To meet the demand for cyber insurance in the U.S. and Canada, XL Group’s Global Professional unit said it has established a North America Cyber & Technology Risk business unit.
The new business is being led by John Coletti in New York. Previously Cyber & Technology underwriting manager within XL Group’s Select Professional business, Coletti is being promoted to chief underwriting officer of the new business unit.
XL Group previously provided cyber and technology error and omissions insurance coverage through its Select Professional business unit, which provides miscellaneous professional liability insurance to various business niches.
Greg Hendrick, chief executive of XL Group’s global insurance operations, said the new unit puts XL’s cyber risk team in better position to grow and develop cyber insurance products.
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.