Ace Group Expands European Cyber Risk business
ACE Group today announced the launch of a new, independent cyber risk business unit as it continues to strengthen its local underwriting and risk management capabilities across Continental Europe and build its market leadership in this growing area of emerging risk.
The announcement follows research by ACE which indicates that cyber is a “top three” emerging issue for European risk managers and represents a further evolution of the work of ACE’s global cyber practice, first established in 2014.
ACE already offers comprehensive risk management and insurance solutions for computer hardware, first and third party cyber liability risks in key Continental European markets through a range of specialist products.
The new cyber practice brings together, in a single expanded team, the company’s expertise across the region with the objective of empowering local decision-making and strengthening broker and client relationships for both middle market and larger accounts. It will also facilitate sharing of expertise across both Europe and ACE’s global cyber practice, driving seamless solutions for buyers.
The practice comprises full-time dedicated cyber underwriting experts in five markets:
- Xavier Leproux, France - based in Paris
- Natalie Kress, Germany and Austria - based in Frankfurt
- Daniël Jacobs, Benelux - based in Rotterdam
- Riccardo Scalici, Italy - based in Milan
- Tania Donoso, Spain and Portugal - based in Madrid
The team will continue to be supported by cyber specialists in the Nordics, Poland, Switzerland and Czech Republic within ACE’s financial lines and technical lines teams.
ACE’s Continental Europe cyber practice will additionally continue to benefit from specialist risk management expertise co-ordinated by the region’s dedicated cyber risk engineer, Saïd Dami; regional management expertise spanning both financial lines and technical lines provided by Kyle Bryant, appointed Regional Cyber Manager in 2014 and Gilbert Flepp, regional Cyber Risks Manager (First Party); and underwriting guidance from ACE’s global cyber product board.
Kyle Bryant, Regional Cyber Manager for Continental Europe at ACE, said:
“Having asked brokers and clients what they most value from their cyber insurance partners in Continental Europe, we know that access to local decision-makers and the ability to build flexible and tailored solutions are paramount. With full-time cyber experts in five core markets, specialists in four more, and dedicated cyber risk engineering support, ACE will be exceptionally well placed to help deliver the service and market-leading solutions they deserve.”
Jeff Moghrabi, Regional President, Continental Europe at ACE, said:
“The launch of an independent cyber risk practice marks a significant step forward in our strategy for Continental Europe. It underlines our commitment to local, on-the-ground investment and, at the same time, will help to make our vast global and regional expertise available seamlessly for broker partners and clients in this fast-developing area of risk.”
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The Information Security Breaches Survey, commissioned by the Department for Business, Innovation and Skills (BIS), reveals that the number of cyber attacks hitting businesses has increased over the last year. It showed 87% of small firms experienced a security breach last year - up 10% - and 93% of large organisations had also been targeted and found some attacks caused more than £1 million of damage.