Sompo Expands US Cyber Insurance Capabilities

December 11, 2018 | 0 Comments

Bermuda-based Sompo International Holdings has expanded its cyber insurance capabilities with the introduction of a dedicated U.S. team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services.

This dedicated team of underwriters across the U.S. focused exclusively on marketing and underwriting Sompo International’s cyber product offerings complements the E&O and professional services products available through Sompo Pro, its professional liability insurance unit.

Mr. Jeff Kulikowski, Senior Vice President, Cyber and E&O Underwriting, and Mr. Richard DePiero, Senior Vice President, U.S. Cyber Product Leader, will lead the practice.

“Sompo International’s dedicated cyber team can now offer a Premier Professional policy that provides companies of all sizes and industries access to a full range of professional liability and cyber coverage through a single flexible policy form,” the company said.

“The product has also been enhanced to include coverage for General Data Protection Regulation [GDPR] violations, non-malicious system failures, unintentional breaches of contract and IT vendor outages. Coverage can also be extended to include malicious and permanent disabling [i.e., bricking] of IT equipment and social engineering threats.

Mr. Dan Wadley, Executive Vice President of Sompo Pro U.S., said: “For many years, our experience in the cyber market has been a critical differentiator for Sompo International. With the introduction of our dedicated cyber solutions practice in the U.S., we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”

Mr. DePiero commented, “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.”

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