Munich Re Specialty Insurance’s new cyber and technology E&O insurance solutions are offered on a non-admitted basis for both primary or excess protection
Munich Re Specialty Insurance announced today that it has launched new cyber and technology errors and omissions (E&O) insurance solutions designed to protect U.S.-domiciled organizations with domestic and/or global exposure.
Munich Re Specialty Insurance’s new cyber and technology E&O insurance solutions are offered on a non-admitted basis for both primary or excess protection. The policies have been designed to automatically include coverages which are typically provided by other carriers only through endorsements to policies, thus delivering more comprehensive and seamless products. Policyholders will have access to a network of leading providers offering proactive risk management services and a 24/7 data breach hotline. Coverage is underwritten on behalf of the Munich Re Syndicate, which offers the underwriting innovation of Lloyd’s.
“There is no one size fits all model when it comes to underwriting cyber risk,” said Steve Pacheco, Head of U.S. Cyber and Technology E&O for Munich Re Specialty Insurance. “Understanding risk and offering flexibility is critical to helping our policyholders protect against the ever-evolving nature of cyber risk. Our cyber insurance team offers the considerable underwriting and claims expertise needed to provide a superior product to our policyholders.”
Pacheco, who is based in Los Angeles, is responsible for developing and executing a mid-market U.S. cyber and technology E&O strategy. Reporting to him are Laurie Schwarz, Vice President and Senior Cyber/Technology E&O Underwriter, San Francisco, and James Brogan, Vice President and Senior Cyber/Technology E&O Underwriter, Los Angeles. The team will be expanded in the future with staff in New York and Chicago.
“The U.S. cyber/technology team’s bench strength, combined with the depth of expertise in our Munich Re Syndicate and the Munich Re global cyber teams, enables us to deliver market leading underwriting solutions for our policyholders’ most complex cyber risks,” said Pacheco.