NEW YORK--(BUSINESS WIRE)--
ACE Group today announced the introduction of its Global Cyber Risk
Practice, established to address growing risks as legislation and
exposures for privacy and network security evolve around the world and
customer demands for cyber risk insurance and risk management solutions
grow.
Toby Merrill (Photo: Business Wire)
To lead the new global unit, Toby Merrill has been appointed Division
Senior Vice President, Global Cyber Risk Practice. Formerly Vice
President and National Product Manager for ACE’s network security,
privacy and technology E&O liability products in the U.S., Mr. Merrill
will bring together the global expertise, underwriting capabilities and
services of ACE’s existing cyber risk-related business units around the
world, ensuring that ACE offers best-in-class products and solutions for
brokers and clients regardless of location. Based in Philadelphia, Mr.
Merrill will report jointly to Tim O’Donnell, Executive Vice President,
Financial Lines, ACE Overseas General, and Scott Meyer, Division
President, Professional Lines, ACE USA.
“ACE is already a global leader in cyber risk insurance, with specialist
underwriting, risk engineering and service capabilities spanning four
continents,” said Mr. O’Donnell. “Our new Global Cyber Risk Practice
represents a further commitment to provide seamless coverage for our
multinational customers. Cyber risk exposures have no boundaries, and
ACE is one of the few insurers capable of delivering truly global
services to brokers and clients.”
“We’re pleased to have Toby lead this initiative. His proven
underwriting success, demonstrated industry-leading knowledge regarding
emerging cyber risks, and track record in building broker and client
relationships will complement ACE’s strong and dynamic underwriting
teams as we continue to build out our offerings to meet the evolving
risks and exposures of our clients,” said Mr. Meyer. “As the cyber risk
challenges that businesses face become increasingly complex and global
in scope, we need to ensure that we are properly positioned to
anticipate evolving customer demands. Under Toby’s guidance, I am
confident that ACE will be strongly placed to unlock the full benefit of
our global expertise for brokers and clients, and shape future product
development in a way that best matches their needs.”
The launch of the Global Cyber Risk Practice follows recent research on
both sides of the Atlantic that suggests cyber risk is now a top concern
for corporate risk managers. A study published in December 2013 by ACE
in Europe indicates that cyber risk was a top-three emerging risk issue
for businesses based in the region, with 40% of companies surveyed
believing that it is one of the emerging risks most likely to have a
significant financial impact on their business over the next two years.
Meanwhile, in the U.S., cyber risk ranked first in the list of emerging
concerns for risk managers, and was cited by 56% of respondents as a top
concern for 2014-15 in research performed during the same month by Business
Insurance magazine. For more information regarding the ACE cyber
risk study, please see the EMEA
Emerging Risk Barometer.
Mr. Merrill brings nearly 20 years of insurance industry experience,
specifically in underwriting professional liability, management
liability and cyber risk exposures. In his most recent role as national
product manager, Mr. Merrill was responsible for product development and
overseeing underwriting operations for network security, privacy and
technology E&O liability products in the U.S., including for
multinational businesses. He has authored a number of articles on
privacy, network and social media risks, and speaks frequently on cyber
risk and network security topics. Mr. Merrill is a graduate of Franklin
& Marshall College in Lancaster, PA, where he received a Bachelor of
Arts in Business Administration.
ACE’s privacy and network security offerings help businesses mitigate
the financial and reputational risks associated with privacy breaches,
covering first-party expenses and providing access to a suite of data
breach specialists and other important benefits. ACE’s data breach
professionals, combined with one of the company’s data breach
endorsement options, bridges the gap between risk transfer and purchased
loss control, creating a comprehensive risk management program for
privacy, data breach and network security risk.
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at: www.acegroup.com.
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Source: ACE Group