Specialist insurance provider CFC has appointed Scott Bailey (pictured) to the newly created role of cyber underwriting leader.
In his new role, Bailey will be responsible for the strategic underwriting management of CFC’s entire cyber portfolio.
Bailey re-joins CFC after nearly 10 years at Markel International, where he most recently served as managing director of the cyber division for the last four years. He also served as the European underwriting director for technology/cyber at CNA Europe for a year. When he was previously a part of CFC, Bailey spent 12 years managing the technology and media division.
“The growth of our cyber business over the past two years has been nothing short of phenomenal,” said CFC chief underwriting officer Andy Holmes. “We’re now approaching $1 billion in premium and our portfolio of customers is one of the largest in the world. The range of businesses trusting our proactive cyber service stretches from micro enterprises to large global corporates across almost every industry sector and across the four corners of the world. As the size and complexity of our portfolio is only going to increase, we saw the need for a highly experienced cyber professional to manage our underwriting performance and deliver sustainable growth.”
“CFC has been a trailblazer in the cyber market for over twenty years and has constantly pushed the boundaries,” commented Bailey. “It was the first to build an in-house response capability – now the largest in the world – and it has revolutionized how cyber is underwritten, being the first cyber insurer to deliver a proactive service rather than just a reactive policy. I’m relishing the opportunity to work with the amazing talent on the CFC cyber underwriting team.”
Last year, CFC revamped its policies for tech and media companies. The enhanced policies offer comprehensive cover for the exposures these companies face and eliminate the need for multiple policies.