Tokio Marine Kiln looking to expand cyber market presence with new division

London-based specialist insurer Tokio Marine Kiln (TMK) has established a standalone cyber and enterprise risk division as it looks to expand its presence in the cyber market.

A statement released today (5 June 2023) said the department will offer insurance in the cyber, technology and intellectual property (IP) markets.

The unit, which previously formed part of TMK’s specialty division, has also been designed to support product and growth strategy over the next five years.

It will be led by the firm’s head of cyber and enterprise risk Laila Khudairi, who joined the insurer as a graduate trainee underwriter in 2009.

Khudairi said the firm had ”bold plans for cyber and IP – and this change supports that”.

“Our exceptional underwriting team pride themselves on their strong technical expertise and on delivering outstanding client service,” she said.

“Within the fast-moving world of cyber, ransomware attacks and data breaches are once again rising in frequency, effectiveness and complexity.

“We have been writing cyber for almost two decades and we continuously look to innovate and offer our clients cutting-edge tools and services to help pre-empt – and address – the threats that they face.”

Appointments

TMK began writing cyber risk in 2006.

In January 2023, building on its existing cyber policies, TMK launched its inaugural life science insurance product – Intellimed – in the Lloyd’s market.

To bolster its cyber team, TMK hired former global specialist risk consultancy Control Risks director Luke Fardell as cyber security specialist in February 2023.

The firm also hired cyber underwriters Luke Ogunlaja and Kieran Shiret in June 2022 and April 2022 respectively.

It said further appointments were planned.

Khudairi added: “Tokio Marine Kiln’s renowned claims team offers a wealth of expertise in both cyber and IP.

“In this landscape, having a longstanding and proven claims history is a critical differentiator.”