Euclid Program Managers has announced the launch of Euclid Cyber LLC, a managing general agent (MGA) specializing in excess cyber liability coverage. The new venture will focus on providing coverage to major corporations with annual revenues exceeding $1 billion. The MGA plans to offer policy limits up to $5 million.
Euclid Cyber will issue policies on behalf of Spinnaker Insurance Co., a New Jersey-based insurer. Spinnaker, acquired by insurtech firm Hippo Holdings Inc. in 2020, provides underwriting capacity to various MGAs. Spinnaker is currently involved in a legal dispute concerning a security breach suffered by a Washington law firm.
Leading Euclid Cyber will be co-managing principals Annamaria Landaverde and Colette Fearon. Landaverde formerly served as senior vice president and cyber practice leader at Munich Reinsurance America Inc. Fearon’s background includes experience as a cyber underwriter at the same company. Their combined expertise in cyber risk underwriting and program development positions them to oversee Euclid Cyber’s operations.
The launch of Euclid Cyber extends Euclid Program Managers’ presence in the cyber insurance market, complementing its existing portfolio of MGAs in other specialty insurance lines, like executive liability and environmental insurance. Increased ransomware attacks, growing regulatory scrutiny, and the financial risks associated with data breaches have driven demand for cyber insurance. Large, high-revenue companies are particularly susceptible to these threats, making excess cyber liability coverage a growing area of interest for insurers.
Euclid Cyber’s focus on large businesses mirrors broader trends in the cyber insurance market, as insurers develop specialized solutions to manage the evolving threat landscape. As the MGA begins its underwriting operations, its market positioning within the competitive cyber insurance space remains to be seen.
