Brit Group has renewed its cyber consortium with double the capacity, raising its combined cyber limit to US$200 million as the London market continues to address coverage gaps left by so-called "silent cyber" in traditional insurance policies, according to the specialist insurer.
The Brit Cyber Attack Plus (BCAP) consortium, led by Brit Syndicate 2987, previously offered limits of US$100 million. The product wrote approximately US$100 million in gross written premium in 2022 and had planned to write US$150 million in 2023.
BCAP provides coverage for cyber-related perils including cyber-triggered physical damage and business interruption.
The consortium holds the largest amount of primary cyber capacity available in the market and is the longest-standing physical damage consortium in the London and international markets.
Brit originally launched BCAP in 2016 to address demand from clients seeking broader cyber coverage across standalone cyber and all-risks purchases. Clients can also access standalone cyber limits through Brit's First 50 consortium and the newly launched FI Cyber Max consortium for 2026.
Jon Sullivan (pictured above), Brit Group chief underwriting officer, said the renewal reflects the company's continued leadership in the cyber market.
Silent cyber refers to non-affirmative cyber coverage – losses stemming from traditional property and liability policies that were not explicitly designed to cover cyber events.
Technology continues to reshape the business landscape and intensify cyber risks, with almost every asset now remotely connected or controlled, and therefore potentially vulnerable.
Lloyd's mandated from January 2020 that all insurers provide clarity about cyber coverage by either excluding or providing affirmative coverage. The requirement was implemented in phases, extending to professional indemnity and directors' and officers' policies from January 2021.
The legal fallout from the NotPetya attack of 2017 served as a catalyst for the regulatory response. The state-backed attack, which masqueraded as ransomware, caused more than US$10 billion worth of damage globally, according to Tech Monitor, sparking major legal battles over coverage.
According to Howden, the initial response of insurers was to exclude rather than affirm cover, as they were wary of confirming coverage where they had not yet fully understood their exposures. This created significant coverage gaps in traditional property and casualty policies.
