Tokio Marine Kiln has set up a stand-alone cyber and enterprise risk division as part of its effort to expand its presence in the cyber market.
Led by Laila Khudairi, the unit consists of cyber, technology, and intellectual property specialisms.
The department previously formed part of TMK’s specialty division.
TMK has been writing cyber risk since 2006. It launched its flagship policies Cyber CTRL and Cyber CTRL Physical Damage in 2016.
Team
The provider confirmed that it will be making more appointments to the team.
It has added Luke Fardell to the new role of cyber security specialist this year. Cyber underwriters Luke Ogunlaja and Kieran Shiret joined in 2022.
Fardell spent 15 years working in intelligence roles for the Ministry of Defence before moving into the National Cyber Security Centre.
The team recently collaborated with TMK’s life sciences team to deliver IntelliMed, which it launched at the start of the year staking a claim for a Lloyd’s market first.
According to the insurer, the offering is the first life sciences product to combine cyber and intellectual property cover with life sciences coverage under one policy.
Bold
Khudairi, head of cyber and enterprise risk at TMK, said: “We have bold plans for cyber and IP, and this change supports that.
“Our exceptional underwriting team pride themselves on their strong technical expertise and on delivering outstanding client service. Within the fast-moving world of cyber, ransomware attacks and data breaches are once again rising in frequency, effectiveness, and complexity.
“We have been writing cyber for almost two decades, and we continuously look to innovate and offer our clients cutting-edge tools and services to help pre-empt, and address, the threats that they face.”
Push
It is the latest in a series of pushes by providers across the market targeting cyber growth.
US cyber specialist Cowbell entered the UK market in April with plans to sell its products exclusively through brokers.
A month earlier, Intangic MGA launched with backing from Axa XL, offering parametric cyber insurance for large public corporations headquartered in the UK.
San Francisco-headquartered Coalition rolled out its service to the UK in partnership with Allianz Global Corporate & Specialty in 2022, going live with brokers in September with plans to add an excess cyber protection product this March.
While Beazley raised £350m in November as it flagged plans to accelerate growth in cyber and specialty business.
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