Zurich Insurance Group has established a “global collaboration” with Toronto-based managing general agent BOXX Insurance.
BOXX Insurance offers fully integrated cybersecurity and insurance solutions for both SMEs and consumers.
According to a release from Zurich, its partnership with BOXX comes as the increased adoption of digital business models in recent times has led to a proportionate increase in cyber risks.
“Cybersecurity is a large and fast-growing market as the awareness and need for cyber protection and services has increased significantly,” said Zurich Global Ventures CEO Jack Howell. “Our goal is to inspire confidence in an increasingly digital society by helping our customers stay ahead of threats as well as being better prepared to respond to an incident.”
Howell added that Zurich is hopeful that its collaboration with BOXX will strengthen Zurich’s ability to execute its customer-focused strategy, and exceed the needs and expectations of customers.
Also as part of the collaboration, Zurich participated in BOXX’s Series A funding, which closed at $12.7 million. Zurich was one of the newest participants in that round, alongside Cyber Mentor Fund and SixThirty Ventures.
“In a world impacted by major technological and societal disruptions, the expectations around cyber and privacy protection have never been more important,” commented BOXX Insurance co-founder and CEO Vishal Kundi.
BOXX said that it would be using the funding to help expand its team to support the increasing growth in demand from brokers, partners, and clients. The capital will also be used to position BOXX for international expansion, Kundi added.
“BOXX’s prevention-led approach convinced us that they are building a winning business with the potential to actively shape cyber insurance for this customer segment,” commented Howell. “They are an exciting business and passionate about making cyber security simple for customers by integrating tools and technology with insurance. The combination of their knowledge and Zurich’s global reach and international expertise is a win-win situation for Zurich’s customers and BOXX.”
