Plum to launch first high net worth home cyber cover
Press Release
6 April 2017: Plum Underwriting (Plum), the specialist home insurance managing general agent, has today announced the launch of the first cyber and data risks cover to be embedded within High Net Worth (HNW) and Mid Net Worth (MNW) home insurance products in the UK.
Plum’s Home Cyber covers a range of system, online crime / fraud and liability exposures. These include losses resulting from damage to home computer systems, identity theft, telephone hacking, cyber ransom and the costs relating to social media defamation and product disparagement claims. Cover also provides access to specific support services including representation and advice by legal professionals, public relations guidance and advice, identity theft resolution services, IT forensic specialists, data restoration support and a specialist 24 hour claims helpline.
The cover will be embedded within Plum’s Premier and Amethyst all risks HNW and MNW policies. Underwriting capacity will be provided by HSB Engineering Insurance (HSB), who already provide personal cyber cover in the US market.
Commenting on the launch of Home Cyber, Emma Bennett, Head of Private Clients at Plum, said: “Cyber criminals and fraudsters are increasingly targeting HNW and MNW individuals with sophisticated ransomware and cyber fraud attacks.
“Brokers have recognised this and are looking for dedicated cover and support for their private clients to address cyr exposures. Home Cyber directly responds to this demand and, by combining a strong and knowledgeable capacity provider with expert support services, we are able to provide a market-leading solution that builds on our lead position in the specialist household insurance market.”
Simon Hawksworth, Head of Strategic Partners from HSB, said: “This extension to our relationship with Plum enables us to further develop our cyber risk solutions and capabilities. The launch of Home Cyber is the next evolution of cyber for us; demonstrating our commitment to and appetite for new cyber risk opportunities in both the commercial and personal lines markets.”
For further information on Plum please contact:
Alex Wise, Full Circle Communications
M: +44 (0)7710 665 615
T: + 44 (0)20 7265 7887
E: awise@fullcirclecomms.co.uk
For HSB Engineering Insurance please contact:
Matthew Longbottom, FWD
T: +44 (0)20 7623 2368
M: +44 (0)7798 758 938
E: matthew.longbottom@fwdconsulting.co.uk
Notes to editors
HSB Engineering Insurance already provides the capacity for Plum’s renovation and refurbishment products - HomeWorks for homeowners and PropertyWorks for commercial property owners.
Plum Underwriting Limited is a London-based MGA providing specialist home insurance products for the UK and Republic of Ireland broker market, and is part of Global Risk Partners Limited, the specialist investment vehicle for brokers and MGAs.
Plum’s capabilities and products are distributed via brokers in the following ways:
Plum's Online Portal where a quote is requested by the broker and Plum control the underwriting and issue documentation
Insurance software houses (such as Open GI, SSP, CDL) on a full cycle EDI basis, allowing the broker to benefit from high quote rates and low operational cost. Brokers can also access Plum’s underwriting support for more complex risks
Delegated underwriting authorities, where Plum will issue a binding authority to the broker allowing them to white label their products and control the client experience.
Plum Underwriting Limited is authorised and regulated by the Financial Conduct Authority.
Global Risk Partners Limited (GRP) is an investment vehicle aimed at brokers and managing general agents (MGAs) trading in the UK retail and global, specialty insurance markets.
It was established in 2013 by Peter Cullum, Chairman and David Margrett, Chief Executive and is backed by private equity firm Penta Capital LLP.
Global Risk Partners acquires businesses, teams and portfolios that have niche, noncommoditised, specialty propositions and strong profitability.