Cyber risk costs the global economy $445 billion a year, Allianz says. (Photo: Thinkstock)

Munich-based Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty announced today that it is creating a dedicated Cyber unit in the United States as part of its financial lines portfolio.

Allianz has named Emy R. Donavan and Jenny Soubra national practice leaders, effective immediately. They report to Paul Schiavone, who is Allianz’s regional head of Financial Lines for North America.

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