RLI Insurance Company and its Executive Products Group announced the creation of a new business unit to offer Cyber Liability Insurance.
The Cyber Liability Insurance unit will offer protection for exposures arising from adverse cyber events including but not limited to data breaches, data loss, malware attacks, disruption of service and cyber extortion.
"These types of cyber threats and incidents are increasing in frequency, sophistication and volume and creating financial hardships for many companies," said Chad Berberich, Vice President, Executive Products Group.
"Our Cyber Liability unit will address this growing concern by offering critical protection for an organization’s intangible assets such as electronic data, software and intellectual property, which may not be covered under their current business insurance policy."
He continued, "Under the leadership of Underwriting Directors Sean Scranton and Natasha Richard, who bring extensive information security expertise and seasoned financial underwriting acumen to the new unit, RLI’s Cyber Liability Insurance will provide comprehensive coverage to meet customers’ cyber liability needs."
RLI’s Executive Products Group provides financial product policies and enhanced liability coverages on both a primary and excess basis. RLI’s Cyber Liability Insurance will be available in the third quarter of 2016.
RLI Corp. (RLI) is a specialty insurer serving diverse, niche property, casualty and surety markets. The company provides deep underwriting expertise and superior service to commercial and personal lines customers nationwide.