Pioneer introduces cyber cover for investment managers

Pioneer Underwriters is introducing a product covering the specific cyber risk exposure of investment managers.

Pioneer’s cyber response team will manage the fallout of a cyber attack and the potential costs involved.

“We recognise that to date, the insurance sector has been slow to respond to the specific needs of investment managers in relation to cyber exposure,” said Simon Holt, senior underwriter financial institutions.

“In response, we have worked hard to develop an Investment Management Insurance Product that contains cyber cover specifically tailored to the sector,” Holt added.

“Pioneer’s cyber offering provides pre and post loss cyber risk management services and as an industry first, offers cover for Loss of Management Fee due to Network Interruption. This new product will allow Pioneer and our brokers to better meet the needs of our mutual insureds,” he explained.

Pioneer Underwriters is a unit of Minova Insurance Holdings and operates Pioneer Syndicate 1980, which launched on Jan. 1, 2018 with gross premium income of £278 million.

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