Hamilton develops new cyber product
Bermudian-based Hamilton Insurance Group Ltd has announced the launch of a new team of underwriters at recently-acquired Pembroke Managing Agency Ltd as well as the development of a new cyber product.
Pembroke’s four-person cyber team is led by divisional director Jacqueline Spencer-Sim, who is joined by senior underwriter Iain Ainslie, underwriter Maria Mathews, and assistant underwriter Jack Butler.
The company said that Ms Spencer-Sim and her team have overseen the development of Hamilton Cyber Sentinel, a product whose coverage includes the replacement costs of affirmative hardware and software as well as post-breach remediation such as employee training and specific marketing campaigns.
With a global panel in place and monetary retention replacing a waiting period, the company says that HCS aims to streamline claims response on a worldwide basis. HCS’s line size at market launch is $10 million, increasing to $15 million in January 2020, the company said.
Tim Glover, chief executive officer at Pembroke, said: “I’m delighted with the comprehensive work that Jacqui and her team have done to bring this product to market. HCS represents a strategic shift for Pembroke from being a follow to a lead market in this segment, managed by an expert team of underwriters.”
Hamilton, which underwrites speciality insurance and reinsurance risks on a global basis through its wholly owned subsidiaries, acquired Pembroke in August of this year.