Sompo International Holdings, a Bermuda-based provider of property and casualty insurance and reinsurance, has announced the expansion of its cyber insurance capabilities. The company has launched a dedicated US team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services.
The dedicated team of underwriters, focused exclusively on marketing and underwriting Sompo International’s cyber products, will complement the E&O and professional services product available through Sompo Pro, the company’s professional liability insurance unit. The practice will be led by Jeff Kulikowski, senior vice president of cyber and E&O underwriting, and Richard DePiero, senior vice president and US cyber product leader.
The cyber team will offer a Premier Professional policy that provides companies of all sizes and industries access to a full range of professional liability and cyber coverage for General Data Protection Regulation (GDPR) violations, non-malicious system failures, unintentional breaches of contract and IT vendor outages. The coverage can also be extended to include malicious and permanent disabling of IT equipment and social engineering threats, the company said.
Sompo Premier Professional clients will also get complementary access to an expanded set of risk management services to help assess their exposure to cyber risk, improve network security and respond more effectively to data breaches. Services available include:
- A virtual chief information security officer, offering general network management advice and technical assistance offered by Crypsis
- An annual security risk rating analysis by BitSight
- A critical vulnerabilities and exposures self-assessment survey tool from NetDiligence
- An interactive guide to breach-focused incident-response planning from NetDiligence
Clients can also access a full range of additional scan testing, tabletop exercises, security check-ups and cyber threat assessment services at discounted rates from the company’s network of experts, Sompo said.
“For many years, our experience in the cyber market has been a critical differentiator for Sompo International,” said Dan Wadley, executive vice president of Sompo Pro US. “With the introduction of our dedicated cyber solutions practice in the US, we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”
“Our expanded cyber capabilities will make it easier for companies to customize their coverage options and obtain the risk management advice, diagnostic tools and response assistance they need to protect their businesses against known and emerging cyber and network threats,” DePiero said.