Reinsurance News

Validus Specialty expands cyber offering with new standalone solution

8th February 2018 - Author: Luke Gallin

Validus Specialty, the cyber and technology insurance unit of Validus Specialty Underwriting Services, Inc., has released a new cyber solution that focuses on privacy and network protection.

Cyber risk insurance and reinsuranceFurther expanding its cyber insurance offering, Validus Specialty has launched a new standalone cyber insurance solution designed to meet the challenges faced by U.S. firms with revenues of between $150 million and $2.5 billion, providing cyber cover as well as risk mitigation and remediation services.

Jackie Lee, Vice President of Cyber Technology & Errors and Omissions (E&O), Validus Specialty, said; “Cyber exposures change rapidly. Increasingly, businesses beyond the enterprise level understand robust cyber insurance solutions are essential to their risk management. With this product, companies will have the protection they need, complimented by extended vendor services to help navigate incidents.”

The new solution has been designed to offer coverage across a range of client industries, and is to be written out of the Validus Specialty unit, a division of global insurer and reinsurer, Validus Holdings, Ltd.

Lee has over 18 years of insurance industry experience, and leads the Cyber & Technology insurance group, which includes Senior Underwriter, Mary Spicer. Previously, Spicer has held roles at Aon Risk Services and Nationwide, with a specialist focus on Cyber and E&O risks. Underwriter Kevin Masone also forms part of the team, joining Validus Specialty from Nationwide.

Commenting on the development of the team, Lee said; “As we accelerate the build-out of our capabilities in the U.S., a continued priority is applying strong underwriting talent to serve our brokers and clients. We’re pleased Kevin joined the team. He brings a depth of experience in cyber risk management.”

Validus Specialty Chief Executive Officer (CEO), Jonathan Ritz, added; “With this new cyber insurance product, our underwriters are meeting the needs of U.S. brokers and clients by broadening our suite of offerings yet again. I’m pleased to see this group consistently expanding; it’s a lynchpin in our insurance growth strategy.”

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