Axon launches new Lloyd's-backed cyber programme for SMEs

Lloyd's coverholder Axon Underwriting Services, a specialty lines programme administrator, is launching a cyber insurance programme for small to medium size enterprises (SMEs).

The new cyber liability programme, CyberAdvantage, is backed by the Lloyd’s of London. It responds to client breach and ransomware incidents providing response services, defense cost, business interruption, data recovery and credit monitoring coverage.

“Axon’s ability to offer a differentiated cyber product to the SME marketplace is very timely,” said Randy Hampton, executive vice president and partner at Axon Underwriting. “Our broad product offering is highly relevant to the increasing number of exposures faced by companies given changes in the work environment.”

Doug Gahagan, executive vice president and partner, added: “We’ve spent significant time developing CyberAdvantage and are very excited to bring another customized Axon product to market. Not only is this a highly relevant addition to Axon’s portfolio of specialty offerings, it further expands our relationship with Lloyd’s of London. We see this as one of several specialty products currently under consideration that will be backed by Lloyd’s.”