Allianz names global head of cyber

Allianz has embedded its group-wide cyber center of competence (CoC) into its specialist corporate insurer Allianz Global Corporate & Specialty (AGCS) under the leadership of Catharina Richter, with a reporting line to AGCS chief underwriting officer corporate Thomas Sepp.

Richter has been appointed global head of cyber center of competence for Allianz Group, succeeding Emy Donovan who had left AGCS last year. AGCS’s global cyber insurance team will work closely with cyber CoC to further evolve cyber risk underwriting and governance.

Richter joins from Allianz SE, where she is currently head of digital regulation, responsible for developing regulatory strategy for digitalisation on behalf of Allianz Group. She joined Mondial Assistance (now Allianz Partners) in 2000 as general counsel, and since that time has been head of distribution & solutions legal Europe for Allianz Global Investors and head of regulatory management for Allianz SE.

The Allianz cyber CoC was established in 2018 and focuses on group-wide coordination and alignment of cyber exposures and insurance in the commercial insurance segment. Recent focus areas include the development of a new underwriting approach to clarify cyber exposures (‘silent cyber’) across commercial P&C policies, product governance and harmonisation through a cyber master wording and the establishment of a global service provider network for Allianz cyber policyholders.

Sepp said: "Cyber is the top global business risk in the Allianz Risk Barometer 2020 and a significant opportunity for insurance, but at the same time it also requires central governance, steering and control to realize sustainable growth. I am delighted that someone of Catharina’s background and ability will now take the Cyber Center of Competence to the next stage."

The existing AGCS standalone cyber insurance offering will remain within the financial lines business line with overall responsibility of Shanil Williams, global head of financial lines, supported by Marek Stanislawski as cyber underwriting manager.

The AGCS global Cyber team will work in alignment and close cooperation with the Cyber CoC to further evolve Allianz Group’s cyber insurance offering which combines financial indemnification with prevention advisory and post-incident crisis management services.

AGCS launched a first standalone cyber insurance product in 2013 and has seen steady growth since then in all its key markets globally. In 2019, for the first time, AGCS exceeded the €100 million gross premium written with cyber insurance solutions.