Brooklyn Underwriting is responding to the changing IT landscape
9 March 2023
Brooklyn Underwriting has made changes to “some areas” of its book in light of the changing IT insurance market landscape.
The Axa-owned underwriting agency said in a Linkedin post that it will reduce capacity to a maximum of $5 million and that insureds will be required to have cyber coverage in Brooklyn.
Rates and minimum excesses will also increase, the post said.
Brooklyn said it will allow one renewal cycle for existing renewals before imposing the changes.
“We continue to bring a high quality product to the market, together with our specialist underwriters Brooklyn can continue to support this sector in the future,” said the underwriting agency.
“Brooklyn is committed to remaining in the market for managed service providers and other more difficult to place risks, however, to do this we need to ensure that the portfolio is robust.”
Managed service providers are third-party IT firms that provide clients with ongoing technology support.
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