Ascent expands cyber portfolio with Munich Re backing
Ascent Underwriting, a managing general agent (MGA) specialising in emerging and professional risks, has partnered with Munich Re for its new physical damage cyber cover. The company has added the new cover to its CyberPro product, a part of its professional and non-tangible risks portfolio. It aims to bridge the gap between cyber and property policies that it said has "created issues for insureds as the market looks to address ‘silent cyber’ exposures by restricting cyber coverage under property policies." Ascent said the policy is designed for businesses of all sizes. The capacity is being provided by German insurer Munich Re. Caspar Stops, who joined the company in October last year to spearhead the development of Ascent’s cyber portfolio, said: “This enhancement of CyberPro is an exciting development and very timely. We are seeing a shift in the market where coverage for cyber as a peril must be affirmatively given or not given within all insurance policies, not just cyber ones. At the same time organisations are increasingly embedding technologies for business improvements and efficiencies, which has led to the creation of cyber physical systems throughout organisational infrastructures and the emerging risk this presents. “CyberPro caters for a wide variety of network exposures, offering robust protection to insureds in areas of risk which the market has been slow to respond to. It’s not a bolt-on cover, but bridges traditional physical-damage wordings with cyber cover in a highly effective, seamless integration of the two.”
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