Specialty insurer Beazley has launched Beazley Quantum; a cyber consortium that will provide coverage for large corporates with turnover greater than $1bn.
Beazley Quantum will also infuse $100m of new capacity into the cyber market.
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It will be led by Beazley’s cyber underwriting and claims handling teams and is available on the Global Wholesale platform via Lloyd’s.
Paul Bantick, chief underwriting officer, Beazley said: “As a leader in the cyber space, we have steadfastly taken strategic steps to build a thriving and sustainable cyber insurance market. With the launch of Beazley Quantum, we are directly addressing the needs of large corporates and delivering much needed additional capacity to these businesses that are in the front-line of the cyber threat.”
In February 2024, Beazley announced the formation of Beazley Security, an integrated cyber risk management company.
The company formed the new unit by merging its in-house Cyber Services team with its wholly owned cyber security company, Lodestone.
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By GlobalDataBeazley Security, led by Alton Kizziah, will focus on enhancing cyber resilience for clients and will be under the supervision of Beazley global head of cyber risks Paul Bantick.
The new entity aims to combine the risk management services offered through Beazley’s cyber insurance policies with the technical cybersecurity services previously provided by Lodestone.
Beazley Security will introduce new services, including a managed eXtended Detection and Response solution, which offers continuous monitoring and swift identification and containment of cyber threats.
