Specialist technology underwriter Rick Welsh has joined AEGIS London to launch a cyber insurance book for the Lloyd’s managing agent.
The business will be written via a consortium of Lloyd’s managing agents, formed and led by Welsh, called the AEGIS Cyber Consortium.
Welsh will be targeting cyber insurance business globally, providing innovative solutions for both complex risks and small-to-medium enterprises (SMEs). The consortium will offer a broad range of cyber coverage including privacy, technology liability, intellectual property, media liability, network security and business interruption, and will work with dedicated industry experts to provide risk management, risk assessment and response services.
With over 24 years’ experience in the insurance industry in both UK and Australian markets, Welsh has written cyber insurance since 2000 for leading carriers including ACE, Novae and Aspen UK. Prior to this, he underwrote financial institutions business for AIG Europe and Gerling.
Welsh will report to Alex Powell, AEGIS London’s Head of Property.
David Croom-Johnson, active underwriter at AEGIS London, said: “Cyber insurance is a new class for AEGIS London and one that fits perfectly with our diversification into lines that are uncorrelated with traditional property and casualty lines and the economic cycle. It’s also one of the few areas of insurance to see profitable growth in demand, steady rates and strong market premium growth.
“Rick is a well-known and respected technology specialist in the market. His presence leading this consortium, combined with AEGIS London’s reputation for expertise and long-term commitment, will make for a very strong offering in this class.”
Over recent years, AEGIS London has implemented a strategy of building on its origins in the energy sector to diversify successfully into classes such as contingency, livestock, accident & health and specie.
Cyber insurance is a generic description for insurance covers developed in response to the internet and commercial technology boom that began in the 1990s.