Global multiline property and casualty insurer ACE has formed a new Global Cyber Risk Practice business unit, as part of its plan to address growing risks as legislation and exposures for privacy and network security evolves globally.
The new Global Cyber Risk Practice unit has been established after recent research on both sides of the Atlantic showed that cyber risk is now a top concern for corporate risk managers.
In December 2013, a research report published by ACE in Europe highlighted that cyber risk was a top-three emerging risk issue for businesses based in the region.
Approximately 40% of companies that were surveyed believed that cyber risk would most likely have a significant financial impact on their business over the next two years.
The company has appointed Toby Merrill as division senior vice president, global cyber risk practice to manage the newly formed operation.
Working from Philadelphia, 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.
O’Donnell said, "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."
ACE offers commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance in 54 nations across the globe.