Sydney headquartered cyber underwriter, Emergence Insurance, has launched a company in New Zealand. According to a media release, the new firm, Emergence NZ, is based in Auckland.
“It’s been a key goal to expand internationally and launch Emergence’s dedicated cyber insurance products into new markets,” said Troy Filipcevic (pictured above), CEO of Emergence Insurance.
Filipcevic said the Lloyd’s backed offering provides brokers in New Zealand with “greater capacity” and a technology solution to “efficiently provide” cyber protection for clients.
“New Zealand will benefit from everything we’ve learned from our Australian experience, including Emergence’s 24/7 inhouse incident response capability,” he said.
The new company, said the release, will be headed by Fraser Walker, who has nearly two decades of industry experience, including head of client and broker engagement with AIG Insurance New Zealand.
“We need to earn our stripes here, so it helps having someone local who understands the nuances of the New Zealand market and can offer our strong proposition to the market,” said Walker. “Cyber insurance uptake is in its infancy in New Zealand but gaining momentum.”
The release said, “initially”, brokers can access cyber policies with limits up to $NZ20 million.
“Like Australia, New Zealand has been subject to serious cyber security breaches and we’re ready to offer high limits and proven capability to the nation’s brokers,” said Filipcevic.