Cyber focus for new Validus Specialty product
Validus Specialty Underwriting Services’ cyber and technology insurance group has created a standalone cyber insurance product that is aimed at privacy and network protection coverage.
According to the company the solution will offer comprehensive cyber insurance protection with risk mitigation and remediation service and will meet the cyber risk challenges faced by US companies with revenue between $150 million-$2.5 billion.
According to Jackie Lee, Validus Specialty’s vice president of cyber technology and errors & omissions: “Cyber exposures change rapidly. Increasingly, businesses beyond the enterprise level understand robust cyber insurance solutions are essential to their risk management. “With this product, companies will have the protection they need, complimented by extended vendor services to help navigate incidents.”
The product has been designed to provide cyber insurance protection across a range of client industries. It will be written out of Validus Specialty’s operations.
“With this new cyber insurance product, our underwriters are meeting the needs of US brokers and clients by broadening our suite of offerings yet again,” said Jonathan Ritz, chief executive officer of Validus Specialty. “I’m pleased to see this group consistently expanding; it’s a lynchpin in our insurance growth strategy.”
Lee leads the cyber and technology insurance group and has over 18 years of experience in the insurance sector, primarily in cyber technology and errors & omissions (E&O). The group includes senior underwriter Mary Spicer, who previously held roles at Aon Risk Services and Nationwide specializing in cyber and E&O risks, and underwriter Kevin Masone, who joins Validus Specialty from Nationwide.
Commenting on the team’s development, Lee said, “As we accelerate the build-out of our capabilities in the US, a continued priority is applying strong underwriting talent to serve our brokers and clients. We’re pleased Kevin joined the team. He brings a depth of experience in cyber risk management.”
