The Global Professional unit of XL Group, an P&C insurance and reinsurance company, has established a North America Cyber & Technology Risk business unit as the number of high-profile breaches continues to mount.
The new business is headquartered in New York City with underwriting offices in Chicago, Dallas, Washington, D.C., and Atlanta. XL Group previously offered cyber and technology errors and omissions insurance coverage through its Select Professional business unit, which offers miscellaneous professional liability insurance to various business niches. The company is aiming to meet the demand for cyber insurance in the United States and Canada.
XL Group can recognize cyber risk trends, which is going to help the company create the next generation of cyber insurance products. XL Group will have great flexibility to develop cyber risk solutions for its client base, while building a profitable book of business, XL Group said.
"The cyber insurance market is evolving quickly," said Greg Hendrick, chief executive of XL Group's global insurance operations. "Once, most businesses didn't consider cyber liability a valid concern. As the number of high-profile breaches continues to mount, there is definitely more awareness of cyber risks across industries and rising interest in the coverage. With this new unit, we're putting our cyber risk team in better position to grow and develop the cyber insurance products that business need now and will demand into the future."
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