Pen Underwriting has renewed multiple binders with its Lloyds partners, with the agreements enabling the broker to write in excess of £55m in cyber insurance premiums over the next year in the UK, US, Canada and New Zealand.
This capacity, an increase of 15% from the previous year, covers both Pen’s SME-focused online quote and bind trading facility, available in all four territories, as well as open market capacity for larger accounts.
First entering the market in 2016, Pen has grown to become the sixth largest admitted cyber insurance provider in the US and, in 2019, partnered with over 560 UK broking houses to ensure clients had standalone cyber coverage.
Hamir Patel, head of cyber at Pen Underwriting, said: “We’re delighted to have once again renewed and increased our cyber capacity with our Lloyd’s consortium. Digital risks and cyber exposure for every size, type and location of firm are only going in one direction – up.
‘‘But, Pen’s proven track record in providing cost-effective cover for customers while delivering the right underwriting results for our capacity partners, means we are on hand to keep helping more companies with emergency cyber incident response, service restoration and cover for any indemnified losses.”
Adrian Scott, MD of financial and international lines at Pen Underwriting, said: “It’s no secret that the increasing frequency and scale of ransomware attacks specifically, as well as internet security and data breach incidents in general, is pulling cyber into sharp focus for insurance markets.
‘‘Capacity provision to MGAs will undoubtedly become more considered and selective, so not only renewing but increasing the premium value we can write is another great result for Pen, our dedicated cyber team, our brokers and their customers.”