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The people at EmergIn Risk, a unit of Ryan Specialty Group L.L.C., like to think they look at risk just a little bit differently than the big players in the market.
EmergIn Risk has been named by Business Insurance as the U.S. Insurance Awards’ Insurance Underwriting Team of the Year (management liability/professional liability/ cyber liability).
The EmergIn Risk team customizes first- and third-party cyber insurance coverage across several industries and locations, working with such sectors as health care, hospitality, manufacturing, utilities and energy, financial institutions, retail and transportation.
This industry-specific underwriting strategy has allowed the EmergIn Risk team to create solutions for clients across different industry classes.
“We take the time to understand the needs of clients based on their industry, based on their geography,” said London-based CEO Jamie Bouloux, “and blend that together to be able to talk to a company a little differently than maybe one of the large cyber players might.”
For example, more airlines are purchasing cyber insurance in light of significant cyber losses. In response, EmergIn Risk created a methodology that allows airlines to execute an application process that links the use of technology with information around their customer profile and fleet operations to help create a scenario-based loss model.
“It’s a different way of talking to clients,” Mr. Bouloux said. “It’s not about over-complicating it by throwing lots of technical terms. It’s more theoretical while offering scenarios and talking practically about what would happen.”
The team currently has four members and a fifth is expected to come on board in May, which, Mr. Bouloux said, allows EmergIn Risk to be more nimble.
“I’m lucky enough to have the support of a phenomenal team that agrees and helps shape how we’re looking at risk,” Mr. Bouloux said. “Each to their own can speak to different elements of cyber risk and take it upon themselves to really get on board with how we’re analyzing risk.”
• American International Group Inc.
• Burns & Wilcox
• Liberty Mutual Insurance Co.
• XL Group Ltd.
Business Insurance recognized achievements by outstanding executives and teams of professionals working in the field of risk management and commercial insurance at its inaugural U.S. Insurance Awards presentation in New York on March 8.