Allianz Global Corporate & Specialty (AGCS) announced that Yogesh “Yogi” Virji has been promoted to lead the UK cyber team. In addition, Hui Yu will join the UK team as a senior underwriter in the new year. These two underwriting experts join Sam Bye, who remains a key underwriter on tech and cyber lines of coverage.
With the global cyber insurance market expected to triple from the current $2.5 billion per annum by 2020, according to KPMG, these appointments reflect the company’s focus on building its technical expertise in this risk class, AGCS said in a statement.
With nearly 20 year of financial lines underwriting experience in cyber, directors and officers liability, pension trustee liability, employment practices liability, crime and public offering of securities insurance (POSI), Virji was previously underwriting manager for financial lines at AGCS, a position he held for more than six years.
Reporting to Virji, Hui Yu joins AGCS from Principia Underwriting where she was responsible for underwriting a range of products including network security, technology liability, professional liability, media liability and visual arts E&O policies.
Kevin Northcott, AGCS head of Financial Lines Regional unit London, said Virji and Yu will be supported by AGCS’ dedicated cyber risk engineering capabilities and wider risk management solutions, including AGCS’ Cyber Risk Panel.
“These appointments enhance the team as we look to take our cyber proposition into the next phase,” said Emy R. Donavan AGCS global head of Cyber.
“Cyber incidents topped the list of concerns for UK risk experts for the second year running in the most recent Allianz Risk Barometer,” Donavan added. “Recent cyber incidents have also revealed how vulnerable even well-prepared businesses can be to cyber threats. The trend towards the increase in cyber regulation and the evolution of risks businesses face make it more important than ever for companies of all sizes and in all industries to review their cyber security and resilience, and consider cyber insurance as part of their risk management strategy.”
Source: Allianz Global Corporate & Specialty
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