Vantage Risk takes on US primary cyber insurance market ‘head-on’
Specialty re/insurance group Vantage Risk has begun underwriting US primary cyber insurance business in a move to accelerate portfolio growth and expand its US and Bermuda capabilities.
Vantage will provide up to $10 million in capacity through its US insurance subsidiaries. It said the initiative is driven by market demand and the increasing complexity of cyber risks.
Vantage introduced excess cyber insurance capabilities in the US and Bermuda in 2022. Its new US primary offering is designed to protect a wide range of industries with a focus on the technology industry sector.
The primary offering aims to bring specialised claims expertise and attack response services in addition to a deep understanding of errors and omissions (E&O) exposures and how best to structure solutions in an evolving risk environment.
The company said coverage is for both first and third party costs, including technology E&O, media, network security, and privacy liability, data breach notifications and credit monitoring, forensics and investigations, business interruption, data recovery and repair, regulatory fines and penalties, and extortion threats.
Juliet White, head of cyber and professions E&O said: “Cyber risk is rapidly evolving and demands stable, long-term partnerships for effective risk management.
“Our team of experts is ready to meet the opportunity head-on. We're excited to extend our capabilities into primary cyber and provide the protection that our clients need to grow their businesses.”
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