Sompo International Expands U.S. Cyber Insurance Capabilities
PEMBROKE, Bermuda – December 10, 2018 – Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that the company has expanded its cyber insurance capabilities with the introduction of a dedicated U.S. team focused on cyber offerings, an enhanced cyber and professional liability product, and an expanded suite of cyber risk management services.
This dedicated team of underwriters across the U.S. focused exclusively on marketing and underwriting Sompo International’s cyber product offerings complements the E&O and professional services products available through Sompo Pro, its professional liability insurance unit. Mr. Jeff Kulikowski, Senior Vice President, Cyber and E&O Underwriting, and Mr. Richard DePiero, Senior Vice President, U.S. Cyber Product Leader, will lead the practice.
Sompo International’s dedicated cyber team can now offer a Premier Professional policy that provides companies of all sizes and industries access to a full range of professional liability and cyber coverage through a single flexible policy form. The product has also been enhanced to include coverage for General Data Protection Regulation (GDPR) violations, non-malicious system failures, unintentional breaches of contract and IT vendor outages. Coverage can also be extended to include malicious and permanent disabling (i.e., bricking) of IT equipment and social engineering threats.
In addition, Sompo Premier Professional clients have complimentary access to an expanded set of risk management services provided by industry leading cyber security professionals to help assess their exposure to cyber risk, improve their network security and respond more effectively to data breaches and other network crises. Complimentary services available to Sompo International insureds include:
• Comprehensive social engineering testing provided by Kivu, covering email spoofing and phishing campaigns;
• Virtual Chief Information Security Officer (vCISO), offering general network management advice and emergency technical assistance offered by Crypsis;
• Annual detailed security risk rating analysis, identifying information security strengths and weaknesses delivered by BitSight;
• A critical vulnerabilities and exposures self-assessment survey tool from NetDiligence; and
• An interactive guide to breach-focused incident response planning provided by NetDiligence.
Clients can also access a full range of additional scan testing, tabletop exercises, security checkups and cyber threat assessment services at discounted rates from the company’s network of industry-leading cyber security experts.
Mr. Dan Wadley, Executive Vice President of Sompo Pro U.S., said: “For many years, our experience in the cyber market has been a critical differentiator for Sompo International. With the introduction of our dedicated cyber solutions practice in the U.S., we have strengthened our ability to deliver comprehensive insurance products and services to clients in the world’s largest cyber market.”
Mr. DePiero commented, “Our expanded cyber capabilities will make it easier for companies to customize their coverage options and obtain the risk management advice, diagnostic tools and response assistance they need to protect their businesses against known and emerging cyber and network threats.”
About Sompo International
Sompo International Holdings Ltd. is a global specialty provider of property and casualty insurance and reinsurance, headquartered in Bermuda. Through its operating subsidiaries, Sompo International writes agriculture, professional lines, property, marine, energy, casualty and other specialty lines of insurance and catastrophe, property, casualty, professional lines, weather risk and specialty lines of reinsurance. Sompo International companies are wholly owned subsidiaries of Sompo Holdings, Inc., whose core business encompasses one of the largest property and casualty insurance groups in the Japanese domestic market. We maintain excellent financial strength as evidenced by the ratings of A+ (Superior) from A.M. Best (XV size category) and A+ (Strong) from Standard and Poor’s on our principal operating subsidiaries. Sompo International’s headquarters are located at Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Bermuda and its mailing address is Sompo International, Suite No. 784, No. 48 Par-la-Ville Road, Hamilton HM 11, Bermuda. For more information about Sompo International, please visit www.sompo-intl.com.