ACE launches new global cyber risk division

ACE Group announced Friday its new Global Cyber Risk Practice, aimed at taking on the growing risks around privacy and network security.

The new division comes after a December 2013 study by ACE in Europe, which suggested that cyber risk was a top-three emerging risk issue for businesses based in the region, with 40% of companies surveyed believing that it is one of the emerging risks most likely to have a significant financial impact on their business over the next two years, ACE said.

The new unit will be led by Toby Merrill, who has been appointed division senior vice president. He was formerly vice president and national product manager for ACE’s network security, privacy and technology E&O liability products in the United States.

Merrill will report jointly to Tim O’Donnell, executive vice president of Financial Lines at ACE Overseas General, and Scott Meyer, division president of Professional Lines at ACE USA.

“ACE is already a global leader in cyber risk insurance, with specialist underwriting, risk engineering and service capabilities spanning four continents,” O’Donnell said in a press release.

“Our new Global Cyber Risk Practice represents a further commitment to provide seamless coverage for our multinational customers. Cyber risk exposures have no boundaries, and ACE is one of the few insurers capable of delivering truly global services to brokers and clients.”

Merrill has also authored a number of articles on privacy, network and social media risks, and speaks frequently on cyber risk and network security topics, according to ACE.

“We’re pleased to have Toby lead this initiative,” Meyer added in the press release Friday. “His proven underwriting success, demonstrated industry-leading knowledge regarding emerging cyber risks, and track record in building broker and client relationships will complement ACE’s strong and dynamic underwriting teams as we continue to build out our offerings to meet the evolving risks and exposures of our clients.”

“As the cyber risk challenges that businesses face become increasingly complex and global in scope, we need to ensure that we are properly positioned to anticipate evolving customer demands. Under Toby’s guidance, I am confident that ACE will be strongly placed to unlock the full benefit of our global expertise for brokers and clients, and shape future product development in a way that best matches their needs.”