Lloyd’s invests in cyber risk management firm Axio
Re/insurance marketplace Lloyd’s has invested in US-based cyber risk management firm Axio through its Central Fund to enhance insurance solutions in the London market. Last night, Axio was honoured with a highly commended award at the Intelligent Insurer’s Cyber Insurance Awards Europe 2024.
Lloyd’s said the investment is a direct result from Axio’s selection into, and participation in Lloyd’s Lab Cohort 10, where it successfully piloted an extension of the Axio360 platform to help Lloyd’s syndicates develop coverage solutions for cyber physical damage exposure. This type of cyber risk, and demand for coverage, continues to grow in importance as the world increasingly contends with more sophisticated forms of cyber attacks, especially those targeted at critical infrastructure.
Axio said its collaboration with Lloyd’s is a natural progression of its commitment to helping quantify cyber risk for critical infrastructure organisations. Axio co-founder Scott Kannry was closely involved in developing the first commercial cyber insurance products as an executive at Aon. Co-founder David White was the security architect for the C2M2 model and helped author and contribute to many of the most widely used cybersecurity assessment frameworks, which are available in Axio’s SaaS platform Axio360.
Kannry, Axio CEO said: “I’m honored to welcome Lloyd’s to the Axio investor family. One of our founding goals was to help the insurance industry better tackle cybersecurity risk, and the investment support from Lloyd’s is evidence of our unique ability to deliver on that goal. We’re now excited to work even more closely with the Lloyd’s Market to help it deliver better coverage solutions, especially for the most challenging areas of cybersecurity risk.”
Dawn Miller, Lloyd’s commercial director said: “As part of Lloyd’s ongoing commitment to innovation, today’s announcement is an excellent example of the power of Lloyd’s Lab’s accelerator programme, which forms an integral part of our innovation hub located in the heart of The City. We look forward to driving the increased prominence of the Lab in its mission to innovate the market, through our support and backing of companies with exceptional solutions.”
Eleanor Bucks, Lloyd’s chief investment officer added: “The Lloyd’s Lab is a centre of innovation for the insurance industry giving us as investors the opportunity to back great companies ourselves where we have a strong shared interest for our industry. We’re able to generate attractive return on capital and aid the growth of these companies for the benefit of the market.”
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