Brit launches new cyber and financial institutions consortium

Brit has launched a new integrated cyber and financial institutions (FI) consortium.

Called FI Cyber Max, the new consortium will bring together Brit’s cyber and FI underwriting teams to simplify placements and reduce friction where multiple lines and limits sit across fragmented programmes.

The new consortium will offer up to $20m (£15m) of lead capacity and will deliver cover across cyber, professional indemnity (PI), directors’ and officers’ liability and crime.

Patrick Mitchell, class underwriter, said: “FI’s face a complex risk landscape due to the type of transactions they facilitate and data they hold.

”FI Cyber Max will help simplify the placement process for these organisations, allowing us to reduce fragmentation and deliver coverage needed across multiple lines.”

’Flexible deployment solution’ 

FI Cyber Max policyholders will also have access to Brit’s claims and risk management services as part of the offering, ”ensuring consistency, speed and certainty when the need arises”. 

Adam Taylor, class underwriter for cyber, privacy and technology, added: “No risk exists in isolation and in an increasingly interconnected world there is a clear need to provide consistent and comprehensive coverage across interrelated risks.

”The launch of FI Cyber Max enables us to offer a flexible deployment solution across multiple lines at scale. As the cyber risk landscape continues to evolve, we’re delighted to be able to bring another consortium to the market which enables us to solve a critical need for FI’s.”