MGA revamps large corporate cyber proposition

Pen Underwriting has relaunched its cyber proposition for large corporate clients.

The product offers £10m primary cover and a £15m limit for excess of loss, backed by A-rated capacity providers.

The MGA stated the move will enable it to offer tailored insurance offerings for every size of business in any sector.

Fiona Maclean, head of corporate cyber at Pen, said the offering “represents a significant revamp in the best way” for brokers specialising in mitigating corporate clients’ cyber exposure.

She added: “Corporate clients are sophisticated buyers when it comes to cyber protection, having typically invested heavily in their own cyber security and rigorous IT controls while retaining an initial layer of risk themselves.

“Therefore, they need to know their insurance policy will provide the higher levels of indemnity they are looking for, should a malicious or non-malicious act disable operations, as well as deliver immediate breach response and support tailored to their needs.”

’Listening to brokers’

The MGA updating its cyber proposition follows it rebuilding and relaunching its SME cyber proposition.

Pen’s head of cyber Ian Summerfield said the revamps demonstrate “how Pen is listening to and delivering for brokers”.

He added: “Cyber is arguably the most dynamic area of risk faced by today’s businesses, large and small, and we will continue to review and revise our propositions to provide the most effective blend of risk management, breach response and insurance solutions for every customer type.”