Willis has made three senior appointments within its FINEX North America operation.
Annice Ma has been appointed head of cyber for FINEX North America, taking responsibility for the strategic direction of the cyber practice and day-to-day management across the US, Canada and Bermuda. Ma most recently served as FINEX North America growth leader and brings more than a decade of experience in cyber leadership at a global brokerage.
Rob Barberi has named to the newly created role of FINEX North America client engagement leader, with responsibility for leading client engagement efforts across FINEX and aligning strategic priorities across lines of business.
Barberi has more than 20 years of industry experience and will continue as chief client officer in the Willis cyber practice.
Meanwhile, Charles Leonard has been appointed to a second newly created position, FINEX North America cyber strategy and execution leader.
Leonard will work with regional leaders to implement strategy across the client portfolio, develop middle market solutions and advance Willis' cyber digital capabilities. He most recently served as Southeast Region cyber leader and began his insurance career in underwriting following 10 years in the US Marine Corps.
The appointments come as the North American cyber insurance market navigates a period of pricing recalibration.
North America accounted for $9.56 billion of the global cyber insurance market in 2025, representing 36.4% of global market share and projected to reach $11.98 billion in 2026, according to Fortune Business Insights. The region holds between 60% and 70% of global cyber premiums, according to Gallagher.
After several years of softening rates following the hard market of 2021 and 2022, pricing is expected to move upward. S&P Global Ratings forecasts a 15% to 20% increase in cyber insurance premiums in 2026, driven by rising claims severity and sustained demand.
The structural growth opportunity remains significant, particularly in segments that are still underserved. While 60% to 70% of large corporates carry cyber insurance, penetration falls to 40% to 50% among mid-market firms and as low as 10% to 20% among smaller businesses, pointing to the middle market as a primary area of untapped demand — one that Leonard's newly created role is explicitly designed to address.
Regulatory developments are also accelerating demand for specialist cyber broking in North America.
The Cyber Incident Reporting for Critical Infrastructure Act takes effect in May 2026, requiring 72-hour incident reporting for critical infrastructure operators, adding compliance complexity that is pushing organizations to seek more sophisticated advisory support alongside coverage placement. AI-driven threats are an additional concern, with supply chain compromise accounting for 30% of reported AI-related security incidents in 2025, according to Gallagher.
Willis has been building its cyber research capabilities alongside its broking operation. Its Cyber in Focus 2025 report drew on more than 4,650 cyber claims across 90 countries, combining loss data with governance insights from its Global Directors and Officers Survey. The report identified a recurring gap between senior leaders' confidence in their cyber resilience and their organizations' actual preparedness - the kind of advisory gap that a well-resourced specialty cyber practice is positioned to address.
The creation of two new roles alongside the head of cyber appointment signals a more structured approach to practice management at a moment when the market is becoming more demanding on both the placement and claims sides.
Mike Machin, head of FINEX North America, said the appointments reflected the pace of change in the cyber market.
"Annice, Rob and Charles each bring deep expertise and a strong commitment to delivering value for our clients as the cyber risk landscape continues to evolve," he said.
