Coalition is marketing cyber insurance designed to protect organizations against fraudulent use of their IT and telephony services. Guy Carpenter inked a multiyear partnership with a London-based professional services firm that provides software services for insurers. Vault, a high-net-worth personal insurer formed by ex-AIG executives, has expanded into South Carolina.
Cyber insurance startup Coalition is now marketing coverage designed to protect organizations against fraudulent use of their IT and telephony services, including cloud- and Internet-based services.
Coalition’s Service Fraud coverage reimburses organizations for direct financial losses stemming from being charged for fraudulent use of business services including Software-as-a-Service (SaaS), Infrastructure-as-a-Service (IaaS), Network-as-a-Service (NaaS) and Telephony Services, among others. This new coverage insures against traditional forms of fraud, such as telecom toll fraud, and also extends coverage for the thousands of business and cloud-based services used by small to midsize organizations.
This new coverage addresses three key risk exposures facing organizations of all sizes:
- Unauthorized access and fraudulent use of an organization’s business services, including cloud- and/or Internet-based services.
- Toll fraud, including the unauthorized use and charge for phone lines, equipment and services, including VoIP telephony, to make long distance calls.
- Cryptomining and cryptojacking, where criminal hackers infect systems with malware for the purpose of stealing an organization’s resources for cryptocurrency mining.
Guy Carpenter & Co is forming a multiyear, global strategic partnership with Reynolds Porter Chamberlain Consulting (RPCC) to license and develop proprietary applications to run within RPCC’s Tyche software.
London-based RPCC is a professional services firm providing global actuarial, analytic and software services to the insurance industry from a United Kingdom and European base.
Tyche combines, in part, a computational engine and the ability to process extreme amounts of data in real-time to deliver advanced underwriting, pricing, reserving, portfolio optimization and capital management analytics on a single platform, Guy Carpenter said in a statement announcing the partnership.
Tyche will complement Guy Carpenter’s existing actuarial and capital modeling platform, MetaRisk, which will remain a cornerstone of the company’s product line. As part of the agreement, Guy Carpenter will have exclusive access to RPCC’s Tyche software among all insurance and reinsurance brokers.
Concurrent with the announcement of their exclusive licensing agreement, Guy Carpenter and RPCC have collaborated on their first co-developed application built on Tyche, which will provide real-time inward and outward reinsurance portfolio analysis for the London market. The two companies will co-market and license the product.
Vault, an insurer formed by former AIG executives focused on the high-net-worth personal insurance market, has opened for business in South Carolina.
Vault offers insurance coverage and services for high-value homes, art, jewelry, cyber and personal excess liability coverage. Vault’s business model, built on agent feedback, offers these products through one transaction on a web platform that offers quick quote and binding.
Launched in 2017, Vault is a combination of a policyholder-owned reciprocal insurance exchange focused on serving the unique, fast-changing needs of the affluent. Vault is majority-owned and supported by Allied World Assurance Co. Holdings, GmbH. Allied World, a Fairfax company, provides significant capital and operational support to Vault.
Vault is the marketing name used to refer to Vault Reciprocal Exchange, a Florida-domiciled reciprocal insurance exchange managed by Vault Risk Management Services LLC as its attorney-in-fact and its affiliates.
Source: Guy Carpenter, Vault