Global reinsurer SCOR has partnered with German digital risks MGA Baobab Insurance, facilitated by the SCOR Syndicate at Lloyd’s, to expand capacity for Baobab’s “CyberSafe” offering, which provides companies with preventive and ongoing protection against cyber risks.
The SCOR Syndicate at Lloyd’s has expanded Baobab Insurance’s underwriting capacity to companies in Germany and Austria with up to €1 billion in annual revenue, strengthening SCOR’s capabilities in cyber insurance.
SCOR entered the partnership because of Baobab’s data-driven underwriting model, which prioritises proactive risk assessment and prevention over traditional claims management. Baobab’s proprietary Deep Scan technology delivers a data density six times higher than traditional methods, giving SCOR greater transparency for risk-appropriate pricing.
Baobab’s real-time vulnerability alerts have helped protect insureds from potential losses of several million euros, contributing to a loss ratio well below market levels and aligning with SCOR’s disciplined underwriting standards.
Policyholders also benefit from comprehensive risk prevention services, including cybersecurity awareness training, phishing simulations, and direct access to Baobab’s in-house cybersecurity experts, further enhancing resilience beyond traditional risk transfer.
SCOR said the coverage reinforces its commitment to industrial clients’ growing cyber insurance needs and strengthens the foundation for underwriting complex cyber risks in the sector.
By partnering with Baobab, SCOR continues to expand its cyber underwriting footprint in Europe while supporting prevention-led approaches to managing digital risk in an increasingly complex threat landscape.
Jeremy Campagno, Head of EMEA, Cyber & Technology at SCOR Business Solutions, commented, “Baobab combines impressive technological expertise with a data-driven underwriting strategy. This partnership supports SCOR’s broader strategy to expand in Europe and strengthen its capabilities in cyber insurance whilst addressing the rising exposure of industrial clients.”
Vincenz Klemm, Co-founder and Managing Director of Baobab Insurance, added, “The partnership with SCOR is a major milestone. By increasing our underwriting authority to companies with up to one billion euros in revenue, we are entering a new dimension. We are proving that our digital approach of data-driven risk assessment and prevention possesses the necessary depth not only for SMEs but also for the upper industrial sector.”
