Specialty Managing General Agent (MGA) Nexus Group has announced plans to use its broker network to collaborate with Beazley Syndicate to provide cyber insurance solutions, effective 1st of May, 2017.
In the initiative to expand its solutions offer into one of the fastest growing risks and insurance markets, Nexus will act as underwriters, offering third-party cover up to a liability limit of £5 million in the aggregate per policy and up to £250,000 of records in the aggregate per policy for privacy breach response services.
Richard Wynn, Director of Business Development, Nexus Group, commented; “Cyber Insurance is currently the fastest growing sector in the global insurance arena, and this new product is closely aligned with our core Financial Lines products, namely Professional Indemnity, Directors and Officers and Crime.
“Also, our client base in the Trade Credit sector, including manufacturers, suppliers, retailers and construction companies all have cyber exposures in particular with regard to fraudulent transfer risks which are becoming prevalent in invoice driven accounts transactions.”
The initiative plans to streamline the underwriting process by providing quotations on a Statement of Fact basis, targeting existing Nexus SME clients as well as new businesses.
Wynn added that a key to the policy is “the Beazley Breach Response service which helps clients handle data breaches successfully.
“Beazley’s experience of handling data breaches via their network of specialist partners, which include privacy lawyers, forensic investigators, computer security and credit monitoring experts, is unrivalled in the market.”
This collaboration represents just one of many new cyber initiatives and product launches within the insurance and reinsurance industry this year so far, as players innovate to move into what’s now become the biggest concern for businesses operating throughout the U.S. and EU and driving insurers further towards the reinsurance safety net as they grow their cyber solutions.
