To meet the demand for cyber insurance in the U.S. and Canada, XL Group's global professional unit has established a North America cyber and technology risk business unit.
XL Group previously provided cyber and technology errors and omissions insurance coverage through its select professional business unit, which provides miscellaneous professional liability insurance to various business niches.
“The cyber insurance market is evolving quickly,” according to Greg Hendrick, the chief executive of XL Group's global insurance operations. “Once, most businesses didn't consider cyber liability a valid concern. As the number of high profile breaches continues to mount, there is definitely more awareness of cyber risks across industries and rising interest in the coverage. With this new unit, we're putting our cyber risk team in better position to grow and develop the cyber insurance products that business need now and will demand into the future.”
XL Group's North America cyber and technology business is led by John Coletti in New York. Previously cyber and technology underwriting manager within XL Group's select professional business operations, Mr. Coletti has been promoted to chief underwriting officer of the new business unit.
“With more than 100 years of underwriting experience between us, my team has the foresight and ability to recognize cyber risk trends, which is going to help us create the next generation of cyber insurance products,” said Mr. Coletti. “As a standalone business unit, we will have great flexibility to develop innovative cyber risk solutions for our diverse client base while having the focus required to build a profitable book of business.”