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Beazley Selected By UHC As Preferred Cyber Liability Insurer

Stocks in this article: BEZ

LONDON, Oct. 13, 2011 /PRNewswire/ -- Beazley, a leading insurer of data privacy and network security risks, has been selected by UHC as the preferred cyber liability insurer for UHC's 114 academic medical centers and 255 affiliate hospitals. UHC will offer Beazley's flagship product, Beazley Breach Response.

Beazley Breach Response is a complete privacy breach response management and information security insurance solution which includes coverage for breaches affecting up to 4,000,000 individuals, including notification and credit monitoring.  The product is tailored to the needs of healthcare organizations as well as higher education, retail, and hospitality businesses.  

Paul Bantick, a senior Lloyd's underwriter for Beazley's Technology, Media and Business Services team, said:

"Hospitals gain tremendous efficiencies through the digitization of patient records, but they also increase their risk of a data breach. Navigating a breach is complex due to varying state laws and an overlay of federal supervision through the Health Insurance Portability and Accountability Act (HIPAA).  If not handled properly, a breach involving personally identifiable data can seriously damage a hospital's reputation."

Beazley has a detailed knowledge of the professional liability and cyber liability needs of hospitals.  The company numbers among its clients a quarter of Healthgrades' top hospitals in the US and 15% of US News & World Report's best hospitals.  A third of Beazley's Breach Response policies have to date been taken out by healthcare organizations.

"Our members are acutely aware of the reputational and financial damage that data breaches can cause," said Jake Groenewold, UHC senior vice president, Supply Chain. "I'm pleased to offer our members this new cyber liability protection provided by a global leader in health care risk management."

About UHC UHC is an alliance of the nation's leading nonprofit academic medical centers, which are focused on delivering world-class patient care. Based in Chicago, Ill, UHC fosters collaboration with and among its 114 academic medical centers and 255 affiliated hospital members through its renowned programs and services in the areas of comparative data and analytics, performance improvement, supply chain management, strategic research, and public policy. UHC helps its members achieve excellence in quality, safety, and cost-effectiveness. Formed in 1984, UHC's membership includes more than 90% of the nonprofit academic medical centers in the United States.  For more information, visit www.uhc.edu.

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