ACE Group recently took a number of steps to beef up its cyber risk insurance practice overseas, underscoring the increasing demand for coverage in this area.
The company, one of the largest multiline property/casualty insurers and a division of ACE Ltd., said it has named Kyle Bryant as Regional Cyber Manager for Continental Europe, promoting him from his previous position as Assistant Vice President at ACE USA. His new job carries a mandate to promote custom cyber risk products through Europe. The idea is to develop unique products for brokers and clients that meet their individual needs by coordinating ACE’s first and third-party expertise, underwriting capabilities, risk management and incident response services.
Bryant’s ascendance builds on ACE’s earlier launch of its global cyber risk practice, which Toby Merrill heads. Both will be expected to synch strategy in areas including underwriting and market relationships. Bryant will also partner with Gilbert Flepp, ACE’s Cyber Risks Manager (First Party) in Continental Europe.
Bryant has more than 8 years of insurance industry experience focused on underwriting, product management, claims and legal roles involving technology and professional liability risks, ACE said. He’s been with ACE for six years, the company said.
ACE’s expansion in this space comes as the insurance industry expects exponential growth in the cyber coverage market. Reuters cited Marsh & McLennan Cos. data recently pointing to a U.S. cyber insurance market worth $1 billion in gross written premiums in 2013 that could hit $2 billion this year. At about $150 million, Europe represents a much smaller cyber coverage market right now, but it is building rapidly, growing between 50 percent to 100 percent annually, the story noted.
Source: ACE Group