Specialist cyber underwriting agency Emergence has renewed its binder at Lloyd’s, creating a ready facility for corporates with revenue over $250 million.

Its big business Cyber Enterprise Solution policy offers optional reputational harm cover, with a business interruption (BI) trigger from any net profit loss from a cyber event causing adverse media.

Emergence Head of Corporate Trent Nihill says traditional cyber policy BI triggers only tie coverage to either an outage or degradation of the insured’s computer system.

“That misses the major exposure of net profit loss from a cyber event that doesn’t cause an outage but impacts on the insured’s reputation – for example, a privacy breach,” he said. The 2022 cyberattacks against Optus and Medibank Private are examples of breaches causing reputational harm losses.

“While most standard Australian cyber policies would not have covered their BI losses, our optional reputational harm cover would have provided indemnity,” he said. “Reputational harm is a critical cover for insureds.”

Emergnce says the $20 million available under its and excess-of-loss policies is the largest capacity in Australia, and it can offer both primary and excess layers to corporates that need high-level coverage and larger cyber programs.

The new big business solution was developed as some insurers limit ransomware coverage, impose sub-limits and require self-insured co-insurance layers.

Emergence, which launched in 2015 with its Cyber Event Protection policy for SMEs, says it has the nation’s largest cyber unit with more than 30 employees.

It has renewed the binders across its entire product range with 100% Lloyd’s security, and CEO and founder Troy Filipcevic says the agency can now confidently target larger entities.

"The solution is efficient for brokers because they don’t need to find follow markets or go to London for additional capacity. We have the underwriting expertise and capacity locally,” he said.

“Cyber is all we do. With multiple syndicates providing security, we demonstrate sustainability for our Cyber Enterprise Solution policy.”