According to the company’s press release, by adding to Baobab’s existing binder agreement, the SCOR Syndicate at Lloyd’s has extended coverage to companies with up to EUR 1 billion in annual revenue in Germany and Austria, adding SCOR’s expertise and balance sheet strength to a select group of Lloyd’s syndicates already supporting the MGA.
SCOR’s decision to enter into the partnership was underpinned by Baobab’s data-driven underwriting model, which prioritizes proactive risk assessment and prevention over traditional claims management. Baobab’s proprietary Deep Scan technology delivers a data density six times higher than that produced by traditional methods, providing SCOR with an excellent level of transparency in terms of risk-adequate pricing.
This coverage reinforces SCOR’s commitment to the growing cyber insurance needs of industrial clients and broadens the foundation for underwriting complex cyber risks in the sector. By partnering with Baobab, SCOR continues to expand its cyber underwriting footprint in Europe while supporting resilient, prevention-led approaches to managing digital risk in an increasingly complex threat landscape.
"Baobab combines impressive technological expertise with a data-driven underwriting strategy. This partnership supports SCOR’s broader strategy to expand in Europe and strengthen its capabilities in cyber insurance whilst addressing the rising exposure of industrial clients”, said Jeremy Campagno, Head of EMEA, Cyber & Technology at SCOR Business Solutions.
"The partnership with SCOR is a major milestone. By increasing our underwriting authority to companies with up to one billion euros in revenue, we are entering a new dimension. We are proving that our digital approach of data-driven risk assessment and prevention possesses the necessary depth not only for SMEs but also for the upper industrial sector", commented Vincenz Klemm, Co-founder and Managing Director of Baobab Insurance.
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