Delta Insurance Group has signed an agreement with London-based specialty Lloyd’s-of-London reinsurance brokers Prospect Insurance Brokers to market and distribute Delta’s Personal Cyber Insurance product outside of Asia-Pacific.
Delta Group Chairman and Managing Director Ian Pollard says the agreement means the company’s Personal Cyber (PerCy) insurance offering will shortly be available in the UK and Europe through Prospect and will possibly be released into the United States in the future.
Pollard says PerCy, which offers protection for individuals against cyber-risks such as ransomware and data loss, is also available in Singapore and the wider Asian market through Delta’s Singapore office, after launching in the New Zealand market earlier this year.
He says the agreement with Prospect marks another step forward in Delta’s alliance with the specialist UK brokerage. “We’ve been working closely with Prospect for some years and a number of our niche insurance products, such as our Unmanned Aerial Vehicles/Drones insurance, have arisen from our association with the company, while Prospect has also played a significant role more recently in helping us develop PerCy.”
Founded in 2010, Prospect Insurance Brokers is an independent insurance and reinsurance Lloyd’s of London broker specialising in binding authority, reinsurance and alternative risk transfer business placed into Lloyd’s, European and international company markets. Prospect’s recent work has included innovative developments in the cyber, cryptocurrency, gig economy, drones and parametric structures areas. The company was acquired by private London-based brokerage, Costero Brokers, in August 2020.
Prospect Managing Director Jamie Webb says the agreement cements a strong collaborative relationship between the two businesses. “Delta and Prospect have a very similar view of the insurance world and a shared desire to make great products for the times. We look forward to PerCy catching on in our markets so that people can actively reduce their exposure to the recent, dramatic increase in cyber-crime.”