Wednesday 04 September 2024 - Company news

Tokio Marine HCC – Specialty Group breaks new ground with combined event cancellation and cyber cover

London, 4 September 2024
Tokio Marine HCC (TMHCC) – Specialty Group, a member of the Tokio Marine HCC group of companies based in Houston, Texas, has today announced the launch of a malicious cyber event extension to its cancellation product available through both its Lloyd’s syndicate and HCC International Insurance Company PLC.
 
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TMHCC – Specialty Group’s event cancellation business is market leading in terms of capacity and depth of capabilities, and the company now has extended its offering to include malicious cyber attacks. This extension is being offered in response to demand from brokers and clients for accessible and comprehensive event cancellation coverage. With this product, policyholders also receive a unique post-binding cyber vulnerability scanning service which provides a scan of the event organiser’s website to identify vulnerabilities that could give rise to infiltrations and then provide steps for remediation.

The new offering has been built for simplicity, utilising a short questionnaire which replaces the often complex and technical requirements of the traditional Cyber market. The cover, available globally, includes malicious cyber coverage up to 30 days before an event and offers access to a dedicated cyber incident response team who provide 24-hour support from the moment an incident occurs.

Neil Paddon, Head of Contingency Underwriting at Tokio Marine HCC – Specialty Group’s International division, said: “The risk of malicious cyber attacks has become an increasing concern to our clients and is one risk to which the market as a whole has struggled to react. By extending our event cancellation offering to include malicious cyber coverage, we're addressing a clear gap in the market. We are committed to supporting the event sector and reinforcing our position as a leader and pioneer in this space.” 

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Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $73 billion as of June 30, 2024. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings, ‘A++’ (Superior) from AM Best, and ‘AA-’ (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of ‘A+’ (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.

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