11 December 2018News

Sompo creates US cyber team and expands cover

Bermuda-based specialty re/insurance provider Sompo International has introduced a dedicated US team focussed on cyber offerings, along with a new cyber and professional liability product and more risk management services.

Spearheading the team is Jeff Kulikowski, senior vice president, cyber and E&O underwriting, and Richard DePiero, senior vice president, US cyber product leader.

Kulikowski joined Sompo in 2013, and prior to that was senior vice president at Axis Capital. DePiero joined Sompo in August 2018 and previously served as senior vice president, cyber and technology North America, at Swiss Re.

The practice will focus on marketing and underwriting Sompo's cyber product offerings, E&O, and professional services products available through its professional liability insurance unit, Sompo Pro.

Sompo's cyber team offers a premier professional policy that provides access to a range of professional liability and cyber coverage through one form. It also includes coverage for General Data Protection Regulation (GDPR) violations, non-malicious systems failures, unintentional breaches of contract and IT vendor outages. Coverage can also be extended to include malicious and permanent disabling (for example bricking) of IT. equipment and social engineering threats.

Clients of the policy also have access to risk management services to help assess exposure to cyber risk, improve network security and respond better to data breaches.

“For many years, our experience in the cyber market has been a critical differentiator for Sompo International,” said Dan Wadley, EVP of Sompo Pro US. “With the introduction of our dedicated cyber solutions practice in the US, we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”

DePiero commented: “Our expanded cyber capabilities will make it easier for companies to customise their coverage options and obtain the risk management advice, diagnostic tools and response assistance they need to protect their businesses against known and emerging cyber and network threats.”