NEW YORK, June 18, 2014 /PRNewswire/ -- To meet the rapidly growing demand for cyber insurance in the US and Canada, XL Group's Global Professional unit has established a North America Cyber & Technology Risk business unit. XL Group previously provided cyber and technology errors and omissions insurance coverage through its Select Professional business unit, which provides miscellaneous professional liability insurance to various business niches.
"The cyber insurance market is evolving quickly," according to 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."
XL Group's North America Cyber & Technology business is led by John Coletti in New York. Previously Cyber & Technology Underwriting Manager within XL Group's Select Professional business, Mr. Coletti is promoted to Chief Underwriting Officer of the new business unit.
"With more than 100 years of underwriting experience between us, my team has the foresight and ability to recognize cyber risk trends which is going to help us create the next generation of cyber insurance products," said Mr. Coletti. "As a standalone business unit, we will have great flexibility to develop innovative cyber risk solutions for our diverse client base while having the focus required to build a profitable book of business."
XL Group's North America Cyber & Technology business is headquartered in New York City with underwriting offices in Chicago, Dallas, Washington, DC and Atlanta. XL Group offers coverage for data protection and privacy risks, both for third-party claims and first-party mitigation costs following a technology or cyber event. Coverage is tailored for businesses across various industries and technology companies.
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XL Group plc (NYSE: XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
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SOURCE XL Group