Re/insurance marketplace Lloyd’s has invested in US-based cyber risk management firm Axio through its Central Fund to enhance insurance solutions in the London market. Last night, Axio was honoured with a highly commended award at the Intelligent Insurer’s Cyber Insurance Awards Europe 2024.
Lloyd’s said the investment is a direct result from Axio’s selection into, and participation in Lloyd’s Lab Cohort 10, where it successfully piloted an extension of the Axio360 platform to help Lloyd’s syndicates develop coverage solutions for cyber physical damage exposure. This type of cyber risk, and demand for coverage, continues to grow in importance as the world increasingly contends with more sophisticated forms of cyber attacks, especially those targeted at critical infrastructure.
Axio said its collaboration with Lloyd’s is a natural progression of its commitment to helping quantify cyber risk for critical infrastructure organisations. Axio co-founder Scott Kannry was closely involved in developing the first commercial cyber insurance products as an executive at Aon. Co-founder David White was the security architect for the C2M2 model and helped author and contribute to many of the…
