Allianz Global Corporate & Specialty expands cyber team in the UK

Allianz Global Corporate & Specialty SE (AGCS) has today announced the appointment of two new senior members of staff.

Yogi Virji has been promoted to lead the UK cyber team, while Hui Yu has been appointed as senior cyber underwriter, joining from Principia Underwriting.

According to KPMG, the global cyber insurance market is expected to triple by 2020, from the current £2.5bn per year to £7.5bn per year.

AGCS says these appointments “reflect the company’s focus on building its technical expertise in this risk class.”

It has already partnered with Cyence, a Silicon Valley-based cyber risk analytics and modelling firm that was acquired by Guidewire in November..

Prior to being promoted, Yogi Virji was AGCS’s underwriting manager for financial lines for more than six years.

Commenting on the appointments, Kevin Northcott, AGCS head of financial lines’ regional unit in London said, “The appointments of Yogi and Hui highlights our commitment to providing our clients with a superior underwriting offering.

“I am confident their skills and experience will help us strengthen our relationships with partners in 2018.”

Emy R. Donavan, AGCS global head of cyber said: “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.

“These appointments enhance the team as we look to take our cyber proposition into the next phase.”

Hui Yu will join up with the team in the new year, while Virji will take up his position straight away.