XL launches North American cyber division
XL Group has launched a dedicated cyber and technology risk unit for the US and Canada in response to what it believes to be rapidly growing demand for cover.
The company had previously provided cyber and technology errors and omissions insurance coverage through its select professional business unit, which provides miscellaneous professional liability insurance to various business niches.
John Coletti, previously cyber and technology underwriting manager within XL’s select professional business, has been appointed as chief underwriting officer of the new unit, and will be based in New York.
Greg Hendrick, chief executive of XL’s global insurance operations, says: “The cyber insurance market is evolving quickly. Once, most businesses didn’t consider cyber liability a valid concern. As the number of high-profile breaches continues to mount, there is definitely more awareness of cyber risks across industries and rising interest in the coverage.”
He continues, “With this new unit, we’re putting our cyber risk team in better position to grow and develop the cyber insurance products that business need now and will demand into the future.”
Coletti concludes: “With more than 100 years of underwriting experience between us, my team has the foresight and ability to recognize cyber risk trends which is going to help us create the next generation of cyber insurance products. As a standalone business unit, we will have great flexibility to develop innovative cyber risk solutions for our diverse client base while having the focus required to build a profitable book of business.”