Beazley, Marsh Launch Cyber Coverage Product for Manufacturers

February 26, 2019 - Beazley and Marsh have partnered to provide tailored cyber insurance cover and breach response for U.S. manufacturers.

The new Manufacturer’s First Response, a Marsh and Beazley Breach Response (BBR) initiative, offers coverages tailored specifically to address cyber and operational risks faced by manufacturers, including:
Supply chain interruption from cyber-attacks against the insured or its suppliers
Invoice manipulation resulting in payments being misdirected or fraudulently directed
Technology disruption affecting operational and industrial controls, hardware and/or software
E-crime losses from payment or delivery of money or securities as a result of fraud.

The coverage is available through Marsh to U.S. manufacturers of all sizes. Manufacturers will have access to risk management services provided by BBR Services. BBR Services helps clients to respond to an actual or suspected cyber breach effectively and in compliance with the law. BBR Services offers an in-house breach response services team at the insurer.

According to Thomas Reagan, US cyber practice leader at Marsh, manufacturing is among the fastest growing segments purchasing cyber insurance today with a growing number of manufacturers acknowledging that cyber risk is an operational risk that needs to be managed.

Beazley, an insurer of technology and information security risks, has developed solutions to privacy breaches and information security exposures tailored to the needs of manufacturers. Beazley plc is the parent company of specialist insurance businesses with operations in Europe, the US, Canada, Latin America and Asia. Beazley manages six Lloyd’s syndicates and in 2018 underwrote gross premiums worldwide of $2,615 million. All Lloyd’s syndicates are rated A by A.M. Best.

Beazley’s underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd’s.