New underwriter to offer specialist liability, business interruption and crisis management
Principia Underwriting launches today as the latest addition to the Aquila Underwriting LLP group of businesses.
It offers a range of specialist liability, business interruption and crisis management policies for the traditional and emerging risks that businesses face when dealing with media content, intellectual property and IT security.
Principia’s founding directors are Chris Newton and Shaun Cooper. Newton was previously with Pembroke Syndicate 4000 where he joined to form the Media and Technology Division.
Before this, he was managing director of media/professional Insurance in the UK prior to its acquisition by AXIS in 2007.
Cooper worked for Aon Global Risks as a network risk consultant before working with Newton at AXIS and also at Pembroke Syndicate 4000.
Managing director Chris Newton said today: “Principia Underwriting has been created to cater for a new generation of supply-chain exposures that are not currently recognised by many insurers. We have a huge potential to transact across a very broad range of business types – convergence in the media industry is complete and IT now runs to the core of every successful business.”
He continued: “Organisations are increasingly outsourcing applications and services to focus on their core business, especially with the growth in the emerging virtual Cloud marketplace. The exposure to liabilities of traditional media outlets is not diminishing, with many businesses grappling with the issues caused by succeeding generations exploiting the 'always-on' social networks and the blogosphere community.
“All this creates vulnerabilities to security breaches, possibly damaging brand values and reducing shareholder value – but it also drives the need for specialist insurance products from a market leader.”
No comments yet