Allianz Group Appoints Richter to Lead Cyber Center of Competence

Dr. Catharina Richter will be appointed global head of Cyber Center of Competence for Allianz Group, effective June 1, 2020.

The Cyber Center of Competence (CoC) coordinates and steers cyber risk underwriting and governance across Allianz Group and is embedded into Allianz Global Corporate & Specialty (AGCS), the group’s corporate insurance specialist and provider of IT and cyber insurance solutions to businesses.

Richter will report directly to AGCS Chief Underwriting Officer Corporate and Board Member Thomas Sepp.

Richter joins from Allianz SE, where she is currently head of Digital Regulation, responsible for developing regulatory strategy for digitalization on behalf of Allianz Group and shaping the regulatory and supervisory debate in the field of cyber.

A lawyer by training, she joined Mondial Assistance (now Allianz Partners) in 2000 as general counsel, and since that time has been head of Distribution & Solutions Legal Europe for Allianz Global Investors and head of Regulatory Management for Allianz SE.

In her new role, Richter succeeds Emy Donovan who had left AGCS last year.

The Allianz Cyber CoC was established in 2018 and focuses on group-wide coordination and alignment of cyber exposures and insurance in the commercial insurance segment.

Recent focus areas include the development of a new underwriting approach to clarify cyber exposures, particularly silent cyber, across commercial property and casualty policies, product governance and harmonization through a cyber master wording and the establishment of a global service provider network for Allianz cyber policyholders.

”Cyber is the top global business risk in the Allianz Risk Barometer 2020 and a significant opportunity for insurance, but at the same time it also requires central governance, steering and control to realize sustainable growth,” commented Sepp.

The existing AGCS standalone cyber insurance offering remains within Allianz’ Financial Lines business line, which is led by Shanil Williams, global head of Financial Lines, and supported by Marek Stanislawski as cyber underwriting manager.

AGCS launched a first standalone cyber insurance product in 2013 and has seen steady growth since then in all its key markets globally. In 2019, for the first time, AGCS exceeded the €100 million gross premium written with cyber insurance solutions.

Source: Allianz

Topics Cyber Legislation Allianz