Pen Underwriting has announced a new UK strategic partnership with Paladin Cyber to arm brokers and their clients with cyber risk management tools to tackle cybercrime and reduce the risk of data loss, extortion, and exfiltration.
A statement from the firm says that the first phase of the partnership has been launched, and will see offering all of its brokers a new scanning solution from Paladin Cyber as a value-added benefit for their clients and prospects to help counter cyber threats.
The solution generates a risk report identifying potential vulnerabilities in an organisation’s defences against serious cyber threats – such as ransomware, email compromises and other forms of unauthorised access into their IT systems – and provides advice on how best to improve their information security posture.
Hamir Patel, head of cyber at Pen Underwriting, said: “Our role at Pen is to help our brokers win and retain business, just as much as it is to devise effective solutions for their customers to mitigate and manage their risks. That’s why we want to incorporate Paladin Cyber’s expertise and tools in a way that empowers our brokers, rather than simply factoring the results of vulnerability scans into our underwriting decisions.”
He added: “Although take-up of cyber cover is increasing, it remains low compared to other business insurance coverages despite our world being increasingly dominated by cyber risks. We hope by having access to these client-specific but easy-to-understand risk reports, brokers feel better equipped to have those all-important conversations about real-life vulnerabilities but also the practical steps an organisation can take to improve their information security and defences.”
The second phase – Paladin Shield – will roll out as an added-value benefit from January 2023 through brokers with Pen cyber policyholders, offering enterprise-wide protection to businesses in a way that complements cyber security products companies.
This is not the only partnership signed by Pen Underwriting in recent weeks. At the beginning of October, it said it was going into a multi-year strategic partnership with Aviva to strengthen its personal lines and property owners’ business, which will see Aviva providing capacity for over £100m in premium per annum.
Under the terms of the new deal, Aviva will provide 100% capacity across these business lines within Pen’s personal lines division from 1st April 2023 for risks placed with Pen via both coverholders and brokers.
