Lloyd’s insurer Probitas draws Munich Re senior underwriter for cyber launch

Lloyd’s insurer  Probitas 1492 has officially started underwriting cyber business, effective July 1, with the hire of Munich Re’s senior underwriter to lead the new line of business.

Richard Taylor (pictured) joined  Probitas in April this year as head of cyber & technology, focusing the book of business on complex SME to large single risks.

Most recently, he served as senior cyber underwriter at Munich Re Syndicate, where he worked for more than six years. Previously, Taylor worked at Watkins Syndicate and broker SGM-FX.

Taylor said: “We have spent the past couple of months establishing Cyber as a new line of business for the syndicate and building out the framework for future ambitions, so it’s exciting to now officially start underwriting and supporting the market.”

He added: “The cyber market needs to continue working towards a more dynamic and collaborative approach to understanding client risk maturity and quantification.

“It is for this reason we are building  Probitas Labs, which aims to be the market’s centre of excellence for cyber. Our goal is to continually generate fresh insights on risk analysis by developing products, services, and partnerships with industry experts to support and enhance cyber risk transfer within the market.”

Probitas Labs will focus on three main areas: cyber research & development, including data analytics and market platforms; client & vendor services, which will help support clients before, during and after a breach and, lastly, thought leadership.

Probitas Labs aims to be an integral part of the cyber community and a valuable tool and mouthpiece for cyber specialists, policyholders and brokers, Taylor said.

“Data, analytics and industry-leading modelling software have always been at the core of  Probitas’ business, playing an essential part in the underwriting methodology; Cyber & Technology will be no different in this respect,” he concluded.

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