ACE launches global cyber division

ACE has launched a new business unit that designed to provide insurance and risk management solutions related to cyber risk for its clients globally.

The Global Cyber Risk Practice will be headed up by Toby Merrill, division senior vice president, who was previously 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 jointly to Tim O’Donnell, executive vice president of financial lines in ACE Overseas General, and Scott Meyer, division president of professional lines, ACE USA.

ACE said the new unit had been formed to address growing risks as legislation and exposures for privacy and network security evolve around the world and customer demands for cyber risk insurance and risk management solutions grow.

Research on both sides of the Atlantic suggests cyber risk is now a top concern for corporate risk managers. A study published in December 2013 by ACE in Europe indicates that cyber risk is a top-three emerging risk issue for businesses based in the region. Meanwhile, in the US, cyber risk ranked first in the list of emerging concerns for risk managers, and was cited by 56% of respondents as a top concern for 2014-15.

“Our new Global Cyber Risk Practice represents a further commitment to provide seamless coverage for our multinational customers. Cyber risk exposures have no boundaries, and ACE is one of the few insurers capable of delivering truly global services to brokers and clients,” said O’Donnell.

“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. Cyber risk exposures have no boundaries, and ACE is one of the few insurers capable of delivering truly global services to brokers and clients.”