Chubb sets up global cyber risk practice, names head
Property/casualty insurer Chubb is creating a standalone cyber risk business under Bill Stewart as division president.
The global cyber practice will deliver Chubb's risk transfer, loss mitigation and incident response services for the rapidly evolving threats faced by businesses of all sizes and individuals.
In his new role as division president of Chubb's global cyber risk practice, Stewart will lead the development and implementation of Chubb's strategy to deliver the next generation full suite of property/casualty cyber insurance offerings, worldwide.
Stewart will collaborate with David Cowart, Chubb's chief information security officer and the enterprise risk management team in developing cyber security best practices for the company.
Based in New York, Stewart will report to John Lupica, vice chairman, Chubb Group, president of North America major accounts and specialty insurance.
Stewart most recently served as executive vice president at consulting firm Booz Allen Hamilton, where he was responsible for the firm's commercial cyber business. He joined Booz Allen in 1989 as an information assurance business leader and was promoted throughout his tenure to larger leadership roles. From 2013 to 2015, Stewart led Booz Allen's commercial financial services business. Previously, he worked for RCA where he developed communications security and key management devices.
"The number and complexity of cyber exposures have grown exponentially over the last few years," said Lupica. "The decision to make our Cyber Risk practice a standalone business under a forward-thinking leader like Bill adds another level of depth and thought leadership to Chubb's offerings in this segment.
"His extensive knowledge of global cyber risks, coupled with his background and experience in providing cyber counsel to organisations across different industries, will complement the underwriting, servicing, claims handling capabilities and enterprise risk management that distinguish Chubb in the market."
The company further announced that Michael Tanenbaum, executive vice president, North America cyber practice, will spearhead the practice in North America and report jointly to Stewart and Scott Meyer, division president, North America financial lines.
Tim Stapleton, senior vice president, cyber product manager and technology practice lead for Chubb's Overseas General Insurance division will lead the cyber practice outside North America and report jointly to Stewart and Tim O'Donnell, chief operating officer, property and casualty and executive vice president, financial lines, Overseas General Insurance.
Tanenbaum and Stapleton will be responsible for coordinating strategic initiatives around the company's cyber risk underwriting, services and operations in their respective regions.
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