Upfort and Arch Insurance Partner to Expand Access to Cyber Insurance

The partnership will focus on offering businesses security tools to make cyber insurance programs more sustainable.

(Image source: Upfort homepage.)

Upfort, a San Francisco-based cyber security and insurance platform, and Arch Insurance (Arch; Jersey City, N.J.), a global provider of specialty risk insurance solutions and leading cyber insurance underwriter, have announced a strategic partnership to transform cyber insurance programs for small and medium-sized enterprises (SMEs), associations and risk pools.

Josh Riley, Managing Director, Upfort

The company’s joint statement notes that, with cyber insurance premiums expected to grow by 20 percent year-over-year until 2025, more market segments need to access coverage to protect against evolving cyber risks.

“We’re excited to join forces with Arch Insurance to revolutionize how cyber insurance is bought and sold,” comments Josh Riley, Managing Director, Upfort. “By integrating our technology with Arch’s industry-leading insurance solutions, we’re accelerating the world’s journey toward cyber resilience. We are proud to be the partner of choice for Arch to expand its cyber offering.”

Upfort and Arch will say they will work with brokers to develop group programs prioritizing broad insurance coverage, competitive pricing, embedded security solutions and a seamless digital experience. This will allow insurance agents and brokers to promote cyber resiliency at scale, in addition to fostering more meaningful and productive connections with clients and prospects, the companies assert.

Amid changing market conditions, Upfort says it empowers brokers to serve organizations that have traditionally been harder to insure, particularly in recent years. Combining powerful loss control and automated underwriting with a user-friendly, low-touch process, Upfort allows Arch’s brokers to efficiently meet the needs of these businesses, the joint statement says.

Sophisticated Solution

Jamie Schibuk, EVP, Professional Liability and Cyber, Arch Insurance.

“At Arch Insurance, we’ve been thoughtfully growing our cyber brand to meet the needs of our customer base,” comments Jamie Schibuk, EVP, Professional Liability and Cyber, Arch Insurance. “Partnering with Upfort equips us with the tools to deliver a sophisticated solution that combines the financial strength and experienced incident response services we provide with the powerful yet practical security solutions that Upfort has to offer. With Upfort, we’re well positioned to lead the pack in the fastest-growing commercial insurance line of business in history.”

Upfort touts its offering as taking cyber resilience a step further and is the first to embed cyber security solutions within every Upfort program policy at no additional cost to the insured or broker.

Ufort notes that its partnership with Arch is the latest development amid a series of company milestones. Earlier this year, Upfort announced its transition from Paladin Cyber to Upfort and the company’s Series A funding round.

mShift Partners with CyberCube to Automate Delivery of Cyber Insurance Analytics

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.

Leave a Comment

(required)