Liberty Specialty Markets has teamed up with Baobab Insurance to develop an e-crime insurance product for SMEs.

Bespoke coverage is available for sums of up to E5m.

Michael Harth, general manager, Germany, Liberty Specialty Markets said: "As a specialist insurer, it was important for us to find a partner with in-depth expertise in the area of cyber risks. With Baobab, we have exactly this specialist at our side. Together, we are launching a product on the market that finally provides SMEs with efficient protection against e-crime - without an excessive application process."

Vincenz Klemm, co-founder and managing director of Baobab Insurance added: "Issues such as CEO fraud and deepfakes are a real threat to SMEs. Together with our existing cyber and IT liability insurance policies, we are now offering these companies a comprehensive range of services. In line with our strategy, we are thus positioning ourselves as a digital specialist insurer for technical risks."

---