Video: Cyber Incident Response App

April 21, 2017 under all posts

Video: Cyber Incident Response AppWe have developed our Cyber Incident Response app to make managing incidents easier, faster and more efficient – in other words, less stressful. It provides policyholders with easy access to our 24/7 global cyber incident response centre, and with a focus on customer service excellence, our app is a crucial tool for incident management. At the click of a button, users can report incidents, notify claims and request urgent assistance at any time of the day or night. The app also includes a wide array of additional features including cyber and tech news, policy reference and incident response team coordination.

Our video is a helpful guide to how the app works and its key benefits. Watch it today and then download the app to try it out yourself. It is available for free on Apple iTunes and Google Play platforms – simply search for ‘CFC cyber incident response’, and once installed, use our demo account to trial the service:

Password: D3M0U53R

Share the video with your CFC cyber policyholder clients today and encourage them to give the app a go – we’re confident they’ll like it!


CFC to host Fringe event at BIBA 2017

April 10, 2017 under all posts

CFC to host Fringe event at BIBA 2017 As the provider of BIBA’s cyber and product recall schemes, we are pleased to be hosting our first-ever fringe event at this year’s conference in Manchester.

The event will take place between 13.15 and 14.00 on Wednesday 10 May. To register to attend simply click on this link: Places are limited and are on a first come first serve basis.

Following the recent launch of our cyber incident response app and revamp of our market-leading cyber product, the CFC session will focus on how the fast-paced nature of cyber threats and technological development necessitates ever-evolving insurance and incident response solutions. The event will also explore some of the myths and misunderstandings that surround the world of cyber insurance.

We will also be challenging delegates attending the event to show off their quirky side and compete for selfie stardom. Located on stand B51, brokers can visit our selfie booth and go a little wild with the props provided. Serious, goofy, funny or just downright strange … the best will be rewarded!

Selfie-snapping aside, delegates will have the opportunity to meet CFC’s underwriting experts managing both the cyber and the product recall schemes to find out more about each proposition and the benefits they deliver to BIBA members and their clients, as well as the many other specialty products available from CFC.

CFC Business Development Director, Pat Brice, says: “While insurance is undoubtedly a serious business, the coming together of the great and the good of our industry at BIBA 2017 is also an opportunity to have some fun. We’re all about looking at things differently, so we thought why not let BIBA delegates do the same, even if just for a few minutes! Of course we’ll also be talking about what’s going on in the market and what we’re doing to constantly challenge the status quo and deliver innovative insurance solutions for BIBA members.”

We look forward to seeing you there!

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CFC launches revamped cyber proposition

April 3, 2017 under all posts

CFC launches revamped cyber propositionToday we are pleased to announce the launch of our revamped cyber insurance product. In what represents a significant upgrade to our existing cyber proposition, the new look product provides a number of innovative cover elements to protect policyholders against the emerging threats of the digital age. This includes the provision of first party cover on an “each and every claim” basis, ensuring that policyholders aren’t restricted by a policy aggregate and that the full benefits of cover are available each time a crisis strikes, even if they experience multiple cyber incidents in the same policy period.

The policy is also one of the very few to offer full retroactive cover as standard, meaning that policyholders are covered for breaches they discover during the policy period, even if it first occurred long before. Symantec has reported that the average time to discover a breach is 205 days, making this a particularly important feature.

Our Cyber Product Leader, James Burns, says: “No modern business can escape cyber risk, but as cyber criminals have become more sophisticated and as we live in an increasingly connected world, the nature of cyber incidents is changing. Insurance policies have to evolve to reflect the changing environment. We have completely reconstructed our proposition and now offer policyholders more than just a comprehensively worded policy, but rather an all-encompassing cyber incident solution.”

He continues: “We’ve built an extensive in-house incident response capability to ensure that cyber incidents are dealt with quickly and efficiently in real time. And because we want to encourage engagement with our experts as soon as possible for a swift resolution, we’re offering initial response services with no deductible payable by the insured.”

Our new proposition also provides broader cover for senior executive officers who are regularly targeted in cyber attacks, covering theft of personal funds of individuals as well as those of the company. And if a suit is brought against directors and officers following a cyber attack, our policy provides affirmative cover in the event that their management liability policy doesn’t respond.

The product suite includes comprehensive computer crime cover, system repair costs and incident response costs in addition to the limit.


CFC team acquires business with support of Vitruvian

March 21, 2017 under all posts

CFC's management team acquires business with support of VitruvianCFC, the largest independent Managing General Agent (MGA) in the UK, today announced that its Founder and Chief Executive David Walsh and the rest of the management team have agreed to acquire the business with support of leading international growth capital investor, Vitruvian Partners.

The investment from Vitruvian will enable CFC to invest further in building its unique portfolio of emerging and specialty risk products, expand its global distribution base, and develop its industry-leading technology platform, in order to build on the Company’s premier position in the specialty insurance market.

The transaction is expected to close in the summer of 2017, subject to regulatory approval.

David Walsh, Chief Executive Officer of CFC, commented: “This is an incredible deal for our staff, carriers, brokers and customers – because it shows that we want to take this business to the next level and build the world’s pre-eminent MGA. We have always been committed to independence and wider employee share ownership and this deal is designed to deliver those two goals.

I would like to thank our existing investors, including Richard Corfield, ex-chairman of RK Harrison, Mike Rees, co-founder of Benfield and Hugh Willis, co-founder of BlueBay Asset Management who have been hugely supportive of CFC during the last five years. We are now extremely excited to welcome Vitruvian as we embark on a new chapter for CFC. We continue to believe that our combination of great people, processes and technology puts us in the best possible position to capitalise on the opportunities we see ahead.”

Joseph O’Mara, a Partner at Vitruvian, added: “Vitruvian is delighted to back David and his team at CFC, at a time of rapid growth for the company and the markets which it serves. The management team have done an extraordinary job in building CFC to be the leading independent UK MGA, and we believe that through continued focus on industry-leading products, customer service, and innovation, CFC is poised for continued success.

Our partnership with management will allow the company to build on recent success. We are delighted to partner with David and the broader management team and look forward to supporting them during the next phase of the Company’s growth.”

About CFC
Headquartered in London, CFC incorporates two trading entities: CFC Underwriting and Modus. Together these businesses are backed by 34 Lloyd’s syndicates and have a global distribution network of over 1,900 broker offices and more than 206,000 customers. Over the last three years, CFC’s gross premium income grew at a compound annual rate of more than 40% to over $200M in 2016.

In 2016, CFC won six awards, including MGA of the Year and Best User of Technology from the Insurance Times Awards 2016, MGA of the Year from the Insurance Insider Honours and Cyber Risk Insurance Provider of the Year at the Commercial Insurance Awards.

The company were advised by Evercore, Norton Rose Fulbright, Deloitte and PwC. The management team was further advised by Wyvern Partners, Macfarlanes and Deloitte.

About Vitruvian Partners
Vitruvian is an independent private equity firm which specialises in growth middle-market investments. Vitruvian focuses on dynamic situations characterised by rapid growth and change across industries spanning information technology, financial services, life sciences & healthcare, media, and business and consumer services. Vitruvian is currently investing the Vitruvian Investment Partnership II, which closed in December 2013 at its self-imposed cap of £1 billion. The firm’s previous investments in the financial services sector include Callcredit, RL 360 and Ebury Partners.

Vitruvian was advised by KPMG (Corporate Finance and Financial Diligence), Kirkland & Ellis, Marlborough Partners, Oliver Wyman, Bearing Point, Marsh and Clyde & Co.

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CFC increases limits on transaction liability products

March 2, 2017 under all posts

CFC increases limits across transaction liability product suiteToday, we’re happy to announce that we have increased the available limits of our transaction liability insurance product suite across all territories.

We now have the capacity to offer limits up to $50m in North America, £30 million in the UK, €35 million in Euro zone countries and AU$50m in Australia.

Matthew Giddings, Transaction Liability Practice Leader, says: “Transaction liability insurance continues to gain traction with an increasing proportion of M&A deals using this type of cover as both a risk management and deal facilitation tool.

“CFC’s transaction liability practice has enjoyed a strong first trading period. Our focus on service, the experience of our underwriters and our ability to leverage other CFC specialisms such as cyber, intellectual property and product recall make us an attractive market. The increase in our capacity is an endorsement of our proposition in this fast-growing and competitive sector. We’re positive about the future and look forward to building on the success of our first year throughout 2017.”

Backed 100 percent by various Lloyd’s syndicates, the CFC offering is designed to meet the needs of clients and M&A professionals in the mid-market, lower mid-market and SME spaces across the world.


CFC introduces new Cyber Incident Response app

March 1, 2017 under all posts

CFC introduces new Cyber Incident Response appWhen an incident occurs, the key to successfully managing the situation is acting fast and getting the right support at the right time. Policy documents are often filed away for the records, not daily use or reference, and finding the correct phone number to report an incident can be a hassle when ransomware has the system in lock-down. That is why we have developed our Cyber Incident Response app – providing policyholders with easy access to our 24/7 global cyber incident response centre.

With a focus on customer service excellence, our app is a crucial tool for incident management. At the click of a button, users can report incidents, notify claims and request urgent assistance at any time of the day or night. The app also includes a wide array of additional features including cyber and tech news, policy reference and incident response team coordination.

Having been previously recognised for our exceptional use of technology to improve customer experience, we felt it was time to prove our innovation chops once more and develop a game-changer in incident response management. We are confident the app will prove a valuable complement to our in-house team of specialists, one of the largest and most experienced cyber claims teams in the London market. We plan to further expand app functionalities over the year and look forward to sharing these updates with our partners.

Download the app today

The app is available for free on Apple iTunes and Google Play platforms. Simply search for ‘CFC cyber incident response’, and once downloaded, use our demo account to trial the service.

  • User:
  • Password: D3M0U53R

CFC partners with Blue Cube Security

February 14, 2017 under all posts

CFC partners with Blue Cube Security We are pleased to announce a new partnership with independent IT security solutions provider Blue Cube Security in a bid to continue to improve our risk management service provision for policyholders. From today, Insureds will be able to purchase top IT security software through Blue Cube by using their policy points on our Cyber Risk Management Portal. Blue Cube has extensive relationships with best of breed IT security vendors and allows CFC Insureds access to top class security management tools, with exclusive discounts on a wide range of products.

The first of these products to be available to CFC policyholders is Malwarebytes endpoint security, which offers key protection against malware, including ransomware. Malwarebytes is one of the most advanced endpoint security software programmes out on the market, not only able to block malware but also remove all traces of it from networks and devices. Zero-day exploits, one of the greatest risks to application across all operating systems, can also be prevented by the software.

Policyholders from any country can purchase a 25% discount or free trial, both of which options are handled by the experienced Blue Cube sales team. Registered Cyber Portal users can find out more in our ‘Tools’ section or head directly to for code registration and more information.


CFC launches medical malpractice

February 9, 2017 under all posts

CFC launches medical malpracticeWe are pleased to announce today that we are expanding our presence in the UK medical malpractice insurance market with the launch of a new product offering.

Bringing much needed capacity to the market and backed 100% by a consortium of Lloyd’s syndicates, our new product is a flexible package that can be tailored to a wide range of healthcare professionals and organisations.

Practice leader Sharon Brennan comments: “The frequency of medical malpractice claims and the cost of defending them are steadily on the rise in the UK, making litigation a key exposure in this sector. Whether at fault or not, healthcare organisations and professionals need clear and concise cover backed by expert underwriters and lawyers who really understand this field. We have designed our product to provide clear, unambiguous cover for medical malpractice, and are able to tailor coverage depending on the client’s distinct needs.”

Public liability, employers’ liability and legal expenses cover are also available under the blended policy. In addition, cyber and privacy cover is offered as an optional extra, protecting against a variety of cyber attacks and data loss scenarios including loss or breach of data held in the cloud, cyber extortion and hack attacks on third parties emanating from the insured’s computer systems.

Our latest product is aimed at a wide range of UK healthcare organisations including affinity groups or schemes and individual professionals. The medical malpractice team has a wealth of experience and can tailor policies to meet specific business needs, so get in touch today.


CFC launches product recall scheme for BIBA members

January 10, 2017 under all posts

CFC launches product recall scheme for BIBA membersHaving been the approved cyber insurance scheme provider for over a decade, we’re pleased to announce the launch of our new product recall scheme for members of the British Insurance Brokers’ Association (BIBA).

Product recall is a crisis management tool for companies wanting to ensure business continuity in recall and contamination situations, and the new scheme will help BIBA member sell this insurance more effectively.

Suitable for businesses operating in a wide range of industries, the scheme offers two policies tailored for specific sectors. A product recall policy for manufacturers and distributors of non-food consumer products and automotive parts, and a contaminated product recall policy for food, drink and personal hygiene manufacturers.

Exclusive benefits for BIBA members include an increased provision for pre-incident consultancy work of 3.5% of gross premium, compared to standard offering of 2.5%, to assist with crisis management and business continuity. The scheme also provides marketing and training support and we will offer sub-limits for ‘retailers’ expenses’ extension to BIBA members’ clients to cover fines and penalties.

Mike Hallam, BIBA’s Head of Technical Services, said: “A product recall can be a worrying prospect for any business, with the potential for not just financial loss, but significant damage to their brand and reputation. We are pleased to offer this product to members with enhanced benefits and the support that they need to sell this complex product.

Our product recall policies are unique in that they also include cyber product tamper and software product safety – increasingly important areas of cover in the age of the Internet of Things.

Patrick Brice, our Business Development Director, said: “We’re very excited to launch our second BIBA scheme, reflecting our commitment to helping members access specialist insurance products, expertise and education on emerging risks in a simple way. We look forward to working even more closely with BIBA and their members in 2017.”

A webinar is available to BIBA members who want to learn more about this scheme on Friday, 7 April 2017 and more information on the new scheme is available at


Expert views at the fourth annual Cyber Symposium

December 7, 2016 under all posts

Expert views at the fourth annual Cyber SymposiumThe 2016 Cyber Symposium held at a new location on the edge of the City was our most successful one yet.

Over 150 of our partners and peers in the London market came together to hear the views on the cyber insurance market from two distinguished industry speakers – Lloyd’s Chief Executive Officer Inga Beale and Pool Re Chief Executive, Julian Enoizi. We were also delighted to welcome Ciaran Martin – Chief Executive of the newly created National Cyber Security Centre, part of GCHQ – on to the panel to provide us with insight into the new organisation.

Inga concentrated on the ongoing debate as to whether the (re)insurance industry should be handing over cyber catastrophe risks to the state. While she acknowledged that the industry would not be able to cope with “mega risks”, she was crystal clear in her view that it can handle the vast majority of smaller ones. Work being done at Lloyd’s right now suggests that cyber exposures at syndicates are currently no bigger than some of the other risks the market takes on.

She also dismissed the idea of compulsory cyber insurance for businesses, saying it was a “blunt instrument”. In her view it would be far better to make companies disclose the robustness of their cyber security – and if they decide they need cyber insurance, then so much the better.

Highlighting the ”gulf” in existing insurance coverage around property damage arising from cyber risks, Julian pointed to several cyber attacks that resulted in physical damage to infrastructure. He confirmed that Pool Re is exploring expanding its terrorism remit to include property damage as a result of cyber terrorism – and in his view this would happen in 2017.

He reassured guests that Pool Re was supporting rather than trying to supplant the private market and that he believed that public-private partnership represented the way forward when it comes to systemic cyber exposure. His proposed model would take catastrophic risk away from the private market which would then encourage (re)insurers to put shareholder capital at risk knowing that they wouldn’t have to worry about systemic catastrophic risk.

In talking about the objectives of the new National Cyber Security Centre, Ciaran Martin said that there was a real need to “demystify” cyber security saying that a lot of it is pretty basic. In his view, there hasn’t been enough done to educate people about the risks of today’s tech-driven environment and that this is essential to improving the wider cyber infrastructure.

He also felt that government, media and industry each had a role to play by stopping the characterisation of cyber attacks as clever or sophisticated – the vast majority simply aren’t.

Ciaran believes that the cyber environment needs to mature to provide more evidence and data to help develop government policy as well as help our industry. He endorsed the point that no-one wants to nationalise risk, saying that the government and GCHQ have both been “adamant” on this in the past. Rather, he sees the need to encourage calm, rational dialogue between all parties so that eventually cyber risk is perceived as “normal” rather than catastrophic.

We’ll be sharing videos of each of our panelist’s presentations over the next few days and in the meantime, we’re already planning how we can top this year’s event in 2017!

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