Ascent introduces cyber policy nil deductible for SMEs

Specialist niche-product managing general agent (MGA) Ascent Underwriting said on Sept. 18 that it is further targeting small and medium-sized (SME) business by offering nil deductible/zero excess options on all cyber insurance policies globally.

The product will be available to all new and renewal SME clients that opt to use Ascent’s expert panel of service vendors in the event of a claim.

Ascent’s global vendor panel offers a complete range of expert assistance such as breach response, computer forensics and legal counsel, enabling incidents to be resolved swiftly and equitably at minimal cost.

Offering nil deductible is made possible for Ascent by Optio, a proprietary quote-and-bind platform, which conducts rapid, granular-level analysis that supports Ascent in underwriting risk.

Gareth Tungatt, chief underwriting officer at Ascent, said: “Ascent has built significant data sets regarding the management of claims during the last five years. Offering clients nil deductible policies and access to our expert partner vendors ensures they incur zero cost at the point of claim, while receiving the best possible advice that allows claims incidents to be closed down as swiftly as possible.”

Get the latest re/insurance news sent to your inbox every day -  Sign up to our free email newsletters

Today’s top stories:

RSA France poaches CEO of AXA Corporate Solutions UK

IUMI president predicts shake-up in marine underwriting

Hiscox estimates Harvey impact

China’s internet-only ZhongAn to expand into life and healthcare

Global marine premiums fall another 9% YOY

Twelve Capital hires Barbican executive

Aviva completes €0.5bn Spanish divestment

Hurricane Irma insured losses at up to $50bn: AIR Worldwide

Don't miss our insurtech email newsletter - sign up today