Markets/Coverages: Brit Launches Integrated Cyber, Financial institutions Consortium

Brit Group Holdings Ltd. announced the launch of “FI Cyber Max,” a new integrated cyber and financial institutions (FI) consortium.

Built for large, complex financial clients, the new consortium will bring together Brit’s experienced cyber and FI underwriting teams to simplify placements and reduce friction where multiple lines and limits sit across fragmented programs, the London-based insurer said.

The new consortium will offer up to US$20 million of lead capacity and will deliver certainty of cover across cyber, professional indemnity, directors & officers liability, and crime.

“FI Cyber Max” policyholders will also have access to Brit’s claims and risk management services as part of the offering, ensuring consistency, speed and certainty when the need arises.

“Financial institutions face a complex risk landscape due to the type of transactions they facilitate and data they hold,” commented Patrick Mitchell, class underwriter in a statement. “FI Cyber Max will help simplify the placement process for these organisations, allowing us to reduce fragmentation and deliver coverage needed across multiple lines.”

“No risk exists in isolation, and in an increasingly interconnected world there is a clear need to provide consistent and comprehensive coverage across interrelated risks,” according to Adam Taylor, class underwriter, Cyber, Privacy and Technology.

“The launch of FI Cyber Max enables us to offer a flexible deployment solution across multiple lines at scale. As the cyber risk landscape continues to evolve, we’re delighted to be able to bring another consortium to the market which enables us to solve a critical need for financial institutions,” Taylor added.

A subsidiary of Fairfax Financial Holdings Ltd., Brit has a major presence in Lloyd’s of London, the world’s specialist insurance market provider, with significant US and international reach. Brit underwrites a broad class of commercial specialty insurance with a strong focus on property, casualty and energy business. Its capabilities are underpinned by robust financials.

Source: Brit Group Holdings Ltd.