Global reinsurer SCOR has partnered with German digital risk MGA Baobab Insurance to expand the capacity of Baobab’s ‘CyberSafe’ product, which provides businesses with preventive and ongoing protection against cyber risks, driven by Lloyd’s SCOR Syndicate.
Lloyd’s SCOR syndicate has expanded Baobab Insurance’s underwriting capabilities to companies in Germany and Austria, with annual revenues of up to €1 billion, strengthening SCOR’s capabilities in cyber insurance.
SCOR entered the partnership because of Baobab’s data-driven underwriting model, which prioritizes proactive risk assessment and prevention over traditional claims management. Baobab’s proprietary deep scanning technology provides six times the data density than traditional methods, providing SCOR with greater transparency in risk pricing.
Baobab’s real-time vulnerability alerts help protect insureds from potential losses of millions of euros, achieving loss ratios well below market levels and in compliance with SCOR’s stringent underwriting standards.
Policyholders also benefit from comprehensive risk prevention services, including cybersecurity awareness training, phishing simulations and direct access to Baobab’s in-house cybersecurity experts, further enhancing resilience beyond traditional risk transfer.
SCOR said the coverage reinforces its commitment to the growing cyber insurance needs of its industrial clients and strengthens its foundation for underwriting the industry’s complex cyber risks.
By partnering with Baobab, SCOR continues to expand its cyber underwriting footprint in Europe while supporting a prevention-led approach to managing digital risks in an increasingly complex threat environment.
Jeremy Campagno, head of network and technology for Europe, Middle East and Africa at SCOR Business Solutions, commented: “Baobab combines impressive technology expertise with data-driven underwriting strategies. This partnership supports SCOR’s broader strategy to expand in Europe and strengthen its cyber insurance capabilities while addressing the growing risks of industrial clients.”
Vincenz Klemm, co-founder and managing director of Baobab Insurance, added: “The collaboration with SCOR is an important milestone. By increasing our underwriting authority for companies with revenues of up to €1 billion, we are entering a new dimension. We are proving that our digital approach to data-driven risk assessment and prevention has the necessary depth not only for SMEs but also for the upper industrial sector.”
