Insurtech graduate of the Lloyd’s Lab focused on quantifying cyber risk for critical infrastructure.

Axio has announced funding from the central fund of Lloyd’s of London.

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The insurtech was a participant in Lloyds’s Lab Cohort 10, where it piloted an extension of its Axio360 platform to help Lloyd’s syndicates develop coverage solutions for cyber physical damage exposure.

The firm said the investment by Lloyd’s would support further development of insurance solutions within the London insurance market.

Cyber risk to infrastructure, and resultant demand for coverage, continues to grow in importance, Axio said, as the world increasingly contends with more sophisticated forms of cyber-attacks.

Axio’s insurance roots include co-founder and CEO Scott Kannry, who was closely involved in developing the first commercial cyber insurance products as an executive at Aon.

Its other 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, available in its Axio360 platform.

Dawn Miller, commercial director, Lloyd’s, 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,” she said.

“I’m honoured to welcome Lloyd’s to the Axio investor family,” said Kannry.

“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,” he said.

Eleanor Bucks, chief investment officer, Lloyd’s, 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.”