Thomas Miller, has launched a new group business, Thomas Miller Specialty, along with two new insurance products, Cyber Risk Cover and Kidnap & Ransom (K&R).
Thomas Miller Specialty also becomes the new trading name for Osprey Underwriting Agency. The Osprey name will continue to be associated with its recognised marine and satellite insurances, but in the name of its product lines – Osprey Fixed Premium P&I, Osprey Hull, Osprey Aerospace etc. This combination allows Thomas Miller’s new commercial insurance MGA to recognise the strengths of both the Thomas Miller and the Osprey brand identities in the marine and space insurance markets.
Roger Lewis, Deputy Chairman of Thomas Miller Specialty hailed the launch of the new Specialty lines products: “Hardly a day goes by without a story on the emerging cyber risk for modern businesses. Cyber is an incredibly topical insurance product with growing demand and we believe it is relevant for all of our customers at Thomas Miller. Kidnap & Ransom is another insurance product that many of our international customers need to consider as part of their ongoing duty of care to employees travelling to, or located, overseas”.
“Both products are an excellent start for our Specialty lines MGA in the commercial insurance sphere. Our objective is to develop a select portfolio of insurance products, underwritten at Lloyd's of London, which complement Thomas Miller's current market leading business insurance lines.”
Alan Dainty, Cyber Risk Director at Thomas Miller Specialty adds: “We have built a cyber product that we believe will match, or better, other cyber risk insurance products in the market, by covering lost income (and digital information) from a malicious cyber event, or indeed IT system failure. Computer crime is also a recognised trigger on the policy and third party coverage is in place to protect the data and privacy liability in respect of both customers and employees.
“Being a part of Thomas Miller means customers will also have access to risk management and loss prevention advice, developed with our partner, Lloyd’s Register Quality Assurance (LRQA), which has significant experience of IT security risk assessment.”