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Scott Gunter, AXA XL CEO
Intangic MGA, a London-based cyber Managing General Agent (MGA), has been launched with backing from AXA XL, offering new cyber insurance cover for large public corporations headquartered in the UK.
Intangic MGA has worked with AXA XL for its cyber policy, CyFi, which is underwritten by AXA XL Insurance Company UK. Intangic offers public corporations with cover of up to $15 million (£12.5 million) in the UK market to cover losses from material cyber breaches. Plans are underway to extend this offering to the US market.
The policy has two simple parametric triggers: the level of malicious activity targeting a company, and a subsequent loss in value. The triggers ensure that all parties have a transparent dashboard for the real-time monitoring of risk activity – a first for an underwriter in the cyber insurance market. When both triggers have been met, the claim is quickly paid to get the business running efficiently again.
“It really just comes down to thinking differently about the problem,” said Ryan Dodd, CEO and founder of Intangic. “The security teams at large corporations have to manage cyber threats all day, every day. Our approach assesses cyber as a high-frequency risk. By accepting cyber-attacks as ‘constant’, we can measure a link between how these attacks are managed and the financial impact they have on corporate operations. Our parametric triggers make this link visible, enabling fast recovery from covered material breaches and giving corporations a new type of insurance risk transfer. By doing this, we have converted cyber risk to a language the board understands.”
Luis Prato, chief underwriting officer, UK & Lloyd’s at AXA XL, added: “This is a simple and innovative solution to a complex problem,” said. “Intangic’s policy and the mechanisms behind it create a different way to approach risk and unlock capacity for cyber for large public corporations, helping them to strengthen their cyber risk programme.”
AXA XL, Intangic, MGA, Cyber Insurance, Insurance, Reinsurance, UK, Bermuda