LONDON–(BUSINESS WIRE)–Arch Insurance (UK) Limited, part of Arch Insurance International, is
set to enter the cyber insurance market with a new product specifically
focussed on the needs of small to medium enterprise (SME) clients and
their insurance brokers.
Cyber Searchlight, which Arch is launching at BIBA
2019, breaks free from traditional and sometimes complex insurance
policy structures to focus on delivering the assistance SMEs need
immediately following a cyber event.
In the event of a cyber claim, app-based notifications and online help
will be available, allowing businesses to continue with a minimum of
disruption and with the confidence that they are being supported by a
wide panel of expert service providers.
Cyber Searchlight will be introduced as a specialist standalone product
in the UK before being deployed into the Australian market via Arch’s
offices in Sydney and Melbourne.
Ultimately, Arch plans to integrate the product into the expanding range
of Commercial SME business package solutions offered by its UK Regional
Division, which handles tens of thousands of SME commercial clients
annually through its network of over 2,000 regional brokers.
Development of Cyber Searchlight has been overseen by Marcus Breese,
Arch’s London-based Cyber Class Underwriter who joined its Financial
Lines team early in 2019. Marcus has spent a significant part of his
career developing and underwriting cyber products on a worldwide basis.
Steve Bashford, Chief Executive, Arch UK Regional commented, “Our
ambition has been to design a simple, service-led policy proposition to
overcome the historic complexity in the cyber segment. When a business
experiences a cyberattack, it needs a responsive, straightforward
service — a lifeline in its hour of need. We’ve designed Cyber
Searchlight to be a fifth emergency service, empowering brokers to sell
more policies with more confidence and to get their clients back up and
running swiftly if they experience a cyber incident.”
Claims will be handled by the Arch claims team, with 24/7/365 cyber
breach response service provided in partnership with the cyber team at
global law firm Kennedys.
Mr. Breese added “We are particularly excited as cyber at Arch Insurance
International has been built from scratch with the needs and concerns of
brokers and clients front and centre.”
At BIBA 2019 (stand D71), experts from Arch will be on hand to discuss
Cyber Searchlight with insurance professionals. On the first day of the
conference at 10.30 Mr. Breese will be delivering a presentation on the
features and benefits of Cyber Searchlight along with details of
appetite and processes at The Midland Hotel, Manchester, M60 2DS.
Register to attend here: [email protected].
For more information visit: https://www.archcapgroup.com/Insurance/Regions/Europe.
About Arch Insurance (UK) Limited
Arch Insurance (UK) Limited provides specialised property and liability
insurance programmes to a wide range of industrial and commercial
companies and financial institutions.
The UK Regional Division of Arch Insurance (UK) Limited focuses on
commercial property, casualty, motor, professional liability, personal
accident and travel business through its extended office network across
the UK.
Arch Syndicate 2012 is managed by Arch Underwriting at Lloyd’s Limited,
a Lloyd’s managing agent. Our stamp capacity is £200 million for the
2019 year of account.
A wholly owned subsidiary of Arch Capital Group Ltd., Arch Insurance
(UK) Limited is authorised by the Prudential Regulation Authority and
regulated by the Financial Conduct Authority and the Prudential
Regulation Authority in the UK.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately
$11.17 billion in capital at December 31, 2018, provides insurance,
reinsurance and mortgage insurance on a worldwide basis through its
wholly owned subsidiaries.
About Kennedys Law LLP
Kennedys Law LLP is a leading global law firm specialising in litigation
and dispute resolution that has 2000 staff worldwide, with 37 offices in
Auckland, Bangkok, Belfast, Bermuda, Birmingham, Bogotá, Brussels,
Buenos Aires, Cambridge, Chelmsford, Copenhagen, Dubai, Dublin,
Edinburgh, Glasgow, Hong Kong, Illinois, Lima, Lisbon, London, Madrid,
Manchester, Melbourne, Mexico City, Miami, Moscow, New Jersey, New York,
Paris, Pennsylvania, Santiago, São Paulo, Sheffield, Singapore, Sydney,
Taunton and Texas. Kennedys also has an active network of associate
offices and co-operations around the world, situated in Beijing,
Bologna, Dominican Republic, Guatemala, Karachi, Milan, Mumbai, New
Delhi, Oslo, Panama, Puerto Rico, Rio de Janeiro, Rome, Shanghai,
Shenzhen, Stockholm, Tel Aviv and Warsaw.
Kennedys’ client base includes domestic and international (re)insurers,
Lloyd’s syndicates, central and government bodies and large corporate
organisations (many of which are self-insured). Its lawyers provide a
range of specialist legal services to industry sectors including
insurance and reinsurance, aviation, banking and finance, construction
and engineering, healthcare, life sciences, marine, public sector, rail,
real estate, retail, shipping and international trade, sport and
leisure, transport and logistics, and travel and tourism.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe
harbor” for forward−looking statements. This release or any other
written or oral statements made by or on behalf of Arch Capital Group
Ltd. and its subsidiaries may include forward−looking statements, which
reflect our current views with respect to future events and financial
performance. All statements other than statements of historical fact
included in or incorporated by reference in this release are
forward−looking statements.
Forward−looking statements can generally be identified by the use of
forward−looking terminology such as “may,” “will,” “expect,” “intend,”
“estimate,” “anticipate,” “believe” or “continue” or their negative or
variations or similar terminology. Forward−looking statements involve
our current assessment of risks and uncertainties. Actual events and
results may differ materially from those expressed or implied in these
statements. A non-exclusive list of the important factors that could
cause actual results to differ materially from those in such
forward-looking statements includes the following: adverse general
economic and market conditions; increased competition; pricing and
policy term trends; fluctuations in the actions of rating agencies and
our ability to maintain and improve our ratings; investment performance;
the loss of key personnel; the adequacy of our loss reserves, severity
and/or frequency of losses, greater than expected loss ratios and
adverse development on claim and/or claim expense liabilities; greater
frequency or severity of unpredictable natural and man-made catastrophic
events; the impact of acts of terrorism and acts of war; changes in
regulations and/or tax laws in the United States or elsewhere; our
ability to successfully integrate, establish and maintain operating
procedures as well as integrate the businesses we have acquired or may
acquire into the existing operations; changes in accounting principles
or policies; material differences between actual and expected
assessments for guaranty funds and mandatory pooling arrangements;
availability and cost to us of reinsurance to manage our gross and net
exposures; the failure of others to meet their obligations to us; and
other factors identified in our filings with the U.S. Securities and
Exchange Commission.
The foregoing review of important factors should not be construed as
exhaustive and should be read in conjunction with other cautionary
statements that are included herein or elsewhere. All subsequent written
and oral forward−looking statements attributable to us or persons acting
on our behalf are expressly qualified in their entirety by these
cautionary statements. We undertake no obligation to publicly update or
revise any forward−looking statement, whether as a result of new
information, future events or otherwise.
Contacts
Press:
Midnight Communications:
Jim Round, Emma Hynes
or Alex Hankinson
T: 01273 666200
E: [email protected]
W:
www.midnight.co.uk
