A subsidiary of Bermudian-based Arch Capital Group Ltd has entered into a strategic partnership to transform cyberinsurance programmes for small and medium-sized enterprises, associations and risk pools.

Cyber underwriter Arch Insurance’s partnership is with Upfort, a cybersecurity and insurance platform.

With cyber insurance premiums expected to grow by 20 per cent year-over-year until 2025, the companies said, more market segments need to access coverage to protect against evolving cyber-risks.

“We’re excited to join forces with Arch Insurance to revolutionise how cyberinsurance is bought and sold,” said Josh Riley, managing director of Upfort.

“By integrating our technology with Arch’s industry-leading insurance solutions, we’re accelerating the world’s journey toward cyber-resilience. We are proud to be the partner of choice for Arch to expand its cyber offering.”

Upfort and Arch will work with brokers to develop group programmes prioritising broad insurance coverage, competitive pricing, embedded security solutions and a seamless digital experience.

They said this will allow insurance agents and brokers to promote cyber-resiliency at scale, in addition to fostering more meaningful and productive connections with clients and prospects.

Amid changing market conditions, Upfort empowers brokers to serve organisations that have traditionally been harder to insure, particularly in recent years.

Combining powerful loss control and automated underwriting with a user-friendly, low-touch process, Upfort allows Arch’s brokers to efficiently meet the needs of these businesses.

“At Arch Insurance, we’ve been thoughtfully growing our cyber brand to meet the needs of our customer base,” said Jamie Schibuk, executive vice-president, professional liability and cyber, at Arch.

“Partnering with Upfort equips us with the tools to deliver a sophisticated solution that combines the financial strength and experienced incident response services we provide with the powerful yet practical security solutions that Upfort has to offer.

“With Upfort, we’re well positioned to lead the pack in the fastest-growing commercial insurance line of business in history.”