By: 20 March 2023
Intangic MGA brings parametric cyber insurance cover to UK

Intangic MGA has launched with backing from AXA XL.

The MGA will offer parametric cyber insurance cover for large public corporations headquartered in the UK.

As part of the policy, called CyFi, up to $15m (£12.5m) in the UK market will be provided to cover losses from material cyber breaches. Plans are underway to extend this offering to the US market.

Intangic said the parametric policy is triggered when malicious activity targeting a business reaches a certain level and there is a subsequent loss in value.

Policyholders will have access to a transparent dashboard for monitoring risk activity in real time, enabling all parties to stay on top of the potential triggers for the policy and have claims paid quicky. Intangic described this as a first for an underwriter in the cyber insurance market.

CyFi is designed to complement existing cyber indemnity cover and represents new capacity, according to Intangic.

Ryan Dodd, chief executive officer and founder of Intangic, explained: “It really just comes down to thinking differently about the problem. The security teams at large corporations have to manage cyber threats all day, every day. Our approach assesses cyber as a high-frequency risk.

“By accepting cyber attacks as ‘constant’, we can measure a link between how these attacks are managed and the financial impact they have on corporate operations. Our parametric triggers make this link visible, enabling fast recovery from covered material breaches and giving corporations a new type of insurance risk transfer. By doing this, we have converted cyber risk to a language the board understands.”

AXA XL Insurance Company UK has underwritten CyFi.

Luis Prato, chief underwriting officer for the UK and Lloyd’s at AXA XL, said: “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.”

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