Sompo International, a Bermudian specialty re/insurer, has created a dedicated US team focused on cyber offerings to expand its cyber insurance capabilities in the country.
The underwriting team will be focused exclusively on marketing and underwriting Sompo’s cyber product offerings.
It will complement the E&O and professional services products available through its professional liability insurance unit Sompo Pro.
The new practice will be managed by Jeff Kulikowski, senior vice president, cyber and E&O (errors and omissions) underwriting, and Richard DePiero, senior vice president, US cyber product leader.
Sompo Pro US executive vice president Dan Wadley said: “For many years, our experience in the cyber market has been a critical differentiator for Sompo International.
“With the introduction of our dedicated cyber solutions practice in the US, we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”
DePiero stated: “Our expanded cyber capabilities will make it easier for companies to customize their coverage options and obtain the risk management advice, diagnostic tools and response assistance they need to protect their businesses against known and emerging cyber and network threats.”
Sompo International’s dedicated cyber team will provide a Premier Professional policy that provides companies of all sizes and industries access to a full range of professional liability and cyber coverage through a single flexible policy form.
The updated product offers coverage for General Data Protection Regulation (GDPR) violations, non-malicious systems failures, unintentional breaches of contract and IT vendor outages, among others.
Additionally, Sompo Premier Professional clients can avail an expanded set of risk management services to assess their exposure to cyber risk, beef up their network security and deal with data breaches and other network issues.