Lloyd’s of London Announces Investment in Axio

Funds to support further development of insurance solutions within the London insurance market.

Today, Axio is proud to announce an investment from Lloyd’s of London, the world’s leading marketplace for insurance and reinsurance, from its Central Fund. The investment is a direct result from Axio’s selection into, and participation in Lloyds’s Lab Cohort 10, where it successfully piloted an extension of the Axio360 platform to help Lloyd’s syndicates develop coverage solutions for cyber physical damage exposure. This type of cyber risk, and demand for coverage, continues to grow in importance as the world increasingly contends with more sophisticated forms of cyber attacks, especially those targeted at critical infrastructure.

Axio’s pairing with Lloyd’s is a natural progression of our dedication to helping quantify cyber risk for critical infrastructure organizations. Axio has deep roots in the insurance industry and in securing the world’s most critical assets. Co-founder Scott Kannry was closely involved in developing the first commercial cyber insurance products as an executive at Aon. While co-founder David White was the security architect for the C2M2 model and helped author and contribute to many of the world’s most widely used cybersecurity assessment frameworks, which are available in Axio’s SaaS platform Axio360.

Scott Kannry, Axio CEO said: “I’m honored to welcome Lloyd’s to the Axio investor family. One of our founding goals was to help the insurance industry better tackle cybersecurity risk, and the investment support from Lloyd’s is evidence of our unique ability to deliver on that goal. We’re now excited to work even more closely with the Lloyd’s Market to help it deliver better coverage solutions, especially for the most challenging areas of cybersecurity risk.”

Dawn Miller, Lloyd’s Commercial Director said, “As part of Lloyd’s ongoing commitment to innovation, today’s announcement is an excellent example of the power of Lloyd’s Lab’s accelerator programme, which forms an integral part of our innovation hub located in the heart of The City. We look forward to driving the increased prominence of the Lab in its mission to innovate the market, through our support and backing of companies with exceptional solutions.”

Eleanor Bucks, Lloyd’s Chief Investment Officer added, “The Lloyd’s Lab is a centre of innovation for the insurance industry giving us as investors the opportunity to back great companies ourselves where we have a strong shared interest for our industry. We’re able to generate attractive return on capital and aid the growth of these companies for the benefit of the market.”

You can read more from Lloyd’s here.

About Axio
Axio focuses on key areas of an enterprise that represent the highest risk so organizations can budget wisely, improve cyber resilience, and demonstrate duty of care. The Axio360 platform is a decision-making engine for holistic cyber risk management, including cybersecurity assessments, cyber risk quantification (CRQ), risk transfer, and cyber insurance analysis. Axio’s industry-leading cybersecurity performance management software aligns security leaders, business leaders, and Boards of Directors around a single source of truth about their most critical corporate risks. Since 2016, Axio has been a trusted partner to many of the world’s leading critical infrastructure, energy, manufacturing, and financial services companies, helping drive better visibility and decision-making about cybersecurity priorities and investments.

About Lloyd’s
Lloyd’s is the world’s leading marketplace for insurance and reinsurance. Through the collective intelligence and expertise of the market’s underwriters and brokers, we’re sharing risk to create a braver world. The Lloyd’s market offers the resources, capability, and insight to develop new and innovative products for customers in any industry, on any scale, in more than 200 territories. We’re made up of more than 50 leading insurance companies, over 380 registered Lloyd’s brokers and a global network of over 4,000 local coverholders. Behind the Lloyd’s market is the Corporation: an independent organisation and regulator working to maintain the market’s successful reputation and operation. Learn more at https://www.lloyds.com/about-lloyds/

Media Contact
Alexandra Pony
Silver Jacket Communications for Axio
[email protected]