Brit reveals groundbreaking Lloyd’s Consortium.

TLDR:

• Brit Ltd has launched Brit Cyber First50, a Lloyd’s Consortium with a $50m investment
• The consortium aims to streamline cyber insurance placement processes for large corporates

Brit Ltd has unveiled Brit Cyber First50, a pioneering Lloyd’s Consortium with a significant investment of $50m. This initiative addresses the escalating demand for simplified cyber insurance placement processes as cyber losses become more frequent and severe. The offering, developed in response to broker and client requests for more efficient placement processes, comes at a time when the cyber-risk landscape is rapidly evolving. The consortium aims to cater to the growing need for higher coverage limits, providing a primary $50m limit to streamline placement for large corporates. This approach eliminates the need for brokers to seek multiple quotes from different markets and handle multiple claims parties, making the process more efficient for clients. By opting for policies through the Brit-led consortium, brokers also grant clients access to Brit’s renowned claims service.

Jon Sullivan, Group Chief Underwriting Officer at Brit, emphasized the company’s commitment to innovation and meeting client demands, especially in the cyber insurance market. Adam Taylor, Brit Cyber Class underwriter, highlighted the constant and evolving threat of cyber risks to large corporates and the need for higher coverage limits in response. The launch of Brit Cyber First50 aims to simplify the process for brokers to secure primary cyber limits, ensuring the Lloyd’s market remains the preferred destination for insuring complex cyber risks.