Schaumburg, Illinois
15 August 2016
Reporter: Becky Butcher

Zurich launches new cyber solution for captives


Zurich Insurance has developed a new insurance solution for companies and their captives to protect against risks associated with data security breaches.

The new Security and Privacy Protection policy will help companies integrate cyber coverage into their captive insurance programmes, allowing them to gain better control of their cyber exposures.

Steve Bauman, senior vice president and head of captive services at Zurich North America, commented: “The risk of having sensitive data lost or stolen has grown exponentially over the last few years, largely due to the interconnectedness of everything we do.”

“By integrating Zurich’s Security and Privacy Protection programme into a captive, customers can better gain control of their cyber exposures by more effectively managing their retention and deductibles.”

The Zurich programme will allow customers to benefit from the company’s risk engineering team, which is experienced in cyber-related issues.

Erica Davis, senior vice president, head of specialty products errors and omissions for Zurich North America, added: “Cyber continues to be a top risk management concern for many of our customers. Businesses are exploring new avenues to address cyber risk, especially given the elastic conditions of the security and privacy insurance market.”

Davis continued: “Demand for cyber coverage and risk engineering services has skyrocketed. Captive utilisation with security and privacy coverage may be the optimal solution for customers seeking a blend between programme flexibility and the benefits of a risk transfer approach.”

More technology news
The latest news from Captive Insurance Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Insurers are increasingly concerned about “silent cyber” exposure, a recent Willis Re poll revealed.
Aon launches captive feasibility app
09 August 2017 | Illinois | Reporter: Becky Butcher
Aon has developed an app, Aon Captivate, for clients to assess whether a captive is the right solution for them through a full feasibility study
Bespoke Software launches inTell Captive
28 March 2017 | Hamilton | Reporter: Mark Dugdale
Bermuda-based Bespoke Software has launched the new business intelligence software solution to help captive managers leverage their data
Aon and SS&C launch ILS platform
23 February 2017 | Pembroke | Reporter: Becky Butcher
Aon Insurance Managers and SS&C Technologies have launched a joint platform intended to simplify insurance linked-securities (ILS) management...
QBE launches new cyber risk solution
17 February 2017 | New York | Reporter: Becky Butcher
QBE North America has launched a new solution to help protect against the increasing threat of cyber intrusions
Aon introduces new cyber captive programme
24 Janaury 2017 | London | Reporter: Becky Butcher
Aon Global Risk Consulting has launched a new cyber captive programme to help clients identify, assess and quantify their cyber exposures...
Health insurance data breach affects many in Delaware
16 January 2017 | Delaware | Reporter: Becky Butcher
A health insurance data breach has affected approximately 19,000 people with employer-paid plans in Delaware, according to the Delaware Department of Insurance...