Pen Underwriting has relaunched its cyber insurance offering for large corporate clients, marking its return to providing primary cover for this market segment.
The new proposition includes a comprehensive overhaul, doubling the excess of loss (XOL) limit and broadening the company’s risk appetite.
The revamped product is backed by a consortium of A-rated capacity providers with expertise in the cyber market. It offers £10 million in primary cover and a £15 million limit for XOL, designed to accommodate firms of any size, with worldwide coverage.
This new offering complements Pen’s existing cyber insurance solutions for small and medium-sized enterprises (SMEs), effectively positioning the company to provide tailored solutions for businesses across all sectors and sizes.
Fiona Maclean (pictured above), head of corporate cyber at Pen, stated that the new offering represents a substantial update for brokers and their clients.
“Our chosen combination of consortium capacity partners underpins Pen’s significantly widened risk appetite for bigger corporate entities and ability to offer worldwide coverage. This is particularly great news for brokers specialising in mitigating corporate clients’ cyber exposure who need to know extensive types or sizes of risk can be quoted for and covered, across both primary and XOL layers,” Maclean said.
Maclean added that corporate clients, who typically invest significantly in their own cybersecurity and retain an initial layer of risk, require higher levels of indemnity in their insurance policies.
Therefore, they need to know their insurance policy will provide the higher levels of indemnity they are looking for, should a malicious or non-malicious act disable operations, as well as deliver immediate breach response and support tailored to their needs,” Maclean said.
Ian Summerfield, head of cyber at Pen, mentioned that the relaunch follows the enhancements made to Pen’s SME cyber insurance proposition earlier this year.
“Cyber is arguably the most dynamic area of risk faced by today’s businesses, large and small, and we will continue to review and revise our propositions to provide the most effective blend of risk management, breach response and insurance solutions for every customer type,” Summerfield said.
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