6 February 2018Insurance

Validus Specialty unveils standalone cyber policy

Validus Specialty has launched a  standalone cyber insurance product, focused on privacy and network protection coverage, to further expand its offering and meet a growing demand.

The new solution will meet the cyber risk challenges faced by US companies with revenue between $150 million to $2.5 billion, and offer comprehensive cyber insurance protection with risk mitigation and remediation services, Validus said in a Feb. 6 press release.

The product has been designed to provide cyber insurance protection across a range of client industries. It will be written out of Validus Specialty’s operations.

“Cyber exposures change rapidly. Increasingly, businesses beyond the enterprise level understand robust cyber insurance solutions are essential to their risk management,” said Jackie Lee, Validus Specialty’s vice president of cyber technology and errors & omissions (E&O).

“With this product, companies will have the protection they need, complemented by extended vendor services to help navigate incidents.

“As we accelerate the build-out of our capabilities in the US, a continued priority is applying strong underwriting talent to serve our brokers and clients.”

Jonathan Ritz, CEO of Validus Specialty, added: “With this new cyber insurance product, our underwriters are meeting the needs of U.S. brokers and clients by broadening our suite of offerings yet again. I’m pleased to see this group consistently expanding; it’s a lynchpin in our insurance growth strategy.”

The company's cyber and technology insurance group is led by Lee who has over 18 years of experience in the insurance sector, primarily in cyber technology and E&O. The group includes senior underwriter Mary Spicer, who previously held roles at Aon Risk Services and Nationwide specializing in cyber and E&O risks, and underwriter Kevin Masone, who joins Validus Specialty from Nationwide.

Join us at Intelligent Automation in Insurance - London 2018.  Book by Feb 28th and you could save £300.

More of today's news

Munich Re CFO expects prices, interest rates to boost 2018 results

XL Catlin picks new global hull leader as veteran mariner retires

Munich Re reports strong growth at January renewals

Enstar buys KaylaRe in $400m deal

Don't miss our 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
8 March 2018   Validus Specialty has expanded its product portfolio with an admitted, private company commercial directors and officers (D&O) policy, while appointing a senior underwriter.
Insurance
1 March 2018   Validus Specialty Underwriting Services has launched a new policy tailored for private US fintech companies.
Insurance
23 June 2017   Top cyber insurance writers have shifted their writings to standalone policies and away from packaged policies, according to a June 22 AM Best report.