New MGA Ascent Underwriting offers emerging cyber risk coverage

Newly formed specialist managing general agent Ascent Underwriting has begun offering coverages for emerging cyber risks aimed at the U.S., U.K., Canadian and European markets.

Its first product suite, CyberPro, is modular-based and specializes in nontangible risks such as cloud computing, data privacy, network interruption, professional liability and intellectual property issues, the London-based MGA said in a statement Monday.

Amlin P.L.C. is acting as the lead syndicate, but Ascent also has backing from four other Lloyd's of London syndicates.

Ascent is led by directors Gareth Tungatt and David Umbers. Previously, Mr. Tungatt was an underwriting manager for technology risks at the Barbican Insurance Group syndicate, while Mr. Umbers was a senior partner at Lloyd's broker Safeonline L.L.P.

Ascent is a trading division of Safeonline while awaiting independent Financial Services Authority and Lloyd's regulatory approvals. Its offices are located at London Underwriting Centre, 3 Minster Court, Mincing Lane.

For more information on CyberPro, contact Mr. Umbers at 44 (0) 203 642 8250 or david.umbers@ascentunderwriting.com.