Guy Carpenter & Co. and a partner are coming up with a new cyber aggregation model. XL Catlin beefed up its professional liability coverage for small U.S. architectural and engineering firms. Assurant Inc. is now selling private flood insurance coverage in Florida.
Guy Carpenter & Co. and tech company Symantec Corp. will team up to develop a cyber aggregation model.
Guy Carpenter’s Cyber Solutions Specialty practice will spearhead the effort. The model will include a wide variety of cyber scenarios from which insurers can come up with frequency and severity distributions to measure the potential financial impact of loss from both affirmative cyber coverages and silent all-risk policies where cyber is the peril, but no cyber exclusions exist.
Symantec, a global cyber security expert, and Guy Carpenter, will develop their model using advanced analytics, cyber security knowledge, and the combined scale and innovation of both companies.
Guy Carpenter is a wholly owned subsidiary of Marsh & McLennan Companies.
XL Catlin’s design professional insurance business unveiled beefed up professional liability coverage for small U.S. architectural and engineering firms with annual fees of $2 million or less.
New policy enhancements for the insurer’s smartADVANTAGE coverage include: one, two and now three-year policy term, limits up to $3 million (previously $2 million), deductibles of $0 to $35,000 depending on firm size, full prior acts coverage beginning in the third consecutive year of coverage, and “specialist” premium credit for firms with three or less project types.
XL Catlin’s XL Specialty Insurance Co. will provide the smartADVANTAGE policy.
Assurant Inc. launched private flood insurance coverage in Florida, through its subsidiary Voyager Indemnity Insurance Co.
The new Assurant Primary Flood Insurance policy offers up to $800,000 in structural coverage and as much as $250,000 in contents coverage, at competitive rates with no federal fees or surcharges.
Assurant plans to offer the coverage in flood zones A and V, the two primary locations classified as “Special Flood Hazard Areas” under Federal Emergency Management Agency guidelines.
Assurant plans to offer the Voyager coverage initially only through insurance agents serving Florida.
Sources: Guy Carpenter, XL Catlin, Assurant.