Beazley and a division of Munich Re have linked up to help bring innovation and capacity to the large cyber market. Allied World Assurance Holdings is adding drone services to its risk management offerings.
Beazley and Munich Re’s Corporate Insurance Partner are jointly creating “Vector,” a partnership that aims “to bring innovation and capacity to the large cyber market.”
Vector cements a relationship the two insurers forged a year ago, through which the world’s largest companies can obtain up to$100 million of cover for a wide range of first party and third party cyber exposures. The partnership garnered an award for innovation at the European Risk Management Awards in December 2016.
Since last year’s launch, many Fortune 1000 businesses have built stronger cyber towers, typically at the primary level, said the companies in a statement, noting that half the companies considering Vector are new to the cyber market and span the globe.
Allied World Assurance Holdings said it is adding drone services to its risk management holdings.
This new policyholder offering will include access to discounted unmanned aerial systems services through DataWing, a drone service provider led by former U.S. Air Force fighter pilots.
DataWing can help companies monitor the costs and benefits of operating a drone program, determine the best way to incorporate or maintain a successful program, stay informed on the latest FAA regulations as well as the drone hardware and software. The company can also help clients develop flight plans and deploy drones.
Source: Munich Re and Beazley, Allied World Assurance Holdings