cyber-risk-attacksAllianz Global Corporate & Specialty is the latest carrier to expand its cyber insurance arm in response to the fast evolving and growing risk. New hires from AXIS and Chubb will help round out the team.

“As data breaches and internet security have quickly become a primary concern for North American businesses, Allianz continues to invest in its talent, products and technology to meet the evolving needs of our clients and address the growing risk of exposures, said Emily Donavan, who has been newly promoted as part of the expansion to regional head of cyber and U.S. Deputy head of E&O, including technology, media and specialty professional indemnity.

AGCS, a unit of Allianz Group, said it added three industry professionals to its North American cyber insurance team: Laura Burke, Daniel DeLoof and Lester Shearn.

Burke was cyber practice leader for the insurance brokerage firm Lockton Chicago. At AGCS, she’ll be executive underwriter of cyber, technology, media and specialty PI, responsible for placing enterprise cyber and professional liability risks. She’ll be based in Chicago.

DeLoof was most recently an ACE Group (now merged with Chubb under the Chubb name) claims representative for Professional Risk – cyber, privacy, network and liability claims. He’ll be a senior underwriter for Allianz’s cyber business and operate out of New York City.

Shearn was previously with AXIS Insurance, where he was a unit coordinator, and has also held various financial lines positions with Zurich North America and AIG. For his new position, he’ll be an underwriting specialist based in Atlanta.

Insurance industry companies have expanded to address the growing demand for cyber risk services in different ways.

Berkshire Hathaway Specialty Insurance recently added an executive who will, in part, oversee U.S. professional liability and cyber insurance underwriting.

Last June, Willis (now Willis Towers Watson) hired executives from Marsh, Wells Fargo Insurance Services and ACE USA to help expand its cyber risk management consulting business.

Source: Allianz Global Corporate & Specialty