Tokio Marine Kiln said it wants to expand its presence in the standalone cyber market.
A new standalone cyber and enterprise risk division has been created by Tokio Marine Kiln.
Led by Laila Khudairi, the new “Cyber & Enterprise Risk division” comprises the firm’s cyber, technology and intellectual property (IP) specialisms.
The London market re/insurer said the move was part of its effort to expand its presence in the cyber market.
The elevation of the department, previously part of its specialty division, is intended to support TMK’s growth strategy in the next five years.
“We have bold plans for cyber and IP, and this change supports that,” said Laila Khudairi, head of cyber and enterprise risk, TMK.
TMK has been writing cyber risk since 2006 and launched its flagship policies, Cyber CTRL and Cyber CTRL Physical Damage, in 2016.
The team recently collaborated with TMK’s life sciences team to deliver IntelliMed; the first life sciences product to combine cyber and IP cover with life sciences coverage under one policy, the insurance company said.
Intellectual property remains a focus under the leadership of Aoife Woulfe, its head of IP, the firm added.
TMK has already bolstered the team in 2023 with the appointment of Luke Fardell into a new role of cyber security specialist.
Fardell spent 15 years working in intelligence roles for the UK’s Ministry of Defence before moving into the National Cyber Security Centre (NCSC) to lead digital forensics investigations and incident response for public and private sector networks globally.
Cyber underwriters Luke Ogunlaja and Kieran Shiret joined the team last year, and further appointments are planned, TMK revealed.
“Within the fast-moving world of cyber, ransomware attacks and data breaches are once again rising in frequency, effectiveness, and complexity,” Khudairi said.
“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,” she added.
TMK’s other standalone underwriting divisions include: property and motor, led by Mark Mortlock; liability, led by Chris Jones; special risks, led by Ed Parker; marine and energy, led by Richard Hooks; aviation, led by David Slevin; and portfolio solutions, led by Holly Strettle.