Arch Capital & Upfort Announce Partnership
Upfort and Arch Insurance announced a strategic partnership to “transform cyber insurance programs for small and medium-sized enterprises [SMEs], associations and risk pools.”
A spokesperson said, “Upfort, a cutting-edge cyber security and insurance platform, and Arch Insurance [Arch], a global provider of specialty risk insurance solutions and leading cyber insurance underwriter, today announced a strategic partnership to transform cyber insurance programs for small and medium-sized enterprises [SMEs], associations and risk pools.
“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,” said Josh Riley, Managing Director of 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.”
The spokesperson said, “Upfort and Arch 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.
“Amid changing market conditions, Upfort 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.”
“At Arch Insurance, we’ve been thoughtfully growing our cyber brand to meet the needs of our customer base,” said Jamie Schibuk, Executive Vice President, Professional Liability and Cyber at 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.”
The spokesperson said, “Upfort is 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.
“Today’s partnership announcement is the latest development amid a series of company milestones for Upfort. Earlier this year, Upfort announced its transition from Paladin Cyber to Upfort and the company’s Series A funding round.
“To learn more about Upfort, visit upfort.com.
“To learn more about Arch Insurance’s Cyber product offerings, visit https://insurance.archgroup.com/north-america/united-states/offering/cyber/.”
