Hiscox has set up a virtual Business Unit (vBU) to pool the expertise of its group of 70 cyber staff to enhance collaboration and drive progress in the cyber sector.
Hiscox said the cyber vBU will provide dedicated cyber resource and be responsible for ensuring a consistent Group-wide approach to product development, service offering, branding and marketing, underwriting appetite, pricing, rating approach and aggregation / reinsurance protections.
“Cyber risk is a massive global challenge, and exactly where insurers can prove their worth,” said Hiscox Group CUO Richard Watson; “we have a strong brand, responsive products, the right customer base and good people in key geographies already. In bringing them together we hope to realise our ambitions in this critical area.”
Hiscox sells cyber-specific products via brokers and carriers through its European, U.S., London Market and reinsurance operations, as well as direct-to-consumers through its UK retail business.
A number of senior appointments within the vBU have already been made; Hiscox’s previous Group CTO/CIO, Gareth Wharton, has been appointed to Cyber CEO, set the lead the cyber vBU.
Matt Webb, who has been underwriting at Hiscox for 12 years, has been appointed Cyber Chief Underwriting Officer and London Market Line Underwriter for cyber, and Craig Dunn will take up a role as Head of Cyber Services, responsible for providing Hiscox’s cyber customers with effective risk management solutions to help manage exposure.