RSG Launches Cyber-specialist EmergIn Risk with £20m Facility
April 11, 2016, LONDON, UK – EmergIn Risk, part of Chicago-based RSG Underwriting Managers (RSGUM), has launched today with an initial £20m facility to write a full range of products and services to offset the financial and operational implications of data thefts, corruptions and systems outages. EmergIn Risk is based in London.
Peter McKenna, who leads RSGUM’s MGA strategy in EMEA, said £20m of Lloyd’s capacity had been secured, and would enable the EmergIn Risk team to assist global companies, including Fortune 1000 firms across the globe, to protect themselves against exposure to system and network interruptions, data corruption or theft, as well as system and data extortion, digital media liability and computer crime.
McKenna said: “Companies today are driven by data and technology, but unfortunately, data has become a form of virtual currency that is traded for criminal exploits or even extortion purposes. Malicious parties use sophisticated strategies for infiltrating and taking control of corporate networks and data. Undetected, these breaches have the potential to seriously jeopardise commercial production and cause material operational and financial complications.”
Jamie Bouloux, CEO of EmergIn Risk, explained: “We are coming to market with a line of comprehensive cyber products with a focus on 1st party loss associated with the non-physical exposure to business enterprise risk. We are 100% Lloyd’s backed, offering AM Best “A” rated paper, and our global service capabilities are backed by best-in-class vendor solutions, including IT, legal, breach response, forensic remediation and accounting services.”
Bouloux said that although cyber exposures within traditional insurance have been hard to model, and unusually systemic, the same holds true for their client’s as they look to map these exposures too. “EmergIn Risk illustrates that the cyber insurance industry has moved on from “umbrella” style insurance products to looking at developing solutions which integrate an understanding of our clients’ core enterprise strategy and how technology helps drive process for ultimate delivery. This approach allows us to work with our clients to develop a balance of differentiated products and services which we are able to deploy to ensure our clients are protected from cyber exposures.”
“No two companies look identical when it comes to data security and management or strategies around technology investment,” Bouloux continued, “so no breach will affect two companies in the same way. This uniqueness suits a specialist MGA such as EmergIn Risk, as we can customise propositions to create a market-leading cyber offering in this niche and specialist market.”
About EmergIn Risk
EmergIn Risk is division of RSGUM Europe, a subsidiary of Ryan Specialty Group, LLC. EmergIn Risk is specialized in developing innovative, enterprise-wide solutions for the complex cyber risks facing global companies.
About Ryan Specialty Group, LLC
Ryan Specialty Group, LLC, is a global holding company that includes a wholesale brokerage, highly-specialised underwriting management companies and specialty services designed specifically for agents, brokers and insurers. http://www.ryansg.com
For more information please contact: Ben Welsh, Certus Ltd: 07568 382 04