Ex-Bush terrorist adviser teams up with Lloyd's to launch cyber insurer

The former US Secretary of Homeland Security is launching a cyber insurer, according to the Financial Times.

Tom Ridge, who served under President George Bush following the 9/11 attacks, has signed Lloyd’s syndicates including Brit, Novae, Barbican and Aegis London to underwrite policies. He has lined up Guy Carpenter as a broker.

“This is not just about insurance, but helping and incentivising companies to manage their cyber operations more effectively,” Ridge, a former governor of Pennsylvania, said.

The company, based in Washington, will focus on covering small and medium-sized enterprises that will be able to purchase policies covering costs arising from cyber attacks of up to $50m, according to the FT.