Ace creates cyber risk business unit

Ace Group Holdings Inc. has launched an independent cyber risk business unit to strengthen its local underwriting and risk management capabilities across European markets.

In a statement released Wednesday, Ace said the practice comprises full-time cyber underwriting experts in five markets, including France, led by Paris-based Xavier Leproux; Germany and Austria, led by Frankfurt, Germany-based Natalie Kress; Benelux, led by Rotterdam, Netherlands-based Daniël Jacobs; Italy, led by Milan-based Riccardo Scalici; and Spain and Portugal, led by Madrid-based Tania Donoso.

Though Ace previously offered risk management and insurance products for computer hardware and first- and third-party cyber liability risks in Europe, the new cyber practice consolidates the firm's expertise to empower local decision-making and strengthen broker and client relationships for middle market and larger accounts, Ace said.

Cyber specialists in the Nordics, Poland, Switzerland and Czech Republic within Ace's financial lines and technical lines teams will support the practice, Ace said.

The cyber unit follows research by Ace, which indicates that cyber is a top three emerging issue for European risk managers, according to the statement.