Probitas 1492, a Lloyd’s underwriting syndicate specialising in property, construction and casualty, will now underwrite cyber.
Richard Taylor, its Head of Cyber & Technology, is tasked with focusing the business on cyber risks. He said: “We have spent the past couple of months establishing Cyber as a new line of business for the syndicate and building out the framework for future ambitions, so it’s exciting to now officially start underwriting and supporting the market.”
Taylor joined Probitas from Munich Re in 2022 to launch their cyber portfolio, the company’s first new line of business since the start of the syndicate in 2015.
He continued: “The cyber market needs to continue working towards a more dynamic and collaborative approach to understanding client risk maturity and quantification. It is for this reason we are building Probitas Labs, which aims to be the market’s centre of excellence for cyber.”
“Our goal is to continually generate fresh insights on risk analysis by developing products, services, and partnerships with industry experts to support and enhance cyber risk transfer within the market.”
Probitas Labs will focus on three main areas: Cyber Research & Development, including data analytics and market platforms; Client & Vendor Services, which will help support clients before, during and after a breach and, lastly, “thought leadership”, the company says.