NEW YORK, June 26, 2012 /PRNewswire/ -- To meet businesses' increasing demand for cyberliability insurance, the Select Professional insurance operation of XL Group plc (NYSE: XL) has expanded its technology underwriting capabilities in New York, Atlanta and Chicago, adding six seasoned underwriters to its US cyberliability underwriting group and has appointed a new Vice President to its Select Professional group.
According to Scott Schleicher, XL Group's Technology and Cyber Risk Underwriting Manager "You don't have to look far to find media coverage of network security breaches that can put customer information or proprietary data in the wrong hands and tarnish a company's reputation and customer loyalty. It costs plenty for a company to recover from an online security breach or other tech failure. Businesses are realizing how vulnerable they are to technology risks and are seeing more value in cyberliability insurance."
"Quite simply, if a company has a computer network, they should be concerned. By boosting our tech underwriting capabilities, we're better prepared to address our clients' cyberliability concerns. Our dependence on technology is growing and its associated risks are too," said Mr. Schleicher. "We're pleased to bring on such a talented team, all with strong track records in the Tech/Cyber errors & omissions (E&O) business and considerable insight in managing those risks."
In New York, XL Group adds Marcin Weryk and Maura Weikman as senior underwriters and Ryan Gibney as underwriter. Dawn Simmons, senior underwriter in XL's London office, is also joining XL's New York-based tech/cyberliability team. Ms. Simmons joined XL Group in 2010 to launch XL's cyberliability products in Europe and has worked in both XL's London and Paris offices.To provide brokers more local access to its technology and cyberliability expertise, XL is setting up additional regional underwriting operations, adding Joel Fehrman as underwriter in XL's Atlanta office, Vernon W. Suckerman as senior underwriter in Chicago. Steve Anderson is the senior underwriter for this business in XL's Dallas office. XL Group's Select Professional group also appointed John Coletti as Vice President. Mr. Coletti joins XL from CNA. Prior to CNA, he honed professional liability underwriting skills at Gulf Insurance in New York. Mr. Coletti will be based in XL's New York office and report to Don Allard, Chief Underwriting Officer of XL Group's Select Professional business. XL Group's technology E&O products include XL Eclipse which offers a comprehensive package of cyberliability coverage under one policy form, including Network Security Liability, Privacy Liability, Extortion Threat and Media Content Services Liability. Available coverage also provides financial protection against costs incurred by an interruption in business, privacy notification and credit monitoring costs, regulatory fines or crisis management expenses. XL EclipsePro offers these cyberliability coverages but also incorporates technology E&O to address the professional liability needs of technology products and service providers.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts