LONDON, UK. 20th February 2024 – KYND Limited, a leader in cyber risk management, today announced its strategic partnership with Probitas 1492, a leading Lloyd’s of London underwriting syndicate, to support the profitable growth ambitions of Probitas’ cyber book. KYND’s industry-leading risk intelligence and analytics will provide a consistent and effective way for Probitas to assess and manage cyber risk across the insurance lifecycle. This encompasses helping inform underwriting decisions at risk selection, managing evolving risk across the current portfolio, and understanding the impact of systemic risk, including the application of tailored war scenarios.
As part of the agreement, Probitas’ Cyber underwriting team will benefit from access to the recently enhanced KYND SIGNALS, the industry’s first customisable, ongoing and targeted portfolio monitoring service. Designed for insurance professionals to proactively monitor their cyber book’s cyber hygiene and help them mitigate potential claims and losses, it will also include KYND SIGNALS Client Reports. The actionable, prioritised exposure insights provided by these reports will be utilised by Probitas’s team to help inform underwriting decisions at point of risk selection as well as effectively guide their existing and prospective insureds in strengthening their cyber resilience.
In addition, the new partnership includes the adoption of KYND’s newly-launched innovative Exposure Management solution delivered through transparent, granular and highly customisable cyber catastrophe scenarios. Aimed to further develop and inform the syndicate’s internal cyber models, the solution will offer unparalleled precision insight into loss drivers and accumulation risk areas within their portfolio, including exposure to a set of war and state-sponsored scenarios incorporating various war clauses. Adding a new dimension to Probitas’ expertise, this approach is particularly relevant in light of rising geopolitical events and market requirements, ensuring a comprehensive understanding of the potential risks and impact.
Andy Thomas, KYND’s CEO and Founder, said: “We’re delighted to partner with Probitas to support them and their clients alike at every stage of cyber risk management, from risk selection to exposure management. Keeping pace with the dynamic nature of cyber risk as well as understanding and assessing systemic cyber risk and points of accumulation is one of the foremost challenges confronting the insurance industry today. We are therefore excited to combine our distinctive cyber risk intelligence and models with Probitas’ specialist expertise and forward-looking approach not only to help overcome existing hurdles but also contribute to the creation of a more resilient and sustainable market through the industry’s advanced view of cyber risk.”
Richard Taylor, Head of Cyber & Technology at Probitas 1492, commented on the partnership: “Amid a digital revolution, the corporate world is now increasingly reliant on technology and data, fostering greater connectivity than ever before. However, this shift presents many benefits and risks for modern businesses, including ever-evolving cyber threats. As a leading and specialised (re)insurance Lloyd’s syndicate, we need to be ahead of the curve. So we see it as a strategic imperative to continually search for the latest innovations. 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.”
ENDS
