Corporate round-up

AIG in Europe launches new cyber cover for property and bodily injury risks AIG in Europe has extended its cyber offering to plug gaps in coverage for property damage and bodily injury as a result of a cyber attack or security failure. The CyberEdge PC solution offers broad coverage terms and limits typically not available under traditional insurance or standalone cyber policies, said AIG. According to Raheila Nazir, Cyber & TMT Liability Manager, UK at AIG, CyberEdge PC is needed because cyber attacks are no longer limited to data breach and business interruption.hideHe said that as organisations build their reliance on integrated computer networks, cyber attacks increasingly pose a physical threat to property and, in some cases, people. As an example he pointed to the industrial control systems of hundreds of energy companies that were infected by a powerful piece of malware known as 'Energetic Bear' that allows its operators to cripple physical systems. This can potentially result in a fire or explosion that could cause massive damage and loss of life. “However, conventional insurance products may exclude or restrict damage caused by a cyber security failure. CyberEdge PC is a first-of-its-kind umbrella product that fills these gaps with excess and drop-down cover for underlying property, casualty, aerospace, marine, environmental, healthcare, E&O, D&O, cyber or fidelity insurance policies. This additional layer of protection helps organisations to manage the risk of physical damage posed by cyber attacks, provides them with peace of mind and allows them to stay ahead of the cyber risk curve," said Mr Nazir. CyberEdge policyholders also have access to end-to-end risk management services, including infrastructure vulnerability scanning powered by IBM, and direct access to IBM's security specialists through a 24/7 hotline. Markel applies for Dubai insurance licence to focus on trade credit Markel International, the specialist insurer, has applied to the Dubai Financial Services Authority (DFSA) to establish a company within the Dubai International Financial Centre (DIFC). Subject to receiving regulatory approval, Markel's business will be located within the Lloyd's offices in the DIFC and will focus initially on offering trade credit covers. Opportunities in other business lines will be reviewed in due course. Ewa Rose, Managing Director of Markel's trade credit division, said: "There has been an increasing amount of business opportunity through the Middle East for our trade credit insurance product which we launched in London in 2010. We have since introduced the product in Singapore, Munich and New York but the Middle East has been a missing part of the jigsaw." Simon Wilson, Director International Development at Markel International, added: "Timing of the next steps is clearly in the hands of the Dubai regulators but we would hope to be in a position to be trading by the end of this year." Canopius appoints head of China Canopius Group Ltd, the global specialty (re)insurance platform of NKSJ Holdings, Inc, has appointed Shibo Zhang as Head of China Market. Mr Zhang is based in Singapore, reporting to Linus Phoon, Chief Executive, Canopius Asia. He brings nearly two decades of (re)insurance experience to his new role, having most recently worked for Peak Re where he was Senior Vice President, China Market. Prior to this he served as General Manager at FP Reinsurance Brokers Ltd and Department Head at China International Reinsurance Co Ltd. Mr Phoon said on the appointment: "The Chinese market offers significant potential and is a key part of our specialty growth strategy in Asia. Shibo's underwriting expertise and strong track record in strategic business development will be a great asset in realising our ambitions for profitable growth in the region." Hong Kong-based SART promotes from within SART Underwriting Ltd (SART), a Lloyd's coverholder based in Hong Kong, has promoted Jude Yeung to Marine Underwriting Manager and Larry Kwok to the position of Chief Operating and Compliance Officer. Mr Yeung joined SART in 2012 as a marine underwriter. In his new role, he will be responsible for underwriting and managing SART's marine division. Mr Kwok also joined SART in 2012. Over the past two years he has held the position of Chief Marine Underwriter. He will continue in this role as well as taking on his new position in which he will be responsible for overseeing and leading the overall operational performance of the SART group and for compliance-related matters.

Corporate round-up

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