The launch of a cyber insurance start-up by a former US Secretary of Homeland Security confirms the potential in this tricky yet potentially lucrative line of business for insurers. Intelligent Insurer reports.
When Ridge Insurance Solutions Company, a new Lloyd’s managing agency offering a cyber privacy and network protection solution, was launched in October, the start-up became the latest in a procession of cyber products and solutions launched this year as insurers attempt to grasp the nettle when it comes to this difficult but potentially lucrative form of coverage.
The fact that this latest venture is led by Tom Ridge, the first US Secretary of Homeland Security, however, will make many in the market sit up and take notice. There is clearly a rapidly growing market for this form of protection, and having a figure such as Ridge at the helm makes it appear to be a different kind of proposition from what the market has seen before.
The venture boasts a solid set of underwriting partners. Brit, AEGIS London and Novae will be the lead underwriters on the new product, with Barbican Insurance Group and ACE also participating. Guy Carpenter is its broker.
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Cyber insurance, US Secretary of Homeland Security, Tom Ridge, Ridge Insurance Solutions Company, Lloyd's