Sompo International, a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced a new tailored cyber insurance offering, that will be available through its Sompo Global Risk Solutions (GRS) unit, to meet the specific needs of small commercial and middle market clients in select industries.
Cyber Suite is a unique solution tailored to small commercial and middle market clients packaged solely with property and/or general liability coverage available through Sompo GRS. The program is designed to help small and mid-sized businesses in the U.S. respond to a full range of cyber incidents, including threats of unauthorized intrusion into or interference with computer systems, damage to data and systems from a computer attack and cyber-related litigation.
Cyber Suite provides financial protection for a broad range of data compromise response expenses as well as reimbursement for costs associated with the recovery from computer attacks. Additional coverages provided through the program include cyber extortion, misdirected payment fraud, computer fraud, telecommunications fraud, identity recovery, privacy incident liability, network security liability and electronic media liability.
Available to qualifying Sompo GRS Small Business and Middle Market clients in the real estate, hospitality, professional services, technology and life sciences industries, Cyber Suite is also solely being offered as a package to small to mid-sized Asian-interest accounts operating in these same target industry verticals.
Sompo GRS provides a client-centric white-glove service approach by offering comprehensive multi-line capabilities to accounts in select industry verticals including real estate, hospitality, financial institutions, life sciences, technology and professional services. Taking a holistic approach to risk management, the unit offers commercial property, primary casualty (general liability, commercial auto, workers’ compensation), lead umbrella, and environmental coverages, as well as parametric natural catastrophe and pandemic products to small, middle-market and large accounts across target industry verticals in the U.S., Mexico, Europe and Asia-Pacific. Through its North American Asian Risk Solutions division, Sompo GRS also offers the same level of sophisticated services and coverages to Asian-interest accounts in the U.S. and Mexico.
Mr. Michael Chang, CEO of Sompo Global Risk Solutions, commented, “For many years, Sompo International has been a leader in offering cyber risk management solutions on a global basis. Sompo Global Risk Solutions is pleased to complement these existing capabilities with the introduction of Cyber Suite as an innovative solution specifically for our small and mid-sized commercial clients in the industry verticals we serve.”