To meet the rapidly growing demand for cyber insurance in the US and Canada, XL Group’s Global Professional unit has established a North America Cyber & Technology Risk business unit. The company 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.
“The cyber insurance market is evolving quickly,” according to Greg Hendrick, chief executive of XL Group’s global insurance operations. “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. 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.”
XL Group’s North America Cyber & Technology business is led by John Coletti in New York. Previously Cyber & Technology underwriting manager within XL Group’s Select Professional business, Coletti is promoted to chief underwriting officer of the new business unit.
The new business unit is headquartered in New York City with underwriting offices in Chicago, Dallas, Washington, DC and Atlanta.
XL Group offers coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs following a technology or cyber event. Coverage is tailored for businesses across various industries and technology companies.
Source: XL Group