Allianz Global Corporate & Specialty (AGCS), a division of global insurer Allianz is strengthening its UK cyber division with two senior appointments.
Underwriting manager for financial lines at AGCS, Yogesh Virji, has been promoted to lead its UK cyber division and Hui Yu has been appointed as senior underwriter.
Virji has over 20 years of financial lines underwriting experience in cyber, directors and officers liability, pension trustee liability, employment practices liability, crime, and public offering of securities insurance.
Yu joins the company from Principia Underwriting and will begin the role in 2018, reporting to Virji.
In the coming years, the international cyber insurance industry is expected to expand dramatically.
ACGS said that the appointments support its commitment to building its expertise in the cyber arena.
The growth of the UK cyber division comes after AGCS recently announced a partnership with cyber analytics and modelling firm, Cyence.
Kevin Northcott, AGCS head of financial lines regional division London, commented; “The appointments of Yogi and Hui highlights our commitment to providing our clients with a superior underwriting offering. Supported by our dedicated cyber risk engineering capabilities and wider risk management solutions, including AGCS’ cyber risk panel, I am confident their skills and experience will help us strengthen our relationships with partners in 2018.”
Emy Donavan, AGCS global head of cyber, said; “These appointments enhance the team as we look to take our cyber proposition into the next phase. Cyber incidents topped the list of concerns for UK risk experts for the second year running in the most recent Allianz Risk Barometer. Recent cyber-incidents have also revealed how vulnerable even well-prepared businesses can be to cyber threats. The trend towards the increase in cyber regulation and the evolution of risks businesses face make it more important than ever for companies of all sizes and in all industries to review their cyber security and resilience, and consider cyber insurance as part of their risk management strategy.”