Placement through Brit led consortium will enable brokers to secure primary $50m limit through a single quote.
Brit Ltd (“Brit”) today announces the launch of Brit Cyber First50, a new cyber offering developed to improve the efficiency of cyber placement for large institutional clients with revenues of $10bn or more.
Cyber First50, is a new $50m Primary Brit led and managed Lloyd’s Consortium, created in direct response to brokers and clients requesting efficiencies in the placement process. With cyber losses increasing in both frequency and size, this initiative will also assist with the increasing need of corporates to secure higher cyber limits.
By offering the primary $50m limit through Brit Cyber First50, the consortium will expedite the cyber placement process for large corporates, mitigating the need for brokers to submit multiple quotes, approach multiple markets and manage multiple claims parties.
By placing policies through the Brit led consortium, brokers will also enable clients to benefit from Brit’s award-winning claims service.
Jon Sullivan, Group Chief Underwriting Officer, commented: “Brit is a longstanding leader in the cyber market, and we have a strong track-record of creating innovative products and placement solutions built around client demand. Cyber is one of our core classes, which we continue to grow, and we are therefore delighted to launch Cyber First50 with the objective of making it easier to secure large-scale capacity in Lloyd’s.”
Adam Taylor, Brit Cyber Class underwriter said: “Cyber is a constant and evolving threat to large corporates and, as the prevalence of cyber risks grows, so too does the potential detriment it can cause to businesses, requiring large global firms to increasingly seek higher coverage limits. It is essential that the Lloyd’s market is able to meet this need, in order to remain the destination of choice for insuring the biggest and most complex cyber risks. Brit Cyber First50 directly responds to this challenge, expediting and simplifying the process for brokers to secure clients’ primary cyber limits.”
