Article ID: 485a8340fc7343b31d221ec7261e1c22abd17bce95fd7dda4ada0976e502caee
Source ID: primary:reinsurancene.ws
Published At: -
Extraction Method: trafilatura
URL: https://www.reinsurancene.ws/brit-introduces-fi-cyber-max-consortium-for-financial-institutions/
Body Text
Brit Group Holdings Limited, a specialty insurer and reinsurer operating across Lloyd’s, the London market and internationally, has announced FI Cyber Max, a new integrated Cyber and Financial Institutions (FI) consortium. Developed to support large and complex financial organisations, FI Cyber Max brings together Brit’s specialist Cyber and FI underwriting teams within a single, coordinated structure. The consortium is designed to make placements more efficient by addressing the challenges created when programmes are spread across multiple lines and limits. FI Cyber Max will provide up to USD $20 million in lead capacity, offering aligned protection across Cyber, Professional Indemnity, Directors’ & Officers’ Liability and Crime. This approach aims to deliver greater certainty of cover and improved consistency across interconnected risks. Policyholders will also benefit from access to Brit’s claims and risk management services, helping to ensure a consistent approach, faster responses and dependable outcomes when claims occur. Patrick Mitchell, Class Underwriter, commented: “Financial institutions face a complex risk landscape due to the type of transactions they facilitate and data they hold. FI Cyber Max will help simplify the placement process for these organisations, allowing us to reduce fragmentation and deliver coverage needed across multiple lines” Adam Taylor, Class Underwriter, Cyber, Privacy and Technology, added: “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. “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.”
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