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Aspen Risk Management Launches New Covers for Computers and Cyber, Privacy and Media Risks

London, UK, September 18 2012 – Aspen Risk Management Limited (ARML) launches a new range of covers to help companies protect against the emerging risks relating to computers, data and cyber-crime in partnership with two of the leading specialists in the market.

Breaches of data are becoming more common and dealing with them is increasingly more complex and costly. According to recent market research over three quarters[1] of SME businesses in the UK have experienced a security breach in some form while the total estimated cost to UK business is £21 billion[2].

ARML in partnership with two leading specialist insurers, HSB Engineering, part of the Munich Re Group, and CFC Underwriting, an approved Lloyd’s cover holder, has responded to this growing need for companies to protect against the risks of computers, cyber-crime, data loss, privacy, virus, and hacking as well as exposure of material online.

The new ARML covers address specific exposures associated with:

  • Loss or damage to computer hardware, systems and portables (including laptops, smartphones and storage devices) 
  • Cyber terrorism and extortion Hacking, virus and denial of service (DoS) attacks 
  • Loss or corruption of data, especially personal data, and the requirements of the Data Protection Act 
  • Liability for breach of privacy, passing on viruses/malware etc.
  • Defamation, breach of confidentiality, IPR or trademarks by online material 
  • Reputation and brand damage 

These covers can be bought on a standalone basis and are also available to Business Insurance (Commercial Combined) policyholders.

Kevin Pallett, Managing Director of Aspen Risk Management Limited, comments: “Cyber-crime is a very real problem and the threat is growing as technology provides increasing access to businesses and more and more sensitive data is stored digitally.

He adds: “Data is arguably a company’s most valuable asset and yet the risks it faces in this respect are often misunderstood or overlooked. Developed alongside two of the leading specialist insurers in the market, our new covers for computers, data, cyber, privacy and media will provide the necessary protection for companies looking to address effectively their potential exposure in these critical areas.”

About Aspen Risk Management Limited

Aspen Risk Management Limited is part of the Aspen group (the ultimate parent company is Aspen Insurance Holdings Limited, see below). Aspen Risk Management combines traditional commercial insurance with a comprehensive range of risk management facilities, distributed in partnership with a select panel of insurance brokers. This includes a broad spectrum of market leading property, casualty and specialty insurance products, along with health and safety and business continuity protection. The company, which has offices in London, Birmingham, Bristol, Glasgow and Manchester, has been granted Chartered Insurers status by the Chartered Insurance Institute.

About Aspen Insurance Holdings Limited (“Aspen”)

Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Bermuda, France, Germany, Ireland, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2011, Aspen reported $9.5 billion in total assets, $4.5 billion in gross reserves, $3.2 billion in shareholders’ equity and $2.2 billion in gross written premiums. Its operating subsidiaries have been assigned a rating of “A” (“Strong”) by Standard & Poor’s (“S&P”), an “A” (“Excellent”) by A.M. Best and an “A2” (“Good”) by Moody’s Investors Service (“Moody’s”).

Application of the Safe Harbor of the Private Securities Litigation Reform Act of 1995

This press release may contain written, and Aspen's officers may make related oral, "forward-looking statements" within the meaning of the US federal securities laws regarding its business plans. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as "expect," "intend," "plan," "believe," "project," "anticipate," "seek," "will," "estimate," "may," "continue," and similar expressions of a future or forward-looking nature.

All forward-looking statements rely on a number of assumptions, estimates and data concerning future results and events and are subject to a number of uncertainties and other factors, many of which are outside Aspen's control that could cause actual results to differ materially from such statements, including changes in market conditions, their impact on our business and ability to execute our business plans. For a detailed description of uncertainties and other factors that could impact the forward-looking statements in this release, please see the "Risk Factors" section in Aspen's Annual Report on Form 10-K for the year ended December 31, 2011, filed with the US Securities and Exchange Commission on February 28, 2012.

For further information please contact

Justin Griffiths or Kate Lehane, Citigate Dewe Rogerson

Tel: +44(0)20 7638 9571

 


[1] Information Security Breaches Survey. PWC, April 2012

[2] The Cost of Cyber Crime. Detica and Cabinet Office report