ACE Establishes Global Cyber Risk Practice; Toby Merrill Appointed Division Senior Vice President, Global Product Leader for Cyber Risk and Privacy Coverages

NEW YORK--(BUSINESS WIRE)--

ACE Group today announced the introduction of its Global Cyber Risk Practice, established to address growing risks as legislation and exposures for privacy and network security evolve around the world and customer demands for cyber risk insurance and risk management solutions grow.

To lead the new global unit, Toby Merrill has been appointed Division Senior Vice President, Global Cyber Risk Practice. Formerly Vice President and National Product Manager for ACE's network security, privacy and technology E&O liability products in the U.S., Mr. Merrill will bring together the global expertise, underwriting capabilities and services of ACE's existing cyber risk-related business units around the world, ensuring that ACE offers best-in-class products and solutions for brokers and clients regardless of location. Based in Philadelphia, Mr. Merrill will report jointly to Tim O'Donnell, Executive Vice President, Financial Lines, ACE Overseas General, and Scott Meyer, Division President, Professional Lines, ACE USA.

“ACE is already a global leader in cyber risk insurance, with specialist underwriting, risk engineering and service capabilities spanning four continents,” said Mr. O'Donnell. “Our new Global Cyber Risk Practice represents a further commitment to provide seamless coverage for our multinational customers. Cyber risk exposures have no boundaries, and ACE is one of the few insurers capable of delivering truly global services to brokers and clients.”

“We're pleased to have Toby lead this initiative. His proven underwriting success, demonstrated industry-leading knowledge regarding emerging cyber risks, and track record in building broker and client relationships will complement ACE's strong and dynamic underwriting teams as we continue to build out our offerings to meet the evolving risks and exposures of our clients,” said Mr. Meyer. “As the cyber risk challenges that businesses face become increasingly complex and global in scope, we need to ensure that we are properly positioned to anticipate evolving customer demands. Under Toby's guidance, I am confident that ACE will be strongly placed to unlock the full benefit of our global expertise for brokers and clients, and shape future product development in a way that best matches their needs.”

The launch of the Global Cyber Risk Practice follows recent research on both sides of the Atlantic that suggests cyber risk is now a top concern for corporate risk managers. A study published in December 2013 by ACE in Europe indicates that cyber risk was a top-three emerging risk issue for businesses based in the region, with 40% of companies surveyed believing that it is one of the emerging risks most likely to have a significant financial impact on their business over the next two years. Meanwhile, in the U.S., cyber risk ranked first in the list of emerging concerns for risk managers, and was cited by 56% of respondents as a top concern for 2014-15 in research performed during the same month by Business Insurance magazine. For more information regarding the ACE cyber risk study, please see the EMEA Emerging Risk Barometer.

Mr. Merrill brings nearly 20 years of insurance industry experience, specifically in underwriting professional liability, management liability and cyber risk exposures. In his most recent role as national product manager, Mr. Merrill was responsible for product development and overseeing underwriting operations for network security, privacy and technology E&O liability products in the U.S., including for multinational businesses. He has authored a number of articles on privacy, network and social media risks, and speaks frequently on cyber risk and network security topics. Mr. Merrill is a graduate of Franklin & Marshall College in Lancaster, PA, where he received a Bachelor of Arts in Business Administration.

ACE's privacy and network security offerings help businesses mitigate the financial and reputational risks associated with privacy breaches, covering first-party expenses and providing access to a suite of data breach specialists and other important benefits. ACE's data breach professionals, combined with one of the company's data breach endorsement options, bridges the gap between risk transfer and purchased loss control, creating a comprehensive risk management program for privacy, data breach and network security risk.

ACE Group is one of the world's largest multiline property and casualty insurers. With operations in 54 countries, ACE provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. ACE Limited, the parent company of ACE Group, is listed on the New York Stock Exchange ACE and is a component of the S&P 500 index. Additional information can be found at: www.acegroup.com.

Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140404005347/en/