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Hiscox creates virtual business unit, names cyber CEO

Hiscox creates virtual business unit, names cyber CEO | Insurance Business UK

Hiscox creates virtual business unit, names cyber CEO
Hiscox has created a virtual business unit (vBU), tapping former Hiscox Group CTO/CIO (chief technology officer / chief information officer) Gareth Wharton to be responsible for developing the specialist global insurer’s cyber service proposition. 

Appointed as cyber chief executive, Wharton will be in charge of ensuring coordination across the Group’s cyber teams, leading the cyber vBU to provide seamless service to customers. The vBU is aimed at serving as a dedicated cyber resource, drawing together the expertise of Hiscox’s 70 cyber staff across the business.
Currently, Hiscox sells cyber products via brokers and carriers through its European, US, London Market, and reinsurance operations, as well as direct-to-consumers through its UK retail business. With the vBU, Hiscox will have a consistent Group-wide approach to areas such as product development, service offering, branding and marketing, and pricing.

“Cyber risk is a massive global challenge, and exactly where insurers can prove their worth,” said Hiscox Group chief underwriting officer (CUO) Richard Watson. “We have a strong brand, responsive products, the right customer base, and good people in key geographies already. In bringing them together we hope to realise our ambitions in this critical area.”

Other key appointments include Hiscox underwriting veteran Matt Webb as both cyber CUO and London Market line underwriter for cyber, as well as former CFC Underwriting cyber analyst Craig Dunn as head of cyber services. Meanwhile head of media James Brady has been promoted to deputy head of specialty for Hiscox UK and Ireland to be in charge of its cyber offering in the region.

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