The media giant alleges two insurers haPen Underwriting, a subsidiary of Arthur J. Gallagher & Co., has revamped its cyber proposition for large corporate clients, which includes re-entering primary coverage for this market, doubling its excess of loss (XOL) limit, and expanding its risk appetite.
Supported by a consortium of A-rated capacity providers with expertise in the cyber market, Pen’s updated offering provides £10 million in primary coverage and a £15 million limit for excess of loss, with global coverage for businesses of all sizes.
Building on its established SME cyber offering, the enhanced large corporate proposition allows Pen to provide tailored insurance solutions for businesses across all sectors, creating a comprehensive one-stop-shop for brokers and their clients.
Fiona Maclean, Head of Corporate Cyber at Pen, commented, “Our new offering for large corporate clients represents a significant revamp in the best way for brokers and their clients. Our chosen combination of consortium capacity partners underpins Pen’s significantly widened risk appetite for bigger corporate entities and ability to offer worldwide coverage. This is particularly great news for brokers specialising in mitigating corporate clients’ cyber exposure who need to know extensive types or sizes of risk can be quoted for and covered, across both primary and XOL layers.”
She continued, “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.”
Ian Summerfield, Head of Cyber at Pen, added, “Following the significant enhancements to our SME cyber proposition we have been rolling out this year, this rebuilt and relaunched offering for large corporates demonstrates how Pen is listening to and delivering for brokers. 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.”
