12 July 2017Insurance

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.

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Today’s stories

Greenlight Re seals $1.1 bn quota share reinsurance deal with Windhaven

Zurich sells Middle East operations to Cigna

Willis hires Marsh, Aon leaders for North America CRB business

Lockton appoints marine leader in US

US private flood insurance mostly cheaper than NFIP, study claims

ARAG grows reinsurance business

Don't miss our monthly insurtech email newsletter - sign up today

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
26 July 2017   Chubb’s net income for the second quarter of 2017 came to $1.3 billion, a 79.6 percent increase on the $726 million it made in the same period of 2016.
Insurance
13 July 2017   Property/casualty insurer Chubb has named Ross Bertossi as vice president of global underwriting, succeeding Jacques Bonneau who is set to retire from the company at the end of 2017.
Insurance
12 July 2017   Some of the biggest cyber risks are intangible and may seem uninsurable but insurers applying more innovative approaches will be met with huge demand, according to a report by KPMG.