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Allianz S.E. on Tuesday said its Allianz Global Corporate & Specialty S.E. division will launch a dedicated cyber unit in the U.S. as a response to the rise of intellectual property theft and cyber-extortion.
The team will be based in San Francisco and will develop AGCS’ first U.S. cyber and specialty professional indemnity policy, Allianz said in a statement. AGCS already has cyber offerings in Asia, Europe, and Canada.
Emy R. Donavan and Jenny Soubra have been appointed national practice leaders of the cyber unit. Previously, Ms. Donavan was vice president for cyber and errors and omissions underwriting at Axis Capital Holdings Ltd. Previously, Ms. Soubra was assistant vice president of professional risk at Ace Ltd., according to the statement.
“I am truly pleased to have these accomplished professionals join our growing Financial Lines team here in the U.S., as they bring the expertise necessary to help our clients face and manage this ever-growing, ever-changing threat — head on,” Paul Schiavone, AGCS’ regional head of financial lines for North America, said in the statement. “The recent flurry of publicized attacks is only the tip of the iceberg, and the interruption of critical systems may severely affect a company’s business continuity, causing irreparable damage to their overall brand and reputation.”
Cyber insurance is rapidly becoming essential for firms in India who have a presence online, reported mydigitalfc.com.