ACE establishes cyber risk practice
Insurer ACE has established a global cyber risk practice to address growing risks and increasing customer demand.
The launch of the practice follows the publication of ACE’s recent Emerging Risks Barometer, a survey of 650 companies across Europe, Middle East and Africa, where risk managers ranked cyber as one of the top three emerging risks most likely to have a financial impact on their business in the next two years. In the study, cyber risk ranked first place in Germany and second place in the UK and France.
To lead the new global unit, Toby Merrill has been appointed as division senior vice president. Prior to his appointment he was vice president and national product manager for ACE’s network security, privacy and technology E&O liability products in the US.
Based in Philadelphia, Merrill will report to Tim O’Donnell, executive vice president, financial lines, ACE Overseas General, and Scott Meyer, division president, professional lines, ACE USA.
He will also work closely with Iain Ainslie, technology and cyber underwriter at ACE European Group in London and the wider cyber risk team across EMEA.
Merrill brings nearly 20 years of insurance industry experience, specifically in underwriting professional liability, management liability and cyber risk exposures. In his most recent role as national product manager, he was responsible for product development and overseeing underwriting operations for network security, privacy and technology E&O liability products in the US, including for multinational businesses.
O’Donnell said: “ACE is already a global leader in cyber risk insurance, with specialist underwriting, risk engineering and service capabilities spanning four continents. Our new Global Cyber Risk Practice represents a further commitment to provide seamless coverage for our multinational customers around the world and Toby’s proven underwriting success, demonstrated industry-leading knowledge regarding emerging cyber risks, and his track record in building broker and client relationships will be a strong support and complement to ACE’s dynamic local underwriting teams here in Europe.”
Ainslie said: “Today, cyber risk exposures have no boundaries, and ACE is one of the few insurers capable of delivering truly global services to brokers and clients. I am therefore confident that bringing together our worldwide experience and resources into a single centre of excellence will be of great benefit to our European broker partners and clients as we continue to build out our offering to meet their evolving risks and exposures.”
