CFC launches insurance proposition for mid-size to multinational tech companies

MGA CFC Underwriting has launched a new tech and cyber product for technology businesses with more than $250m (£197.35m) in revenue.

The proposition protects against traditional and emerging risks that mid-size and multinational technology companies could face, as well as covers costs associated with delays, mistakes, oversights and miscommunications.

It additionally includes access to proactive cyber protection, such as vulnerability scanning, threat hunting, threat and claims intelligence and an incident response team.

Michael Brunero, head of tech, media and intellectual property at CFC, noted that “the global value of intangible assets has reached a record high of almost $80tr (£63tr)”, according to the Brand Finance Global Intangible Finance Tracker 2024, published 30 October 2024.

This, he said, was “largely driven by innovations like artificial intelligence (AI) and the increasing importance of technology in everyday life”.

Brunero continued: “Accordingly, tech companies hold vast amounts of data they have to protect. At the same time, the value of their intellectual property is growing at an unprecedented scale.

“This is the most exposed industry across the size spectrum and as an innovator in building insurance solutions to cover these exposures, we’re using our years of underwriting and claims expertise to bring comprehensive new cover to this market.”

‘Right moment’

Currently, CFC’s technology practice serves 25,000 technology businesses worldwide.

Brunero continued: “Few markets have the capability or interest to assist startups and micro SMEs all the way up to larger corporate clients through their company lifecycle.

”CFC has traditionally helped protect SMEs in the tech space, however, as we have developed our specialist knowledge and expertise in the tech sector over the past two decades, we feel this is the right moment to diversify our portfolio and extend our expertise to larger corporate tech businesses.

“The fusion of our experience of insuring businesses at the cutting edge of technology and providing cyber cover for large corporate organisations over the past 25 years now means that we’re able to offer comprehensive cover for tech companies as they grow through the cycle from pre-revenue to become large multinationals.”

• Insurance Times has converted dollar amounts into pound sterling at an exchange rate of £1 = $1.29, as at November 2024.