Howden launches new proposition backed by several insurers

Broker Howden has teamed up with Safe Security to launch a new proposition in a bid to widen mid-size corporates’ access to cyber insurance.

Called Howden Safe+, the proposition has been designed to help clients with revenues between $250m and $2bn invest in security measures and improve their risk profile.

One of the ways it aims to do this is by enabling quicker risk assessment, with the product simplifying the procurement process for clients by reducing the number of questions required at quote by 30%.

The proposition will also provide a quantitative link between a client’s cyber security measures and the terms of their cyber policies.

Jean Bayon de la Tour, international head of cyber at Howden, said: “Howden Safe+ is another proactive, seamless, data-driven solution that safeguards businesses while simplifying the purchasing process.

“Safe+ creates a clear, predictable and transparent link between cybersecurity and cyber insurance, ensuring that companies that invest in the latest cyber security measures are duly rewarded.”

Steven Schwartz, cyber insurance leader at Safe Security, added: “The Safe+ programme, in a partnership with Howden, is ushering a new paradigm shift across the cyber insurance market.

“Safe+ enables a new degree of efficiency, transparency and trust between customers and insurers.”

Backing

The proposition is backed by Mosaic Insurance, Chubb and Liberty Specialty Markets.

James Tuplin, head of international cyber at Mosaic Insurance, said that the “streamlined process with Howden offers broader coverage at better terms with up-front incentives”.

“It’s how buying cyber insurance should be done,” he added.

Jelmer Andela, head of cyber underwriting at Liberty Specialty Markets, said: “Liberty Specialty Markets is pleased to support Howden Safe+, making cyber coverage more accessible while highlighting the value of strong cyber security.

“This partnership empowers clients to see real benefits from their risk management investments.”

And Raheila Nazir, senior vice president for COG cyber at Chubb, added: “Chubb is delighted to partner with Howden, Safe Security, Liberty Specialty Markets and Mosaic to launch Safe+.

“Together, we are helping businesses stay ahead of cyber threats with our collective real-time insights and innovative risk management underwriting.”