10/20/2021 | Press release | Distributed by Public on 10/20/2021 13:33
Tokio Marine HCC - Cyber & Professional Lines Group today announced the appointments of Richard Savage as Director of Cyber Incident Response and Alex Bovicelli as Director of Threat Intelligence.
The appointments are the latest in a series of enhancements to the group's cyber security capabilities as it builds on its 15-year heritage of cyber insurance excellence. In the last year, the Cyber & Professional Lines Group has made significant investment in artificial intelligence (AI) and advanced analytics to predict threats more accurately and to respond to them more effectively - two priorities these appointments support.
Brought on board to drive the group's threat prediction capabilities, Bovicelli will focus on identifying cyber trends, current threat techniques and intrusions, while building upon the Cyber & Professional Lines Group's existing cyber risk management and underwriting strategies. He joins the group from the University of Southern California where he acted as Lead Cyber Threat Intelligence Analyst.
Savage will focus on client recovery in the event of a cyberattack and will manage the Cyber & Professional Lines Group's response in the event of a client's cyber incident, covering everything from the immediate technical response to the attack, to crisis and media management in the immediate aftermath. He has worked in information technology (IT) for much of his career and uses technical and extensive claims experience to handle cyber incidents with timely resolution. His previous experience includes cyber claims management at Rockville Risk Management and Hartford Steam Boiler.
"Having the ability to accurately predict and effectively respond to cyber threats is at the core of what we do at Tokio Marine HCC," said Michael Palotay, Chief Underwriting Officer for the Cyber & Professional Lines Group.
"We have been at the forefront of developing cyber security capabilities since this market's earliest days, and the investment made over the last twelve months, including the appointments of Alex and Richard, show we have no intention of pulling back from that leading position."
The Cyber & Professional Lines Group currently generates $170 million in gross cyber premiums through more than 600,000 commercial clients across the U.S., handling thousands of cyber claims each year.
"There aren't many players in the cyber market that have the experience, scale, financial security, and track record of constant evolution that we do at the Cyber & Professional Lines Group," said Rich Robin, President of the Cyber & Professional Lines Group.
"We have always been at the forefront in the use of emerging technology, and that will continue as we work to identify and predict the evolving threats our clients face. These new positions and other related investments will help us continue to improve the value proposition to our clients."
About Tokio Marine HCC
Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $32 billion as of June 30, 2021. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, Mexico, the United Kingdom and Continental Europe. Tokio Marine HCC's major domestic insurance companies have financial strength ratings of 'A+' (Strong) from S&P Global Ratings, 'A++' (Superior) from A.M. Best, and 'AA-' (Very Strong) from Fitch Ratings; its major international insurance companies have financial strength ratings of 'A+' (Strong) from S&P Global Ratings. Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
Vice President, Marketing & Business Development
Tokio Marine HCC - Cyber & Professional Lines Group