New cyber MGA tailored for small and medium-sized businesses launches
A fresh cyber managing general agent (MGA) tailored for small and medium-sized businesses (SMBs) has launched, aiming to protect companies against the financial impact from cyber attacks. It is underwritten by insurers at Lloyd’s of London, with Park National Insurance Company as carrier, and placed by Acrisure Re.
Mulberri, an embedded insurance platform established in 2021, has rolled out a new cyber MGA for SMBs. Mulberri claims the market has “struggled to streamline insurance for SMBs” – a narrative it intends to change.
Mulberri Cyber Insurance MGA offers policy limits of $250,000 and $500,000. It says the low premium and policy limit provides important base coverage while being affordable to SMBs.
“Our embedded partners are used to having to think twice about selling cyber insurance to SMBs as it slows down the sales process with questions and due diligence,” said Hamesh Chawla, co-founder and CEO, Mulberri. “We have removed these barriers and lowered the policy limit, creating an entry level program meant to provide cyber insurance coverage to businesses that have not had it in the past.
“We are thrilled to contribute to SMBs having peace of mind that they are covered against increasingly common cyber attacks that can have catastrophic consequences on their businesses.”
Phil Urso, chief sales officer at Vensure Employer Solutions, commented: “Our SMB customers are spread thin when it comes to time and resources, and they don’t always have all the details about their infrastructure at their fingertips. This often causes cyber insurance to fall off their priority list — even though it is increasingly essential. Thanks to Mulberri we can finally offer affordable coverage to businesses without a huge time investment on their part, so they can stop worrying about cyber attacks and focus on other issues needing their attention.”
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