Island insurer Freisenbruch-Mayer has launched a new cyberliability protection plan — claimed to be a first for the Bermuda sector.

The Front Street firm said the decision reflected increasing concern about cybercrime in the business world.

William Madeiros, executive vice-president and chief development officer at the company, said: “We are pleased to be the first to market with a product to satisfy our clients’ unique insurance protection needs.

“A great deal of time and effort has gone into crafting a product that will produce the best combination of protection and pricing.”

The insurance is offered in a partnership deal with AJ Gallagher, London and Dual Corporate Risks.

Thomas Edwards, Freisenbruch-Meyer’s assistant vice-president of broking, said: “The customisation of security and privacy insurance policies enables Freisenbruch-Meyer to service a variety of industries such as financial services, health, hospitality, retail and other business segments.

“We welcome the opportunity to discuss this emerging exposure with not only our valued clients, but also the wider business community.”