XL Catlin’s insurance operations announced the appointment of Max Broodryk as product leader of Cyber Risk, International Financial Lines for Asia Pacific, based in Sydney. In this role, Broodryk will be responsible for underwriting management and development of the Cyber & Data Protection line of business within Asia Pacific.
Broodryk reports to Timothy Powell, regional manager, International Financial Lines for XL Catlin’s Insurance business in Asia Pacific.
Broodryk brings with him more than 20 years’ experience in insurance. He joins XL Catlin from Allianz Global Corporate and Specialty in Australia where he held the position of regional underwriting manager. Prior to Allianz, Broodryk had worked at QBE and AIG, in Asia and New Zealand.
Powell commented that XL Catlin’s cyber expertise is recognized in the U.S. and the London market, “and we have started to build out our capability in other regions, including Asia Pacific.”
“The cyber threats that many companies previously considered to be unthinkable are now making headlines. According to the 2017 Global Risk Report published by World Economic Forum, data fraud/theft and cyber attacks were ranked the fifth and sixth risk respectively in terms of likelihood,” said Craig Langham, chief executive, Asia Pacific – Insurance.
“Many countries across Asia Pacific are also stepping up their regulations and legislations to address the changing cyber landscape,” he added.
“Australia, for example, passed a new law in February this year that requires a data breach to be reported on a mandatory basis. The NDB [notifiable data breach] scheme established under this law is due to start next February,” Langham explained. “It is clear that there is a growing requirement for cyber coverage amongst clients, and we’re delighted that Max is here to help them tailor insurance solutions to meet this need.”
Source: XL Catlin
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