XL Group has become the latest insurer to add capacity to its cyber and technology coverage expertise, as data breaches continue to increase and the market rushes to respond in kind.
XL Group’s brought on three new underwriters to its Cyber and Technology division: Sean Donahue, Elissa Doroff and Richard Schulz, all based in New York. The new hires follow the release of a new version of XL Group’s cyber and technology insurance coverage, including broader terms and conditions, enhancements designed to cover costs relating to legal issues, voluntary data breach notification, comprehensive crisis management expenses, loss of business income and the costs to restore data stemming from a cyber attack.
John Coletti, chief underwriting officer for XL Group’s Cyber and Technology arm, said in a statement that the added underwriting capacity is designed to meet market demand as major data breaches continue and even accelerate in the business world.
“Data breaches are becoming increasingly more sophisticated and in order to properly underwrite these risks, we have added underwriters that possess the necessary technical and legal skills,” Coletti said.
Donahue is a veteran of Dewitt Stern Group, Doroff come from AIG and has cyber insurance broker experience from Marsh and McLennan, and Schulz was most recently an Axis insurance vice president where he underwrote media, technology, privacy and network security risks.
Recently, Guy Carpenter & Company LLC brokered a new cyber privacy and network protection coverage targeted to small-and medium-sized companies, with Ridge Insurance Solutions Company providing the actual cyber coverage. Marsh and Aon Benfield, and ACE Group have also increased or modernized their cyber risk policy options in recent weeks, among many others.
Source: XL Group