Onda
🌐 Onda is a multi-jurisdictional cyber MGA platform founded in 2022, providing broker-facing cyber insurance across the United Kingdom, France, and the United States. The company operates through distinct regional distribution entities supported by a separate U.S. technology entity, Onda AI, Inc., and holds Lloyd's coverholder status in Europe while using carrier paper from Crum & Forster Specialty Insurance Company in the United States. As of December 2023, Onda reported a headcount of 32 employees.
Onda | |
|---|---|
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| Corporate identity | |
| Type | Private — cyber MGA platform |
| License type | MGA / Lloyd's coverholder (Europe) Licensed producer and surplus lines broker (United States) |
| NPN | 21439548 |
| Founded | 2022 |
| Licensed jurisdictions | United States United Kingdom France |
| Regulator | Autorité de Contrôle Prudentiel et de Résolution (France) Financial Conduct Authority (United Kingdom, via CKRe Limited) |
| Key people | Alex Jomaa, Chief Underwriting Officer Patrick Cannon, Chief Claims Officer Gillian Harvey, Group Head of Compliance Kate Schulze, Head of Legal |
| Number of employees | 32 (December 2023) |
| Business & markets | |
| Customer segments | Upper SME to mid-market businesses with annual revenue up to $/£/€ 1 billion |
| Lines of business | Cyber insurance |
| Main products & services | Onda + (SME and lower mid-market) Onda X (mid-market, powered by Navigator) |
| Technology platform | Navigator (cyber risk and insurability management) Threat Lab (threat intelligence consulting) Clive by Five Sigma (claims management) |
| Capacity providers | Everest (via Lloyd's of London) Canopius Group Crum & Forster Specialty Insurance Company (NAIC 44520) |
| Distribution | Broker-facing |
| Geographic markets | United States United Kingdom France |
🏢 Entity structure. The operating entity map includes Onda Insurance Services, Inc. (Maryland-domiciled U.S. licensed producer and surplus lines broker, NPN 21439548), Onda SAS (Paris-headquartered France distributor, ORIAS 22005524, ACPR-supervised), CKRe Limited (FCA-authorized UK distribution partner, FRN 308735, Companies registration 03600683), and Onda AI, Inc. (Delaware-registered technology developer, Registered File 6827922). This multi-entity architecture enables jurisdictional compliance while centralizing technology and analytics through a single platform.
👤 Leadership team. Alex Jomaa serves as Chief Underwriting Officer with prior senior cyber underwriting experience at Tokio Marine Kiln and Insurance Insider cyber rankings recognition, while Patrick Cannon serves as Chief Claims Officer with prior Head of Cyber Claims experience at Tokio Marine Kiln and claims leadership at Marsh. Gillian Harvey leads compliance as Group Head of Compliance with experience spanning Chubb, CFC Underwriting, HDI Global Specialty, and AmTrust Europe, and Kate Schulze serves as Head of Legal with prior experience at the U.S. Department of Justice and the SEC.
💼 Product architecture. Onda markets two primary cyber products: Onda + targeting SMEs and lower mid-market businesses with annual revenue up to £100 million (UK) and limits up to £5 million, and Onda X targeting mid-market businesses with annual revenue from £100 million to £1 billion with aggregate limits up to £5 million for primary or excess placements. In the United States, Onda X covers businesses with annual revenues between $50 million and $1 billion. Evidenced coverage elements include ransomware and cyber extortion with negotiation and payment facilitation, social engineering, system business interruption, data breaches, and reputational harm cover.
🏗️ Capacity providers. European underwriting capacity operates through Lloyd's, with Everest underwriting the Onda X mid-market product and Canopius Group providing renewed SME capacity in the UK and France. In the United States, Crum & Forster Specialty Insurance Company (NAIC 44520), a non-admitted surplus lines insurer domiciled in Delaware, serves as the issuing carrier. Onda explicitly notes the surplus lines status and the absence of guaranty-fund protection for U.S. policyholders.
🖥️ Technology platform. Navigator is Onda's proprietary cyber risk and insurability management platform, offering multi-dimensional risk assessments, continuous monitoring, live threat intelligence, and supply-chain oversight, with detection and auto-alert functionality built into every policy. The Threat Lab consulting service, available exclusively to European clients, is built using proprietary threat analytics and internal telemetry monitoring systems developed by Onda AI, Inc., supplemented by monthly reports and analyst briefings.
🤝 Strategic partnerships. Onda announced a two-year partnership with Panorays in October 2024 to integrate real-time cyber risk assessment, enabling a cyber risk engine combining internal network data, external attack surface data, and threat intelligence to reduce dependency on lengthy application forms. In November 2024, Five Sigma announced that Onda selected its Clive claims management platform to support multi-currency, configurable workflows for international scaling. Onda's UK complaints procedure routing to Lloyd's Insurance Company S.A. in Brussels indicates Lloyd's Europe's structural role in European program governance.
⚠️ Risk factors. Key risks include capacity dependency given reliance on Everest, Canopius, and Crum & Forster; regulatory complexity spanning three jurisdictions with distinct supervisory frameworks; aggregation and correlation risk intrinsic to cyber portfolios serving mid-market insureds with interconnected ecosystems; and operational dependency on third-party technology integrations including Panorays and Five Sigma. Key-person concentration risk is elevated given the prominent role of underwriting and claims leadership in broker confidence without disclosed broader governance depth.
🧭 Strategy and milestones. Onda's strategy emphasizes simplifying cyber placement via technology, replacing lengthy forms with real-time risk data, and providing continuous risk insights alongside insurance protection, with three execution priorities: broadening mid-market relevance through Onda X, strengthening risk signal quality via telemetry and third-party integrations, and industrializing claims operations through platform automation. Key milestones include the October 2023 UK launch, the February 2024 London market entry as a Lloyd's-backed MGA, the March 2025 Onda X mid-market product launch underwritten by Everest, and the October 2025 U.S. launch with Crum & Forster backing.
The following sections provide further details.
Corporate identity
🏢 Multi-jurisdictional platform. Onda operates as a multi-jurisdictional cyber MGA platform with distinct distribution entities by region and a separate U.S. technology entity. The company follows a broker-led distribution model with delegated authority frameworks in Europe and carrier paper in the United States. Onda explicitly avoids direct-to-insured retail solicitation.[1]
📋 Entity structure. Onda Insurance Services, Inc. is the U.S. distribution entity, domiciled in Maryland with a principal office in Columbia, MD and NPN 21439548; it functions as a licensed producer and surplus lines broker.[2][3] Onda AI, Inc. is a Delaware-registered technology entity (Registered File 6827922) responsible for developing internal telemetry monitoring systems supporting Threat Lab and platform analytics.[4][5] Onda SAS is the France distribution entity, headquartered at 80 avenue d'Iéna, Paris, registered under RCS Paris 910621077, with ORIAS number 22005524 and supervision by the Autorité de Contrôle Prudentiel et de Résolution.[1] CKRe Limited distributes insurance products in the United Kingdom under the Onda trading name, registered at 40 Lime Street, London (Companies registration number 03600683), and is authorized and regulated by the Financial Conduct Authority (FRN 308735).[6][7]
| Operating entity | Function | Domicile and address | Regulatory status and identifiers |
|---|---|---|---|
| Onda Insurance Services, Inc. | U.S. distribution entity; licensed producer and surplus lines broker | Domiciled in Maryland; principal office in Columbia, MD | NPN 21439548; multi-state producer licensing footprint |
| Onda AI, Inc. | Technology developer for Threat Lab and platform analytics | Registered in Delaware; Dover, DE registered office; Registered File 6827922 | Not presented as a regulated insurance entity |
| Onda SAS | France distribution entity | Head office at 80 avenue d'Iéna, Paris | RCS Paris 910621077; ORIAS 22005524; supervised by ACPR |
| CKRe Limited | UK distribution partner; distributes under the Onda trading name | Registered office at 40 Lime Street, London | Authorized and regulated by FCA; Companies registration number 03600683; FRN 308735 |
🔑 Lloyd's coverholder. Onda's European marketing materials explicitly state Lloyd's coverholder status, though the specific coverholder number is not published in publicly accessible company pages or partner press releases.[1]
⚖️ Carrier licensing posture. Onda is positioned primarily as an MGA and distributor rather than a balance-sheet insurer. In the United States, the issuing insurer is Crum & Forster Specialty Insurance Company (NAIC 44520), a non-admitted surplus lines insurer domiciled in Delaware, with Onda acting as distributor via its licensed producer entity.[3]
📊 Operating scale. As of December 1, 2023, a trade profile reported a staff count of 32, with offices and operations spanning the UK (via a distribution partner), France, and the United States.[4] LinkedIn indicates a small-company size band.[8]
Leadership
👤 Underwriting leadership. Alex Jomaa serves as Chief Underwriting Officer, bringing prior senior cyber underwriting experience at Tokio Marine Kiln and recognition in Insurance Insider cyber rankings in 2016 and 2017.[9][3]
🛡️ Claims leadership. Patrick Cannon serves as Chief Claims Officer, with prior Head of Cyber Claims experience at Tokio Marine Kiln and subsequent cyber claims leadership at Marsh; his biography cites claims-service recognition at the Insurance Times Claims Excellence Awards in 2023.[9][2]
📑 Compliance and legal. Gillian Harvey serves as Group Head of Compliance, with prior deputy group compliance leadership at Athora Holding Ltd and experience across insurers and MGAs including Chubb, CFC Underwriting, HDI Global Specialty, AmTrust Europe, and the Financial Ombudsman Service.[9] Kate Schulze serves as Head of Legal, with prior government legal experience at the United States Department of Justice and as Senior Counsel at the United States Securities and Exchange Commission.[9]
🤝 Business development. U.S. business development leadership includes Chris Reynolds (prior role at Coalition) and Joseph AJ Jones (career history referencing Beazley Group USA distribution roles).[9] Stuart McMillan joined the UK sales team as Distribution Director in early 2025, and France distribution leadership is also attributed to McMillan.[10][11]
Business model and distribution
🚀 Value proposition. Onda positions itself as a cyber MGA providing next-generation cyber insurance supported by an in-house platform and partner integrations, designed to streamline underwriting workflows and deliver continuous cyber-risk insights to brokers and policyholders.[9]
🏦 Customer segments. In the UK, Onda + targets SMEs and corporates with annual revenue up to £100 million and any one claim limits up to £5 million, while Onda X targets mid-market and larger businesses with annual revenue from £100 million to £1 billion and aggregate limits up to £5 million for primary or excess placements.[12] In France, Onda covers businesses with annual revenue up to €1 billion and limits up to €5 million for primary and excess placements.[1] In the United States, Onda covers businesses with annual revenues between $50 million and $1 billion, with limits up to $5 million for primary policies through Onda X.[3]
🔗 Broker-facing distribution. Onda presents itself as exclusively broker-facing, with a low-touch platform enabling onboarding, quoting, and documentation.[10] In the U.S., Onda works directly with brokers, agents, and insurance carriers and explicitly does not solicit insurance directly from commercial customers or the public.[3] In the UK, insurance products are distributed by CKRe Limited under the Onda trading name.[6]
🌍 Geographic authorization. Onda maintains operational presence across three jurisdictions: France (via Onda SAS with ORIAS registration and ACPR supervision), the United Kingdom (via CKRe Limited as the FCA-regulated distribution partner), and the United States (via Onda Insurance Services, Inc. as licensed producer and surplus lines broker).[1][6][3][4]
Cyber insurance and services
💼 Product architecture. Onda publicly markets two primary cyber products: Onda + (SME and lower mid-market positioning in Europe) and Onda X (mid-market positioning, described as powered by Navigator).[12] For Europe, distribution operates through Lloyd's coverholder status and insurer partnerships, while for the United States, insurance is issued by Crum & Forster Specialty Insurance Company (NAIC 44520), a non-admitted surplus lines insurer domiciled in Delaware.[1][3] Onda also markets "any one claim" structuring alongside aggregate approaches across product lines and geographies.[12]
| Coverage element | Evidence level | Notes |
|---|---|---|
| Ransomware / cyber extortion (including negotiation and payment facilitation) | Evidenced | Explicitly listed; claims workflow references ransom payment and threat actor negotiation facilitation |
| Social engineering | Evidenced | Listed as a covered attack type |
| System business interruption | Evidenced | Listed as a covered attack type; claims workflow references BI loss review and payment |
| Data breaches | Evidenced | Listed as a covered attack type; claims workflow references legal assessment for notifications and defense costs |
| Reputational harm / PR-related revenue loss | Evidenced | Reputational Harm Cover is explicitly listed |
| Network security liability | Implied | Claims workflow references defense costs and compensation claims from data subjects |
| Privacy liability and regulatory defense | Implied | Claims workflow references legal assessment for regulator notification |
📞 Breach response and claims. Onda markets 24/7 incident response with a structured claims flow covering cyber incident triage, vendor engagement, forensics, legal assessment, ransomware negotiation and payment facilitation, and business interruption review and payment where applicable.[12][2] Claims administration and management are supported by a platform and technology, including Clive by Five Sigma, and incident management response services are provided with third-party providers as detailed in the policy document.[2] Five Sigma announced in November 2024 that Onda selected its claims management system, referencing multi-currency and configurable workflows supporting international scaling goals.[13]
🖥️ Navigator platform. Navigator is positioned as a proprietary cyber risk and insurability management platform offering multi-dimensional cyber risk assessments, continuous monitoring, live threat intelligence, and supply-chain oversight.[3] The claims page indicates Navigator includes detection and auto-alert functionality built into every policy.[2]
🔍 Threat Lab. Threat Lab is a business threat intelligence consulting service offered only to European clients, built using proprietary threat analytics and internal telemetry monitoring systems developed by Onda AI, Inc., supplemented by monthly email reports and analyst briefings.[5]
Capacity and partnerships
🏗️ European capacity. Onda positions itself as a Lloyd's coverholder and discloses insurer partners on its France marketing page.[1] The Onda X product is underwritten by Everest through Lloyd's of London, providing up to £5 million limits for companies with annual revenues above £100 million up to £1 billion.[14] Onda has also announced a long-term renewal of SME underwriting capacity with Canopius Group in the UK and France.[15]
🇺🇸 U.S. capacity. In the United States, insurance is issued by Crum & Forster Specialty Insurance Company (NAIC 44520), which operates as a non-admitted surplus lines insurer domiciled in Delaware; Onda explicitly notes the lack of guaranty-fund protection.[3]
🤖 Panorays partnership. On October 1, 2024, Onda announced a two-year partnership with Panorays to integrate cyber risk assessment, enabling real-time risk data and reducing dependency on lengthy application forms. Partner materials describe a cyber risk engine integrating internal network data, external attack surface data, and threat intelligence.[16][17]
📦 Five Sigma partnership. On November 18, 2024, Five Sigma announced that Onda selected its claims management platform to support cyber claims workflows and multi-market operations.[13]
📬 Complaints handling. Onda's UK complaints procedure routes complaints to the Head of Complaints Management at Lloyd's Insurance Company S.A. in Brussels, indicating Lloyd's Europe is structurally relevant to the European program governance and complaint operations.[6]
Competitive positioning
🎯 Market positioning. Onda's observable competitive positioning is defined by four characteristics: a broker-facing distribution posture with explicit avoidance of direct public solicitation; a mid-market orientation defined by revenue bands up to $/£/€ 1 billion and maximum limits typically communicated as $/£/€ 5 million; continuous-risk monitoring and insurability management via Navigator, including supply-chain oversight and threat intelligence features; and a claims and incident response narrative emphasizing speed and operational tooling, including third-party partnerships for claims platforming.[3][2]
📐 Peer alignment. Within the broader cyber insurtech landscape, Onda most consistently aligns with the tech-enabled cyber MGA and coverholder cluster rather than a full-stack carrier, based on its disclosed reliance on delegated authority and carrier paper and its emphasis on an underwriting and insurability platform.[3]
Risk factors
⚠️ Capacity dependency. Capacity dependency risk is structurally relevant given Onda's explicit reliance on insurer partners (Everest and Canopius in Europe, Crum & Forster in the United States). A capacity shift, tighter underwriting controls, or adverse performance could constrain growth or product continuity.[1]
📜 Regulatory complexity. Regulatory risk is present due to multi-jurisdiction distribution structures spanning ORIAS and ACPR oversight in France, an FCA-regulated distribution partner arrangement in the UK, and a surplus lines posture in the U.S. Compliance execution, conduct risk, and complaints handling coordination are non-trivial.[18]
🌐 Aggregation risk. Aggregation and correlation risk is intrinsic to cyber insurance portfolios, particularly for mid-market insureds with interconnected third-party ecosystems. Onda's emphasis on supply-chain oversight indicates awareness, though policy language governing systemic triggers and exclusions is not publicly available.[3]
🔧 Operational dependency. Operational dependency risk exists around third-party technology integrations and platform reliance, including the Panorays integration and Five Sigma claims platform, encompassing vendor resilience, data governance, and service continuity.[16]
👥 Key-person concentration. Key-person risk is elevated in early-stage MGAs where underwriting and claims leadership are central to broker confidence and portfolio performance; public materials heavily feature underwriting and claims leaders but do not disclose broader governance depth.[9]
Strategy and outlook
🧭 Strategic pillars. Onda's declared strategy emphasizes simplifying cyber placement via technology, replacing lengthy forms with real-time risk data, and providing continuous risk insights alongside insurance protection.[16]
🎯 Execution priorities. The disclosed trajectory suggests three execution priorities: broadening mid-market relevance with the Onda X proposition and limits up to $/£/€ 5 million; strengthening risk signal quality via telemetry and third-party cyber risk tooling integrations; and industrializing claims operations and multi-market scalability through claims platforming and workflow automation.[3][16][13]
Timeline
| Date | Event |
|---|---|
| 2022 | Onda founded.[9] |
| October 2023 | Onda launched into the UK market.[4] |
| 20 February 2024 | Reuters-affiliated trade publication reported London launch, describing Onda as a Lloyd's-backed cyber MGA led by Alex Jomaa as CUO.[7] |
| 1 October 2024 | Onda announced a two-year partnership with Panorays to integrate cyber risk assessment into its underwriting platform.[16] |
| 18 November 2024 | Five Sigma announced Onda selected its claims management platform for cyber claims handling and multi-market scaling.[13] |
| 5 February 2025 | Stuart McMillan joined the UK sales team as Distribution Director; reaffirmed low-touch platform positioning.[10] |
| 11 March 2025 | Onda launched Onda X for mid-market companies in the UK and France with primary and excess limits up to £5 million, underwritten by Everest through Lloyd's.[14] |
| 22 October 2025 | U.S. launch with Crum & Forster backing and new business development hires.[19] |
See also
References
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.7 "Onda – Cyber Insurance (France)". Onda. Retrieved 2026-03-09.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 "Claims". Onda. Retrieved 2026-03-09.
- ↑ 3.00 3.01 3.02 3.03 3.04 3.05 3.06 3.07 3.08 3.09 3.10 3.11 3.12 "Onda – Next Generation Cyber Insurance". Onda. Retrieved 2026-03-09.
- ↑ 4.0 4.1 4.2 4.3 "Meet the MGA: Onda". Insurance Age. 1 December 2023. Retrieved 2026-03-09.
- ↑ 5.0 5.1 "Threat Lab". Onda. Retrieved 2026-03-09.
- ↑ 6.0 6.1 6.2 6.3 "Complaints procedure". Onda. Retrieved 2026-03-09.
- ↑ 7.0 7.1 "Onda launches in London to provide cyber insurance to UK SMEs". The Insurer. 20 February 2024. Retrieved 2026-03-09.
- ↑ "Onda AI – LinkedIn". LinkedIn. Retrieved 2026-03-09.
- ↑ 9.0 9.1 9.2 9.3 9.4 9.5 9.6 9.7 "About Us". Onda. Retrieved 2026-03-09.
- ↑ 10.0 10.1 10.2 "MGA Onda welcomes Stuart McMillan to UK sales team". Reinsurance News. 5 February 2025. Retrieved 2026-03-09.
- ↑ "À propos". Onda. Retrieved 2026-03-09.
- ↑ 12.0 12.1 12.2 12.3 "Insurance". Onda. Retrieved 2026-03-09.
- ↑ 13.0 13.1 13.2 13.3 "Onda selects Five Sigma to elevate cyber claims handling". Five Sigma. 18 November 2024. Retrieved 2026-03-09.
- ↑ 14.0 14.1 "MGA launches mid-market cyber product". Insurance Age. March 2025. Retrieved 2026-03-09.
- ↑ "Onda – Canopius capacity renewal announcement". LinkedIn. Retrieved 2026-03-09.
- ↑ 16.0 16.1 16.2 16.3 16.4 "Onda Partnership". Panorays. 1 October 2024. Retrieved 2026-03-09.
- ↑ "Onda teams up with Panorays to streamline cyber insurance". Insurance Business Magazine. October 2024. Retrieved 2026-03-09.
- ↑ "Privacy policy". Onda. Retrieved 2026-03-09.
- ↑ "Cyber MGA Onda launches in US with C&F backing and two hires". The Insurer. 22 October 2025. Retrieved 2026-03-09.