12 June 2018Insurance

XL Catlin adds cyber to UK casualty offering

Re/insurer XL Catlin has extended its casualty insurance offering to include a cyber solution in the UK.

The endorsement is designed for mid-sized and large companies that don’t require a stand-alone cyber solution and is offered as an extension to general liability policies.

It is available to a wide range of industry sectors and has a limit of £5 million. It covers the risks associated with data management, data safety, the impact of a network breach and the various costs that may derive from a cyber incident, using a combination of third-party liability and first-party losses coverages.

“Companies around the world are increasingly vulnerable to targeted cyber-attacks. We regularly speak to companies that record thousands of attacks every year – sometimes every month," said James Tuplin, head of cyber and technology, media and telecoms – international financial lines. “Yet many UK organisations – particularly smaller companies with limited resources – still have some way to go in terms of measuring and quantifying their cyber liabilities. And in our experience, this is preventing many of them from transferring the risk to the insurance market.”

Andrew Farmer, senior casualty underwriter, insurance, added: “We have introduced this endorsement specifically for clients that have not previously bought cyber insurance. Our expert underwriters have a well-defined and straightforward survey for clients to understand their cyber exposures, which helps first-time buyers access this coverage."

Make sure you are GDPR compliant and  confirm your email address to keep getting our daily emails

More of today's news

Gallagher swoops for majority stake in Swiss broker Hesse

Texas hailstorm losses estimated at $1bn

AmTrust appoints new group chief underwriting officer

Argo Group eyes $1tr construction market with new standalone unit

Everest taps new E&S casualty leader from Chubb

Natural resource management important, claims new Allianz report

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

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk

More on this story

19 June 2018   Re/insurer XL Catlin has entered into an underwriting agreement with a new insurtech-focused programme administrator Bamboo Insurance to provide property insurance in California.
22 June 2018   Re/insurer XL Catlin has launched its specialty aviation insurance offering in Mexico. The new product suite will initially focus on general aviation hull and liability risks.
2 July 2018   Specialty re/insurer Brit has appointed Mark Richards as senior vice president, general liability for Brit Global Specialty USA (BGSU). He joins from Navigators Group.