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.

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