The SCOR Syndicate at Lloyd’s has extended the underwriting capacity of German digital risks MGA Baobab Insurance to companies with up to €1 bn in annual revenue in Germany and Austria, thereby strengthening SCOR’s capabilities in cyber insurance in the European market and addressing the rising exposure of industrial clients.
Under the arrangement, SCOR added capacity to Baobab’s existing binder, expanding eligibility to companies with annual revenues up to €1 bn across both markets.
The change materially shifts Baobab’s addressable client base, moving deeper into the industrial segment rather than staying concentrated on smaller enterprises.
The deal places SCOR alongside several Lloyd’s syndicates already supporting Baobab. It also fits SCOR’s broader push to grow its European cyber portfolio, with a sharper focus on industrial risks where loss severity and systemic exposure continue to rise.
According to Beinsure, reinsurers increasingly favour MGAs with embedded risk controls over pure capacity-driven growth.
Jeremy Campagno, head of cyber and technology EMEA at SCOR Business Solutions, said Baobab brings strong technical capability and a data-led underwriting approach. He said the partnership supports SCOR’s European expansion plans while strengthening its position in cyber as exposure among industrial clients keeps climbing.
Baobab combines impressive technological expertise with a data-driven underwriting strategy. This partnership supports SCOR’s broader strategy to expand in Europe and strengthen its capabilities in cyber insurance whilst addressing the rising exposure of industrial clients.
Jeremy Campagno, Head of EMEA, Cyber & Technology at SCOR Business Solutions
The collaboration centres on Baobab’s underwriting model, which prioritises upfront risk evaluation and prevention rather than post-incident response.
Its proprietary Deep Scan system generates datasets several times larger than traditional assessment methods, improving transparency and supporting granular risk-based pricing, according to SCOR.
Baobab also provides policyholders with real-time vulnerability alerts. The companies say these alerts helped prevent losses worth several million euros and contributed to a loss ratio running below broader market levels.
According to our data, prevention-led cyber programmes show materially lower volatility when paired with continuous monitoring.
Policyholders receive additional preventive services, including staff awareness training, phishing simulations, and direct access to Baobab’s in-house cyber specialists.
These features are positioned as standard components rather than optional add-ons, reinforcing the prevention-first design.
SCOR said the expanded scope aligns with its strategy to scale cyber underwriting across Europe and address rising exposure among industrial buyers seeking coverage beyond SME-focused products.
Baobab co-founder and managing director Vincenz Klemm said the partnership marks a turning point for the MGA. By extending underwriting authority to firms generating up to €1 bn in revenue, Baobab moves into what he described as a new operating tier, demonstrating its data-driven approach scales beyond SMEs into upper industrial risks.
According to Beinsure, such structures reflect growing insurer interest in capital-efficient risk transfer tied to sustainability-linked assets.
SCOR Business Solutions is the large corporate risk insurance arm of SCOR. As part of SCOR’s Property & Casualty business, SCOR Business Solutions offers a comprehensive range of insurance products to address the evolving insurance needs of large commercial clients.
With more than 250 highly qualified underwriters and data analysts across Europe, North America, Latin America, and Asia Pacific, we are able to work with clients around the world whilst also offering a deep understanding of local markets and the challenges faced.
