NEW YORK, Jan. 24, 2013 (GLOBE NEWSWIRE) -- CloudInsure, the world's first Cloud insurance platform designed to specifically address emerging privacy and security liabilities within the Cloud environment, today announced an agreement with Lockton, the world's largest, privately owned, independent (re)insurance broker to provide risk management solutions for clients exposed to hazards associated with Cloud technologies.
Through this agreement, CloudInsure will be positioned to establish relationships with primary insurers to offer liability coverage, underpinned by bespoke underwriting models and proprietary analytics, to meet the growing needs of businesses in the cloud computing space.
"CloudInsure will provide its partner carriers with a new distribution model that will complement their existing process while allowing for growth and greater market penetration in a highly competitive environment," said Tony Jones, Executive Director at Lockton Re. "As a top ten global (re) insurance broker we look to use our size to our clients' advantage, creating solutions, and accessing all the major international markets through our network of strategically placed global offices. We use our collective knowledge and market understanding to challenge the traditional answers and tap into creative thinking. We generate unique solutions to problems previously thought unsolvable and find markets for hard to place risks."
CloudInsure's Managing Director, Sarah Khan commented, "We are thrilled to partner with Lockton. Their industry expertise and position as a leading (re)insurance broker allows us to streamline our focus to what we do best: providing turn-key insurance solutions that address risk in the Cloud environment."
Ben Beeson, Partner in Lockton's Global Technology and Privacy Practice, said: "Businesses have woken up to the opportunities of Cloud deployment. However, the risks they face have meant widespread adoption has stalled. It is incumbent on the insurance industry to innovate as technology changes to meet its clients' evolving challenges. Lockton is proud to be at the forefront of providing solutions to Cyber risks."
About Cyber Risk Partners and CloudInsure
CloudInsure, a wholly owned subsidiary of Cyber Risk Partners, LLC, offers insurance solutions that address Cloud technology. CloudInsure has engineered privacy & security liability coverage to meet the needs of enterprise customers via cover language, rating methodology and underwriting expertise. CloudInsure is a sister company to CyberFactors, a proprietary cyber risk analytics database that models cyber risk data and events. For more information, visit us at www.cloudinsure.com.
About Lockton
More than 4,450 professionals at Lockton provide more than 15,000 clients around the world with insurance, benefits, and risk management services that improve our clients' businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held insurance broker in the world and 9th largest overall. Independent researcher Greenwich Associates awarded Lockton its 2011 Service Excellence Award for risk management for large companies. For three consecutive years, Business Insurance has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.