Beazley beefed up its coverage options for businesses seeking to address their evolving cyber exposures. A new partnership allows XL Catlin’s North America Construction insurance business to give some of its clients a vital new service. Sompo International Holdings Ltd.’s European Specialty platform debuted transaction risk insurance, designed for use in mergers and acquisitions.
Beazley launched an enhanced version of its Beazley InfoSec policy, offering large businesses a range of coverage options to address their evolving cyber exposures.
More recently, attacks that disable a company’s systems – often accompanied by an extortion demand – have emerged as a major threat, especially for manufacturers, utilities and industrial companies. The new policy offers comprehensive coverage for these first-party risks, including cyber extortion, data recovery costs, business interruption costs arising from security breaches and related system failures, and scams involving criminals impersonating trusted individuals or entities who direct funds to be wired to their own bank accounts.
The policy also includes access to Beazley’s dedicated in-house breach response unit, Beazley Breach Response Services (BBR Services), which has helped clients handle thousands of breaches successfully. BBR Services coordinates the expertise required for companies to maintain the confidence of their customers following a data breach, identifying what data was lost and notifying the affected individuals in compliance with applicable state and federal breach regulations.
XL Catlin’s North America Construction insurance business teamed up with construction technology startup TradeTapp to give subcontractor default insurance clients access to its platform to make informed subcontractor hiring decisions.
TradeTapp’s platform helps general contractors assess the subcontractors they hire through an algorithm designed to identify risks based on industry data. The platform compiles subcontractor data into detailed, comprehensive profiles that include financial benchmarking, ratio calculations and maximum exposure recommendations.
XL Catlin’s North America Construction insurance business includes dedicated construction underwriters providing primary and excess casualty, professional liability, builders risk, wrap ups, subcontractor default and pollution insurance. The cover also comes with risk engineering services to help clients’ loss prevention and safety efforts and construction claims expertise.
Sompo International Holdings Ltd.’s European Specialty platform debuted a new transaction risk insurance line of business, expanding its professional lines insurance offerings in Europe.
The Bermuda-based specialty provider of property/casualty insurance and reinsurance said that the cover is for parties on either side of a merger or acquisition transaction.
Features include coverage against losses arising from warranties and indemnities (breaches and other risks). The program targets public and private companies domiciled or conducting their core business throughout Europe. Primary and excess attachments are available for buyer-side, seller-side and seller-induced buyer-side warranties and indemnities, and tax liability insurance for European tax risks related to M&A transactions.
Sources: Beazley, XL Catlin, Sompo International Holdings