’Our process of continual review, adjustment and improvement is aimed at ensuring customers have access to the most relevant and most responsive cyber policy possible,’ says managing director of international cyber, D&O and PI
MGA Pen Underwriting has launched six key coverage enhancements to its UK SME cyber proposition as part of its commitment to address evolving exposures.
The six enhancements remove upfront burdens on customers in the event of a cyber extortion incident and respond to wider shifts identified in the make-up and potential duration of claims.
The additional coverage includes ‘pay on behalf’ language – enabling cyber insurance professionals to step in, facilitate payments and provide immediate assistance – and a doubled period of restoration from 180 to 365 days to reflect the potential for systems and network business interruption to be prolonged.
It also includes breach response costs, hardware replacement, security upgrade costs and voluntary and regulatory shutdown, which caters for business interruption losses arising from system shutdown.
Ian Summerfield, managing director of international cyber, D&O and PI at Pen Underwriting, said: “These latest changes represent important and material enhancements, making it even more compelling for brokers to recommend Pen’s cyber insurance to their clients in a fast-moving competitive market.
”Take our ’pay on behalf’ language. In the event of a cyber extortion event, this enables us to facilitate the payment of a ransom while also navigating the alien world of cryptocurrency on behalf of the impacted insured business – an invaluable service alongside the wider benefit of not having to find funds upfront to cover fees and expenses.”
Previous enhancements
This is the latest suite of coverage improvements in a series of significant enhancements made last year to Pen’s SME cyber proposition.
Read: Pen Underwriting plans to use M&A to build ‘a much more specialist, niche business’
Read: Tom Downey – Pen Underwriting aims to be £1.75bn GWP business by 2030
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In the last revamp, 20 areas of core, additional crime cover were added to the MGA’s offering for UK businesses with revenues up to £600m.
This also introduced the any one claim limit basis for indemnity in response to the increasing likelihood of businesses being hit multiple times by different cyber events in any 12-month period, ensuring the full limit of cover can apply to all claims.
Summerfield added: “We don’t make coverage changes lightly.
”Our process of continual review, adjustment and improvement is aimed at ensuring customers have access to the most relevant and most responsive cyber policy possible – whatever type of cyber incident they may ultimately find themselves subjected to.
“Cyber risk never stands still, so we won’t either. Few, if any, areas of business risk are evolving as quickly as cyber and every coverage enhancement we introduce responds directly to challenges, changes or complexities that UK businesses are facing.”

With a range of freelance experience, Harriet has contributed to regional news coverage in London and Sheffield, as well as music and entertainment reporting across various publications.View full Profile
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