XL Group plc, a global insurance and reinsurance company, recently announced that it has expanded its Select Professional insurance operation team by hiring six seasoned underwriters to its U.S. cyberliability underwriting group. The company has also appointed John Coletti as the new VP to its Select Professional group.
A veteran in insurance operations, John Coletti will be based in XL's New York office and will take care of the underwriting group, which now includes Marcin Weryk, Maura Weikman, Ryan Gibney, Dawn Simmons, Joel Fehrman, Vernon W. Suckerman, and Steve Anderson.
"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,” said Scott Schleicher, XL Group's Technology and Cyber Risk Underwriting manager, in a press release. “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 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 related news, XL Group plc's Excess Casualty's North American Umbrella team recently announced that it was ready to stand out amongst their competition and take the lead with its new umbrella policy form. The XL Group companies' umbrella coverage is available on an occurrence basis with limits up to $25 million in the U.S. Coverage is provided by XL Specialty Insurance Company or on a surplus lines basis from XL Group's Indian Harbor Insurance Company.
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Edited by Brooke Neuman