New risks for SMEs in focus

Two major industry players have teamed up to create a new underwriting agency focused on emerging risks, with a cyber product for SMEs as its first line.

Emergence, a joint venture between Steadfast and Hollard Insurance, is based in Sydney and will specialise in new and emerging risks for SME clients.

Co-founder and Director Chris Stallard says the scale of the risks involved with cyber events made cyber cover an obvious choice for Emergence’s first product.

“The World Economic Forum identified that two of the highest concerns for businesses are data fraud/theft and an escalation in large-scale cyber attacks,” he says.

“Our research suggests that this is as significant to SMEs as it is to large corporates based on the type, frequency and severity of attacks.”

Co-founder and Director Troy Filipcevic says having the backing of a broker network and a major insurer offered many advantages.

“Partnering with Steadfast enables us to develop products by being close to the customer, plus our association with Hollard has facilitated robust product development and speed to market,” he says.

“We look forward to leveraging the strength and knowledge of both these organisations.”