Reinsurance News

Sompo International expands U.S cyber insurance capabilities

11th December 2018 - Author: Staff Writer

Bermudian property and casualty re/insurer Sompo International Holdings has announced an expansion of its cyber insurance capabilities with the introduction of a U.S team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services.

Sompo InternationalThe new U.S-based underwriting team will be focused exclusively on marketing and underwriting Sompo’s cyber product offerings and will complement the E&O and professional services products available through Sompo Pro, it’s professional liability insurance unit.

Jeff Kulikowski, Senior Vice President, Cyber and E&O Underwriting, and Richard DePiero, Senior Vice President, U.S Cyber Product Leader, will lead the practice.

This team can now offer a Premier Professional policy that provides companies access to a full range of professional liability and cyber coverage through a single flexible policy form.

The product has also been enhanced to include coverage for General Data Protection Regulation (GDPR) violations, non-malicious systems failures, unintentional breaches of contract and IT vendor outages.

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Coverage can also be extended to include malicious and permanent disabling of IT equipment and social engineering threats.

In addition, Sompo Premier Professional clients have complimentary access to an expanded set of risk management services provided by industry leading cyber security professionals to help assess their exposure to cyber risk, improve their network security and respond more effectively to data breaches and other network crises.

“For many years, our experience in the cyber market has been a critical differentiator for Sompo International,” Dan Wadley, Executive Vice President of Sompo Pro U.S.

“With the introduction of our dedicated cyber solutions practice in the U.S., we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”

DePiero added, “Our expanded cyber capabilities will make it easier for companies to customize their coverage options and obtain the risk management advice, diagnostic tools and response assistance they need to protect their businesses against known and emerging cyber and network threats.”

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