SCOR Bolsters European Cyber Insurance Reach Through Lloyd's Partnership with Baobab
In a strategic move to deepen its footprint in the European cyber insurance landscape, global reinsurer SCOR has significantly expanded its partnership with digital MGA Baobab Insurance through the Lloyd's of London market. The enhanced agreement provides increased underwriting capacity for Baobab's 'CyberSafe' policies, specifically targeting mid-sized to large industrial firms in Germany and Austria with annual revenues of up to €1 billion.
The collaboration, facilitated via the SCOR Syndicate at Lloyd's, positions the French reinsurer alongside other Lloyd's syndicates backing the Berlin-based insurtech. Analysts view this as a calculated step by SCOR to build a more robust cyber portfolio in Europe, where demand for specialized coverage is surging, particularly among manufacturing, engineering, and industrial service companies facing escalating digital threats.
"Baobab's model, which fuses technological depth with a proactive, data-led underwriting strategy, aligns perfectly with our ambitions," stated Jeremy Campagno, Head of Cyber & Technology EMEA at SCOR Business Solutions. "This isn't just about adding capacity; it's about supporting a partner that emphasizes risk prevention, which is critical for the industrial sector's complex risk profile."
Central to the partnership is Baobab's proprietary underwriting platform, which leverages its 'Deep Scan' system to generate risk assessments far more detailed than traditional methods. The company supplements its policies with real-time vulnerability alerts and preventive services like staff training and phishing simulations, claiming these measures have helped clients avert millions in potential losses and maintain a loss ratio better than the market average.
"Partnering with SCOR is a major validation of our digital approach," said Vincenz Klemm, Co-founder and Managing Director of Baobab Insurance. "Extending our reach to larger enterprises proves our data-driven model for risk assessment and prevention has the necessary sophistication and scale beyond the SME segment."
Industry Voices:
Michael Thorne, Risk Consultant, Frankfurt: "This is a logical and necessary expansion. The €1bn revenue threshold captures a vital segment of the 'Mittelstand' and larger industrials that have been underinsured. SCOR's backing provides the stability needed for Baobab to scale confidently."
Sarah Chen, Fintech Analyst, London: "It underscores a key trend: reinsurers are actively seeking tech-enabled MGAs as conduits for growth in specialized lines like cyber. The data transparency Baobab offers is a significant value-add for SCOR's own risk modeling."
David Kroos, Cybersecurity Lead (Industry Commentator): "More capacity is welcome, but let's not get carried away. The real test is claims during a systemic attack. Are these policies truly stress-tested for a crippling, cross-border industrial cyber event? I see aggressive growth; I'm waiting for proof of resilient coverage."
Elara Schmidt, Insurance Journalist, Vienna: "For Austrian and German industrial clients, this means more choice and potentially better terms. Baobab's prevention-focused model could drive a healthier market overall, moving beyond pure risk transfer to active risk mitigation."
The deal follows closely on SCOR's recent announcement of a separate Lloyd's consortium with AXA focused on ecological restoration insurance, highlighting the reinsurer's dual strategy of leveraging the Lloyd's platform for growth in both the digital and environmental risk spheres.
This report is based on information originally published by Life Insurance International.
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