Vantage boss in US cybersecurity talks as the business launches new products
Vantage Risk, the re/insurance business that began writing business at the start of 2021 under the leadership of former AXA XL chief executive Greg Hendrick has launched a range of financial lines and professional liability products.
“We are very pleased with the quality of the insurance businesses launched in the second and third quarters of 2021,” said Hendrick, who welcome several recent hires over the last months.
The company’s financial and professional lines business in Bermuda is led by Leona Lik, who joined Vantage in April 2021 from Aon. In the US, where the reinsurer’s holding company has also launched a US surplus lines carrier, Bhuma Patel joined to head the financial institutions business in the same month.
More recently, in July, Vantage welcomed Richard Wall as head of its US management liability business. Like Hendrick, he came from AXA XL, where he was regional head of professional liability underwriting.
Hendrick said: “The performance of these teams since their launch has been impressive, and the heads of these businesses add considerable value to our insurance leadership Team. With up to $15 million of excess capacity, we are excited to see their business plans fully implemented in the months ahead.”
Hendrick was among the Bermuda re/insurance leaders who on Wednesday participated in a closed session of cybersecurity discussions at the White House with US president Joe Biden.
The initiative is part of the US Administration’s vitally effort to tackle the challenge to national security following several significant cyberattacks on the country. Hendrick joined insurance sector CEOs from Coalition, Resilience and Travelers on a panel co-chaired by Department of Commerce Secretary Gina Raimondo and Small Business Administrator Isabel Guzman.
“The insurance industry can play a vital role by bringing a more risk-based approach to providing coverage and pricing of cyber insurance,” said Hendrick.
“We need to be prepared and mitigate what has yet to be seen; a true catastrophic scenario where an attack is able to impact thousands of companies. While the federal government is prioritising and elevating cybersecurity like never before, the private sector should be taking the same approach.”
