emergency cyber incident response, service restoration and cover for any indemnified losses.”
Adrian Scott, Managing Director of Financial & International Lines at Pen Underwriting, also commented: “It’s no secret that the increasing frequency and scale of ransomware attacks specifically, as well as internet security and data breach incidents in general, is pulling cyber into sharp focus for insurance markets.”
Scott continued: “Capacity provision to MGAs will undoubtedly become more considered and selective, so not only renewing but increasing the premium value we can write is another great result for Pen, our dedicated cyber team, our brokers and their customers.”