Newly launched cyber underwriter Intangic MGA and Skyline Partners have developed the industry’s first parametric policy, backed by AXA XL, to offer public corporations fast recovery from the material impact of cyber threats.
March 16, 2023: Intangic MGA, a data science-driven, London-based cyber Managing General Agent (MGA), has been launched with backing from AXA XL, offering innovative new cyber insurance cover for large public corporations headquartered in the UK.
"It really just comes down to thinking differently about the problem," said Ryan Dodd, Chief Executive Officer and Founder of Intangic. "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."
Intangic offers public corporations with cover of up to $15 million (£ 12.5 million) in the UK market to cover losses from material cyber breaches. Plans are underway to extend this offering to the U.S. market. "This is a simple and innovative solution to a complex problem," said Luis Prato, Chief Underwriting Officer, UK & Lloyd's at AXA XL. "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."
"Companies are looking for a new approach from the market and a clear, fast recovery from their insurance protection – our product offering provides this," said Mark Heath, Head of Insurance and Chief Underwriting Officer, Intangic MGA.
The policy has two simple parametric triggers: the level of malicious activity targeting a company, and a subsequent loss in value. The triggers ensure that all parties have a transparent dashboard for the real-time monitoring of risk activity – a first for an underwriter in the cyber insurance market. When both triggers have been met, the claim is quickly paid to get the business running efficiently again.
Intangic MGA is bringing new capacity to the market to complement existing cyber indemnity cover. The product provides smart parametric cyber cover that strengthens rather than replaces existing cyber indemnity policies. There is no claims adjustment. When both of the triggers are met, there is a fast payout in days, not months.
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