Upfort, a leading cyber security and insurance platform, and Arch Insurance, a global provider of specialty risk insurance solutions, have strategically aligned to revolutionise cyber insurance programs catering to small and medium-sized enterprises (SMEs), associations, and risk pools.
The partnership will see both organisations collaborate with brokers to create group programmes that prioritize comprehensive insurance coverage, competitive pricing, integrated security solutions, and a seamless digital experience. The objective is to empower insurance agents and brokers to advocate for cyber resilience on a broader scale while fostering more meaningful and productive connections with clients and prospects.
The strategic alliance comes at a crucial time as cyber insurance premiums are anticipated to experience a 20% year-over-year growth until 2025. The need for broader access to coverage is paramount to safeguarding businesses against the constantly evolving landscape of cyber risks. Through this partnership, Arch Insurance and Upfort aim to address this growing demand by providing tailored solutions that meet the unique needs of various market segments.
Additionally, Upfort is elevating the standard for cyber resilience by pioneering a groundbreaking initiative. The company is set to become the first to integrate cyber security solutions into each Upfort program policy, all without imposing any additional costs on the insured or broker.
Josh Riley, Managing Director of Upfort, commented on the partnership: “We’re excited to join forces with Arch Insurance to revolutionise how cyber insurance is bought and sold. By integrating our technology with Arch’s industry-leading insurance solutions, we’re accelerating the world’s journey toward cyber resilience. We are proud to be the partner of choice for Arch to expand its cyber offering.”
Jamie Schibuk, Executive Vice President, Professional Liability and Cyber at Arch Insurance, also cxommented, saying: “At Arch Insurance, we’ve been thoughtfully growing our cyber brand to meet the needs of our customer base. Partnering with Upfort equips us with the tools to deliver a sophisticated solution that combines the financial strength and experienced incident response services we provide with the powerful yet practical security solutions that Upfort has to offer.”
He added: “With Upfort, we’re well positioned to lead the pack in the fastest-growing commercial insurance line of business in history.”
Author: Joanna England
