Lloyd’s underwriting syndicate Probitas 1492 has tapped cyber risk management company KYND to fulfil its cyber book growth objectives.
Headquartered in London, Probitas 1492 specialises in various lines of insurance including cyber, property, casualty, construction and other financial lines.
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Through the latest partnership, the company will have access to KYND’s risk intelligence and analytics to improve cyber risk assessment and management throughout the insurance life cycle.
The alliance with KYND will also provide Probitas with innovative tools to inform underwriting decisions and manage portfolio risk, including systemic and war-related scenarios.
Under the new agreement, the underwriting team of Probitas will gain access to KYND SIGNALS, a customisable and targeted portfolio monitoring service.
KYND SIGNALS is designed to enhance cyber hygiene monitoring for insurance professionals and assist in mitigating potential claims and losses, and will also include KYND SIGNALS Client Reports.
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By GlobalDataThese reports will deliver actionable insights for Probitas’ underwriting team, aiding them in risk selection and guiding existing and potential insureds to improve cyber resilience.
Furthermore, the collaboration includes the adoption of KYND’s new Exposure Management solution, which offers precise insights into loss drivers and risk accumulation within Probitas’ portfolio, including scenarios of war and state-sponsored cyber events.
The solution’s granularity and customisation capabilities are also expected to enhance Probitas’ internal cyber models.
This partnership introduces a new dimension to Probitas’ capabilities, which is particularly significant given the current geopolitical climate and market demands.
It ensures that Probitas has a comprehensive understanding of potential risks and impacts, fortifying its position in the cyber insurance market.
Probitas 1492Cyber & Technology head Richard Taylor said: “KYND’s insurance focus and unrivalled approach to cyber risk management, coupled with the flexibility and transparency provided by its innovative deterministic cyber catastrophe modelling, made partnering with them an easy decision to further enhance our underwriting and portfolio risk management capabilities as well as help inform capacity decisions.”
Recently, KYND secured an investment from its existing investor BGF and data analytics and insurtech company Verisk to develop cyber risk technology.
