RSG hires expert to lead push into cyber insurance market

Ryan Specialty Group (RSG), a specialty insurance services business based in Chicago, has hired Jamie Bouloux in a new role to lead RSG’s push into the cyber insurance market.

Based in London, Bouloux will report to Peter McKenna, who oversees the development of RSG's managing general agency (MGA) strategy in the international market.

He joins RSG from CFC Underwriting, where he served as the lead underwriter for the firm's large corporate cyber facility as well as team leader for the tech and media practice.

McKenna said: “We have identified cyber as a key element of our product and service portfolio as we aim to build relationships with a wide number of carriers, brokers and agents in the international insurance marketplace.

“The cyber market is expanding and although the underwriting dynamics seem to change on a daily basis, the market is still constrained in respect to certain industries and pricing has tightened.

“Jamie is an acknowledged cyber expert, and he will help position RSG as a cyber specialist that focuses in particular on providing products for larger risks, such as corporate clients in the Fortune 1000.”

Bouloux added: “Earlier this year Advisen estimated that the cyber market was worth over $2 billion annually, with an expectation for year-on-year growth in the non-US market of 70 percent.

“I expect their predictions to be inline, with realised growth across Europe, the Middle East, parts of Asia, Australia, and in particular Canada.

Bouloux also said that London is becoming a cyber hub from a broking and underwriting perspective.

“While the rest of the world is still playing catch-up with the US, many of the early movers in this business are UK-based.”

He additionally claimed cyber insurance is evolving from being a homogenous product to one that is increasingly tailored to suit specific industries.

“Energy companies are focused, for example, on the potential for cyber terrorism which threatens production platforms, while banks or hospitals are worried about data privacy exposures. They don’t want standard products.

“Customisation is the way forward for cyber, so I am delighted to be teaming up with Peter and the RSG team to create a market-leading cyber offering in the niche and specialist market.”