Lloyd’s of London Invests in Cyber Risk Quantification Software Provider Axio

The funds will be used to support further development of insurance solutions within the London insurance market.

(Image credit: Kevin Cannings.)

Axio, a New York-based provider of cyber risk management and quantification software, has announced that it has received an investment from Lloyd’s of London, from its Central Fund. The investment came about as a result of Axio’s selection into, and participation in Lloyds’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. An Axio statement notes that 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.

Scott Kannry, CEO, Axio.

An Axio statement describes its relationship with Lloyd’s as a natural progression of its dedication to helping quantify cyber risk for critical infrastructure organizations. Axio claims deep roots in the insurance industry and in securing the world’s most critical assets. Co-founder Scott Kannry was closely involved in developing the first commercial cyber insurance products as an executive at Aon. While co-founder David White was the security architect for the C2M2 model and helped author and contribute to many of the world’s most widely used cybersecurity assessment frameworks, which are available in Axio’s SaaS platform Axio360, according to the Axio statement.

“I’m honored to welcome Lloyd’s to the Axio investor family,” comments Scott Kannry, CEO, Axio. “One of our founding goals was to help the insurance industry better tackle cybersecurity risk, and the investment support from Lloyd’s is evidence of our unique ability to deliver on that goal. We’re now excited to work even more closely with the Lloyd’s Market to help it deliver better coverage solutions, especially for the most challenging areas of cybersecurity risk.”

The Power of the Lloyd’s Lab Accelerator Program

Dawn Miller, Commercial Director, Lloyd’s of London.

“As part of Lloyd’s ongoing commitment to innovation, today’s announcement is an excellent example of the power of Lloyd’s Lab’s accelerator program, which forms an integral part of our innovation hub located in the heart of The City,” comments Dawn Miller, Commercial Director, Lloyd’s of London. “We look forward to driving the increased prominence of the Lab in its mission to innovate the market, through our support and backing of companies with exceptional solutions.”

“The Lloyd’s Lab is a center of innovation for the insurance industry giving us as investors the opportunity to back great companies ourselves where we have a strong shared interest for our industry,” adds Eleanor Bucks, Chief Investment Officer, Lloyd’s of London. “We’re able to generate attractive return on capital and aid the growth of these companies for the benefit of the market.”

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Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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