Munich Re Specialty Insurance, a division of the global reinsurer, has launched new cyber and technology errors and omissions (E&O) insurance solutions.
The solutions are designed to protect US-domiciled firms with domestic and/or global exposure and are offered on a non-admitted basis for both primary or excess protection.
The policies have been designed to automatically include coverages which are typically provided by other carriers only through endorsements to policies.
Policyholders will have access to a network of leading providers offering risk management services and a 24/7 data breach hotline. Coverage is underwritten on behalf of the Munich Re Syndicate
“There is no one size fits all model when it comes to underwriting cyber risk,” said Steve Pacheco, Head of U.S. Cyber and Technology E&O for Munich Re Specialty Insurance.
“Understanding risk and offering flexibility is critical to helping our policyholders protect against the ever-evolving nature of cyber risk.
“Our cyber insurance team offers the considerable underwriting and claims expertise needed to provide a superior product to our policyholders.”
Los Angeles-based Pacheco is responsible for developing and executing a mid-market US cyber and technology E&O strategy.
Reporting to him are Laurie Schwarz, Vice President and Senior Cyber/Technology E&O Underwriter, San Francisco, and James Brogan, Vice President and Senior Cyber/Technology E&O Underwriter, Los Angeles.
The team will be expanded in the future with staff in New York and Chicago.
“The U.S. cyber/technology team’s bench strength, combined with the depth of expertise in our Munich Re Syndicate and the Munich Re global cyber teams, enables us to deliver market leading underwriting solutions for our policyholders’ most complex cyber risks,” Pacheco added.