Tokio Marine HCC (TMHCC) – Specialty Group, a member of the Tokio Marine HCC group based in Houston, Texas, has launched a new extension to its event cancellation insurance, covering malicious cyberattacks.
The product is available through both the Lloyd’s syndicate and HCC International Insurance Company PLC.
TMHCC – Specialty Group has introduced this new offering in response to growing demand from brokers and clients seeking more comprehensive protection. The malicious cyber event extension aims to provide policyholders with enhanced coverage and includes a post-binding cyber vulnerability scanning service.
This service examines the event organiser’s website for potential vulnerabilities that could lead to cyber breaches, providing recommendations for remediation.
The new product simplifies the process by replacing traditional, complex cyber market requirements with a short questionnaire. Available globally, the cover includes protection against malicious cyber incidents for up to 30 days before an event. In the event of an attack, policyholders also gain access to a dedicated cyber incident response team that provides 24-hour support.
Neil Paddon (pictured above), head of contingency underwriting at TMHCC – Specialty Group’s International division, stated that the risk of malicious cyberattacks is a growing concern for clients.
He noted that the market has struggled to address this issue effectively. By adding malicious cyber coverage to its event cancellation product, TMHCC is responding to a gap in the market and reinforcing its support for the event sector.
Back in June, the specialty insurer announced the appointment of Shaun Russ as head of London Market, crisis management.
In this role, Russ is collaborating closely with Ian Davidson, senior underwriter, crisis management, who joined the team in March 2024. This new team enhances Tokio Marine HCC – Specialty Group’s established US product recall expertise.
“We are delighted to have Shaun joining us to lead the London Market division of our Crisis Management business. Alongside Mark Hutton and Ian Davidson, Shaun will be responsible for the growth of our international Product Recall portfolio, complementing our industry-leading division in the US,” managing director Philip Hall said.
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