Intangic MGA, a data science-driven, London-based cyber managing general agent, has been launched with backing from Axa XL, offering innovative new cyber insurance cover for large public corporations headquartered in the UK.

The company said it was led by an executive team with a unique combination of expertise from insurance, data science, financial markets and cybersecurity to offer a new model for the cyber insurance market.

“It really just comes down to thinking differently about the problem,” said Ryan Dodd, chief executive and founder of Intangic.

“The security teams at large corporations have to manage cyber threats all day, every day. Our approach assesses cyber as a high-frequency risk. By accepting cyber attacks as ‘constant’, we can measure a link between how these attacks are managed and the financial impact they have on corporate operations.

“Our parametric triggers make this link visible, enabling fast recovery from covered material breaches and giving corporations a new type of insurance risk transfer. By doing this, we have converted cyber-risk to a language the board understands.”

Intangic MGA has worked with Axa XL for its cyber policy, CyFi, which is underwritten by Axa XL Insurance Company UK Ltd.

Intangic offers public corporations with cover of up to $15 million in the UK market to cover losses from material cyber breaches. Plans are under way to extend this offering to the US market.

“This is a simple and innovative solution to a complex problem,” said Luis Prato, chief underwriting officer UK & Lloyd’s at Axa XL.

“Intangic’s policy and the mechanisms behind it create a different way to approach risk and unlock capacity for cyber for large public corporations, helping them to strengthen their cyber-risk programme.”