Hiscox creates cyber business unit

Hiscox has created a virtual business unit (vBU) to draw together the expertise of its 70 cyber staff across the business.

According to Hiscox the cyber vBU will provide dedicated cyber resource and be responsible for ensuring a consistent company-wide approach to product development, service offering, branding and marketing, underwriting appetite, pricing, rating approach and aggregation.

The provider stated that the aim was to sharpen its cyber focus and noted that it currently sells cyber products via brokers and carriers through its European, US, London Market and reinsurance operations as well as direct to consumers through its UK retail business.

Richard Watson, Hiscox group CUO, said: “Cyber risk is a massive global challenge, and exactly where insurers can prove their worth.

“We have a strong brand, responsive products, the right customer base and good people in key geographies already. In bringing them together we hope to realise our ambitions in this critical area.”

Appointments
Hiscox further detailed that a number of senior appointments within the unit have been made, with other roles being recruited for.

• Gareth Wharton, previously Hiscox group CTO/CIO, has been appointed cyber CEO. He will lead the cyber vBU and be in charge of developing the cyber service proposition and delivering it to customers.
• Matt Webb, who has been underwriting at Hiscox for 12 years, has been appointed cyber CUO and London Market line underwriter for cyber.
• Craig Dunn has been appointed head of cyber services, and will be responsible for providing Hiscox’s cyber customers with effective risk management solutions to help them better manage their exposure. Dunn previously worked at CFC Underwriting as a cyber analyst.

In addition, the provider noted it has hired other experts for the vBU including a head of cyber pricing, head of cyber claims, cyber analyst, and a marketing, communications and sponsorship coordinator.

In the UK, James Brady has been promoted to deputy head of specialty for Hiscox UK and Ireland, broadening his remit as head of media to take on responsibility for the insurer’s UK and Ireland cyber offering.

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