Brit has launched a new cyber offering for large institutional clients with revenues of US$10bn or more.

Cyber First50 is a US$50m primary Brit led and managed Lloyd’s consortium, created in response to the increasing frequency and size of cyber losses.

Jon Sullivan, group chief underwriting officer, commented: “Brit is a longstanding leader in the cyber market, and we have a strong track-record of creating innovative products and placement solutions built around client demand. Cyber is one of our core classes, which we continue to grow, and we are therefore delighted to launch Cyber First50 with the objective of making it easier to secure large-scale capacity in Lloyd’s.”

Adam Taylor, Brit cyber class underwriter added: “Cyber is a constant and evolving threat to large corporates and, as the prevalence of cyber risks grows, so too does the potential detriment it can cause to businesses, requiring large global firms to increasingly seek higher coverage limits. It is essential that the Lloyd’s market is able to meet this need, in order to remain the destination of choice for insuring the biggest and most complex cyber risks. Brit Cyber First50 directly responds to this challenge, expediting and simplifying the process for brokers to secure clients’ primary cyber limits.”

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