The increasing prevalence of cyber insurance in the industry has been further emphasised today as ArgoGlobal, the Lloyd’s insurer, announced the launch of its own cyber division.
The company has marked the launch with the announcement of the appointment of Russell Heaton as cyber class underwriter, a role in which he will report to Ryan Barnes, the firm’s head of casualty.
“Cyber is a rapidly evolving class that requires specific expertise and a level of technical understanding, which is in short supply,” noted Barnes. “Cyber is an increasingly common threat for clients and a class of business ArgoGlobal has looked to enter for some time. To do so, we recognised that we needed to recruit an individual who could differentiate our offering and who has a proven ability to develop and adapt products. We are very pleased to welcome Russell to the team and have every confidence in his ability to lead our business in Lloyd’s.”
Heaton brings more than a decade of underwriting and cyber experience to ArgoGlobal. He joins from Tokio Marine Kiln where he served as lead cyber and technology E&O underwriter within the Marine & Enterprise Risk division. In this role, he was instrumental in the development and significant growth of the portfolio as well as creating the guidelines for and underwriting cyber and technology E&O. Prior to this, he served as senior underwriter for professional indemnity at Liberty Specialty Markets and began his underwriting career at Hiscox
as a technology underwriter.
Heaton said: “I am honoured to have been appointed to spearhead ArgoGlobal’s cyber offering in Lloyd’s, and I am looking forward to working with the team in London and in the wider Argo Group.”
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