With business interruption, intellectual property theft and cyber-extortion on the rise, Allianz Group’s specialist corporate insurer Allianz Global Corporate & Specialty® (AGCS) announced today that it is launching a dedicated cyber unit in the U.S. as part of its Financial Lines portfolio. Emy R. Donavan and Jenny Soubra have been named national practice leaders, effective immediately, reporting to Paul Schiavone, regional head of Financial Lines, North America.
Based in San Francisco, both Donavan and Soubra will lead an experienced team asked with developing and placing AGCS’s first-ever, tailor-made U.S. Cyber and Specialty Professional Indemnity (PI) policy. Since 2013, AGCS has been offering a dedicated cyber product in Asia and Europe, followed by Canada in 2014.
"I am truly pleased to have these accomplished professionals join our growing Financial Lines team here in the U.S., as they bring the expertise necessary to help our clients face and manage this ever-growing, ever-changing threat – head on,” said Mr. Schiavone. “The recent flurry of publicized attacks is only the tip of the iceberg, and the interruption of critical systems may severely affect a company's business continuity, causing irreparable damage to their overall brand and reputation.”
According to a recent report issued by AGCS A Guide to Cyber Risk: Managing the Impact of Increasing Interconnectivity, cyber risk is costing the global economy $445 billion annually, $108 billion of which comes from the U.S. With fewer than 10 percent of companies currently purchasing cyber-specific policies, AGCS forecasts that cyber insurance premiums will grow globally from $2 billion per annum today to more than $20 billion over the next decade, a compound annual growth rate above 20 percent.
“The corporate cyber risk of today is one that cannot be ignored and deserves the immediate attention of the C-Suite. Companies increasingly face new exposures, including first and third party damage, as well as regulatory consequences” added Schiavone.
Ms. Donavan's experience includes more than a decade of cyber, technology and specialty errors & omissions (E&O) underwriting. She most recently served as VP of underwriting at AXIS Pro handling Fortune 1000 business for the Central and Western regions, with heavy emphasis on cyber and technology placements. Prior to this, Ms. Donavan held senior roles developing the specified professions and technology division at Zurich North America. She began her insurance career as an underwriter for ACE Group as a graduate of their management training program. Ms. Donavan earned a BA in Rhetoric from University of California, Berkeley and is a licensed CA surplus lines broker.
Ms. Soubra is a seasoned insurance professional with more than 15 years of experience in financial lines. Before joining AGCS, she was an assistant VP for professional liability and cyber at ACE Group, with a focus on Fortune 1000 accounts in the Western zone, including primary placement for large retail, healthcare and cloud providers. Prior to this, she served in a variety of underwriting positions at both CNA and Zurich North America handling management and professional liability. Ms. Soubra earned a BA in Mass Communication/Broadcasting from California State at Hayward and is a licensed CA fire and casualty broker.
