Willis Beefs Up Cyber Risk Practice With Marsh, Wells Fargo and ACE USA Hires

Willis is bringing on executives from Marsh, Wells Fargo Insurance Services and ACE USA to help beef up its cyber risk management consulting business.

Specifically, the new hires will become part of Willis North America’s financial and executive risk (FINEX) cyber/errors and omissions practice. Their mission: to broaden the scope of risk advisory services Willis offers in the cyber space.

These moves by Willis, an insurance/reinsurance broker and risk advisory firm, come as demand for cyber insurance protection is expected to soar in the coming years and the P/C insurance industry searches for ways to keep up. Standard & Poor’s recently issued a new report that acknowledged the demand hike but noted that U.S. insurers will likely respond gradually, allowing for time to develop knowledge and experience about cyber risks, a fast-evolving problem.

Here are the new Willis hires:

• Adeola Adele, as executive vice president and cyber thought leader. Adele, formerly with Marsh USA, will be based in New York and handle leadership strategy, focused, in part, on developing and producing ideas and content that helps organizations manage cyber risk exposure.
• Jim Devoe, as senior vice president and cyber product leader. Devoe came to Willis from The Hartford in 2013 to serve as cyber broker serving national accounts. In his new role, he’ll work with the global insurance marketplace to develop coverage concepts that address cyber exposures and how quickly they change. As well, he’ll produce coverage reviews and claims trend analyses for Willis’ cyber clients. Devoe will be based in Hartford, Conn.
• Gamelah Palagonia, as senior vice president and cyber risk specialist. Palagonia will be based in New York and handle delivering cyber products, services and consultation for Willis’ national and multinational clients. Palagonia’s expertise focuses on privacy; she most recently founded Privacy Professionals LLC, a cyber risk advisory firm.
• Rebecca Pearson, as senior vice president and cyber team leader for FINEX’s California region. Pearson, formerly with Wells Fargo Insurance Services, will be based in San Francisco. She’ll contribute as an expert on cyber, technology, telecommunications, errors and omissions, and media liability risks.
• Jason Warmbir, as vice president and cyber team leader for FINEX’s Midwest region. Previously a cyber underwriting manager at ACE USA, Warmbir will be based in Chicago and focus on coordinating Willis’ global resources to give the firm’s cyber clients risk management solutions.

Source: Willis