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New company under Lloyd's coverholder model to offer cyber insurance

A new company specialising in cyber, technology and financial lines has joined the flurry of insurtech activities that have started picking up in the Singapore insurance scene.

Delta Insurance Singapore is the first such Lloyd's coverholder - a distribution model - in Singapore underwriting such businesses.

As a coverholder, Delta Insurance Singapore acts on behalf of certain underwriters or syndicates within the Lloyd's Asia framework.

For now, the company has partnered Allied World's Lloyd Syndicate 2232, though there could be more tie-ups down the road.

Eugene Cheong, managing director of the new firm, said that he found from experience that currently "there are certain gaps or plenty of gaps in the Singapore market", of which one is products.

Under the coverholder model, the firm has the muscle to introduce new products that are bespoke.

The company is looking to work with fintechs, startups, small and medium enterprises (SMEs), technology firms and corporates.