Sompo sets up US cyber team
Bermudian-based Sompo International Holdings Ltd has set up a team in the US to focus on cyber insurance.
Their offerings will include an enhanced cyber and professional liability product and an expanded suite of cyber-risk management services.
Jeff Kulikowski, senior vice-president, cyber and errors and omissions underwriting, and Richard DePiero, senior vice-president, US cyber product leader, will lead the practice and its group of dedicated underwriters based across the US.
Sompo cyber team is offering a Premier Professional policy that provides companies of all sizes and industries 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 violations, non-malicious system failures, unintentional breaches of contract and IT vendor outages. 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 cybersecurity professionals to help assess their exposure to cyber-risk, improve their network security and respond more effectively to data breaches and other network crises.
Dan Wadley, executive vice-president of Sompo Pro US, said: “For many years, our experience in the cyber market has been a critical differentiator for Sompo International.
“With the introduction of our dedicated cyber solutions practice in the US, we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”
Mr DePiero commented: “Our expanded cyber capabilities will make it easier for companies to customise 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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