ACE launches a global cyber risk practice, to be headed by Toby Merrill as division senior vice president, as studies show the significance of the cyber threat.
According to ACE’s recent Emerging Risks Barometer, which surveys 650 companies in Europe, the Middle East and Africa, risk managers ranked cyber risk among the top three emerging risks that could impact their financial performance.
In response, ACE has established the new division, with Merrill at its head. He will be based out of Philadelphia.
Merrill brings more than 20 years of industry experience specifically in underwriting professional liability, management liability and cyber risk exposures.
Commenting on the new team, Tim O’Donnell, executive vice president, financial lines, ACE Overseas General, says: “ACE is already a global leader in cyber risk insurance, with specialist underwriting, risk engineering and service capabilities spanning four continents.
“Our new global cyber risk practice represents a further commitment to provide seamless coverage for our multinational customers around the world and Toby’s proven underwriting success, demonstrated industry-leading knowledge regarding emerging cyber risks, and his track record in building broker and client relationships will be a strong support and complement to ACE’s dynamic local underwriting teams here in Europe.”