XL Group launches new North America cyber and technology risk unit

XL Group plc  announced Wednesday it has established a North America cyber and technology risk unit, headquartered in New York City.

The Dublin, Ireland-based carrier previously provided cyber and technology errors and omissions coverage through its “select professional” business unit, which provides professional liability insurance.

In addition to its New York office, the new cyber and technology risk unit has  underwriting offices in Chicago, Dallas, Atlanta and Washington, D.C. It will provide coverage for data protection and privacy risks, “both for third-party claims and first-party mitigation costs,” arising from a computer security incident.

“With this new unit, we’re putting our cyber risk team in better position to grow and develop the cyber insurance products that businesses need now and will demand into the future,” Greg Hendrick, chief executive of XL Group’s global insurance operations said in a statement.

The new unit will be led by its chief underwriting officer, by John Coletti, who was previously the cyber and technology underwriting manager in XL Group’s select professional business unit.

“As a standalone business unit, we will have great flexibility to develop innovative cyber risk solutions for our diverse client base while having the focus required to build a profitable book of business,” Coletti stated in a release.