Brit launches Brit Cyber First50

Specialty insurer Brit has launched Brit Cyber First50, a new cyber offering for large institutional clients with revenues of $10 billion or more.

The new product has a $50 million primary coverage limit under a Brit-led Lloyd’s consortium. 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.

“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.” – Jon Sullivan, Group Chief Underwriting Officer, Brit.

““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.” – Adam Taylor, Brit Cyber Class underwriter.