New MGA unveils parametric cyber cover with Axa XL backing

New MGA Intangic has launched today (16 March 2023) and unveiled a new parametric cyber insurance product for large businesses headquartered in the UK.

The cyber underwriter claimed its new policy CyFi would offer UK firms “fast recovery from the material impact of cyber threats”.

It will be underwritten by Axa XL, which worked with Intangic to create the new product.

As part of the policy, cover of up to £12.5m will be offered to businesses to cover losses from material cyber breaches.

It has two parametric triggers, one being the level of malicious activity targeting a company and the other a subsequent loss in value.

These triggers would ensure all parties have a dashboard for the real-time monitoring of risk activity – when both triggers have been met, the claim would be paid, explained Intangic.

The MGA claimed this would allow “a fast payout [within] days” to help get a business ”running efficiently again”.

’Improve effectiveness’

Luis Prato, Axa XL’s UK and Lloyd’s chief underwriting officer, commented: “This is a simple and innovative solution to a complex problem.

“Intangic’s policy and the mechanisms behind it create a different way to approach risk and unlock capacity for cyber for large public corporations, helping them to strengthen their cyber risk programme.”

Ryan Dodd, founder and chief executive of Intangic, said the company’s approach assessed cyber “as a high frequency risk”.

He added: “We brought multiple areas of risk expertise together to think about cyber differently and through data science, we have converted what is considered an invisible risk into something more measurable and ultimately visible to large corporations.

“We want to demystify cyber to anyone outside of our customers’ cyber security team.

”We can, as a result, help risk managers improve the overall effectiveness of their cyber insurance programmes, including timely payouts.”