Euclid Program Managers has unveiled Euclid Cyber LLC, a new managing general agent (MGA) specializing in excess cyber liability coverage for large enterprises. The MGA will concentrate on companies with annual revenues exceeding $1 billion, providing policy limits of up to $5 million.
Euclid Cyber will issue policies on behalf of Spinnaker Insurance Co., a New Jersey-based insurer focused on program business. Spinnaker, acquired by insurtech firm Hippo Holdings Inc. in 2020, has been a source of underwriting capacity for various MGAs. The company is, however, involved in a $1.5 million legal dispute with a Washington law firm following a security breach.
Leading the new MGA are Annamaria Landaverde and Colette Fearon, who will serve as co-managing principals. Landaverde previously held the position of senior vice president and cyber practice leader at Munich Reinsurance America Inc. Fearon also comes from Munich Re, where she was a cyber underwriter. Their combined experience in cyber risk underwriting and program development is expected to guide Euclid Cyber’s operations.
The establishment of Euclid Cyber expands Euclid Program Managers’ presence in the cyber insurance sector, complementing its existing portfolio of MGAs in specialized insurance lines, such as executive liability and environmental insurance.
Demand for cyber insurance has increased due to the rise in ransomware attacks, heightened regulatory scrutiny, and the financial repercussions of data breaches. Large, high-revenue companies are particularly at risk, making excess cyber liability coverage an increasingly important area for insurers.
