KYND Limited, which is a prominent figure in cyber risk management, has recently announced a strategic partnership with Probitas 1492, a leading Lloyd’s of London for underwriting syndicate.
This following collaboration aims to leverage Probitas’ cyber book growth ambitions by leveraging KYND’s industry-leading risk intelligence and analytics. This will open a prime door to assess and manage cyber risk effectively across the insurance lifecycle and prevent cyber hacks as well.
The partnership is mutually signed on the terms to uplift the shared goal of enhancing underwriting capabilities and portfolio risk management in the market of evolving cyber threats. By leveraging KYND’s advanced risk intelligence and analytics, Probitas aims to make informed underwriting decisions and strengthen its cyber resilience efforts.
KYND’s offerings include the industry’s first customisable, ongoing, and targeted portfolio monitoring service, known as KYND SIGNALS that enables insurance professionals to effortlessly monitor their cyber book’s cyber junk and mitigate potential claims and losses of the client.This underwriting team will hold a bonus track that will benefit from access to KYND SIGNALS Client Reports, providing actionable exposure insights to inform underwriting decisions and guide insureds in enhancing their cyber resilience.
The collaboration also involves the adoption of KYND’s Exposure Management solution under the control for delivering transparent, granular, and highly customisable cyber catastrophe scenarios. This innovative solution will provide Probitas with precision insight into loss drivers and accumulation risk areas within their portfolio. This will also comprise of exposure to war and state-sponsored scenarios in reporting.
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.”
