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
, adding six seasoned underwriters to its US cyberliability underwriting group and has appointed a new Vice President to its Select Professional group.
, 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."
, XL Group adds
as senior underwriters and
, senior underwriter in XL's
office, is also joining XL's
-based tech/cyberliability team. Ms. Simmons joined XL Group in 2010 to launch XL's cyberliability products in
and has worked in both XL's
To provide brokers more local access to its technology and cyberliability expertise, XL is setting up additional regional underwriting operations, adding
as underwriter in XL's
Vernon W. Suckerman
as senior underwriter in
is the senior underwriter for this business in XL's
XL Group's Select Professional group also appointed
as Vice President. Mr. Coletti joins XL from CNA. Prior to CNA, he honed professional liability underwriting skills at Gulf Insurance in
. Mr. Coletti will be based in XL's
office and report to
, 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.