Multiline property and casualty insurer Ace Group has introduced new Global Cyber Facility, which has been designed for large insureds, providing up to $100m per insured for qualifying risks globally.
The new solution is said to incorporate integrated loss control services offered by cyber security experts and a proprietary application process designed to evaluate an organization’s current risk profile.
It also integrates a specialized policy form, comprehensive claims management, and ongoing, detailed analysis to enable organizations in detecting potential weaknesses that could give rise to future cyber attacks.
ACE Group global cyber risk practice division senior vice-president Toby Merrill said: "Risk managers are asking for a comprehensive strategy that helps them assess their cyber and data privacy risk, incorporates appropriate loss control services to mitigate losses before they happen, provides access to post breach services to assist them in the event of a breach, and offers higher limits to meet their coverage needs."
The firm will serve as the single point of contact for all Global Cyber Facility components, including underwriting each risk, evidencing global coverage, managing the claims process, and coordinating loss control services both pre and post incident.
The new offering integrates core strategies, with one or more services offered by BitSight, FireEye, Navigant, NetDiligence, Promontory Financial Group, and/or Verizon Enterprise Solutions.
The integrated loss control service offering comprises core security defense, enterprise risk management, incident response capabilities, business interruption calculation and data analytics and industry metrics.
These features will help the firms to analyze data and identify the core strategies to mitigate future risk.
Ace offers commercial and personal property and casualty insurance, personal accident supplemental health insurance, reinsurance and life insurance services.
In July this year, Ace signed a definitive agreement to acquire Chubb in cash and stock deal valued at $28.3bn. Chubb is primarily a middle-market commercial, specialty and surety insurer with a wide product portfolio and a major agency presence.
Image: ACE North American headquarters at Philadelphia. Photo: courtesy of William Taufic 2010.