Cyber MGA expands into mid-market

Lloyd’s-backed cyber MGA Onda has launched a new product that expands its coverage appetite into the mid-market, for companies with turnovers between £100m and £1bn.

The firm said that the Onda X product would provide primary and excess coverage limits of up to £5m and has been designed to simplify the cyber placement journey for brokers and customers by removing the need for technical question sets and form filling.

For mid-market businesses, Onda will deploy its risk engine to assess insurability by integrating external attack surface analysis, real-time threat intelligence and its cyber risk assessment Navigator tool. 

This cyber risk assessment can then be used to assess threat levels, recommend security tips for clients and assess insurability, without the need for clients to provide the information themselves. 

Customers can demonstrate their own security controls rather than relying on lenghty forms, decreasing friction in a broker’s sales process.

Threat environment

Based on threat data it collects, Onda noted that there was a need for further cyber insurance penetration because of an increase in threat actor activity. 

For example, it revealed that it has identified a 40% increase in new cyber crime groups, initiatives, collaborations and services across 2024.

And, in the first two months of 2025, Onda saw a 64% per month increase in the number of victims that were named publically by hackers, versus the 2024 average. 

Chief underwriting officer Alex Jomaa said: ”Our aim is to make it easier for brokers to provide clients with access to insurance without getting bogged down with lengthy exchanges between underwriters, brokers and clients. 

“The technology we’ve developed removes this friction, allowing brokers to secure coverag more swiftly and with less hassle. We are very excited to present this simplifying product to the market.”