LLOYD’S RECEIVES APPROVAL FOR CYBER SYNDICATE AS IT TARGETS PRAGMATIC GROWTH

Source: Insurance Times - September 2022

“The market is developing ‘realistic disaster scenarios’ to prepare for potential threats, added chief of markets

Lloyd’s chief of markets Patrick Tiernan has confirmed initial approval has been received for the market’s first standalone cyber syndicate. 

During a quarterly message to the market delivered last week (22 September 2022), Tiernan said the syndicate had received initial approval and that Lloyd’s was determined to play a role in driving maturity in cyber classes.” 

“Lloyd’s has around 20% of the global cyber market,” he explained. “We believe, given the share of the market we currently have, Lloyd’s has a role to play in maturing the market.”

Read the full Insurance Times article here.