STOCKHOLM--(BUSINESS WIRE)--ACE Group today announced the launch of a new cyber risk proposition for Sweden and named Henrik Petersson, Property Underwriter for ACE in the Nordics, as a cyber expert for clients and brokers in the country, as it continues to build its insurance capabilities in this growing area of emerging risk.
The proposition includes a wording specifically designed for the needs of companies in Sweden. It brings together ACE’s comprehensive insurance solutions for computer hardware and first and third party cyber liability risk cover into a single policy, combined with detailed risk analysis to help Swedish companies identify the right security measures and cover for their own specific needs.
The new proposition includes cover for a wide range of cyber risks, including:
- Business interruption loss due to a network security failure or attack
- Data loss and restoration including decontamination and recovery
- Delay, disruption, and acceleration costs from a business interruption event
- Legal costs, including exercising contractual indemnity
- Crisis communications expenses
- Liability arising from failure to maintain data confidentiality and unauthorised network use
The new proposition follows the recent launch of ACE’s new cyber practice for Continental Europe which brings together, in a single expanded team, the company’s expertise across the region with the objective of empowering local decision-making and strengthening broker and client relationships for both middle market and larger accounts.
Bror Sandas, Country President, Nordics at ACE, said:
“The launch of our new cyber risk proposition in Sweden and the expansion of our European cyber practice in the country mark a significant step forward in our strategy for the Nordics. It offers our clients in the country market-leading cover for a risk that ACE’s research indicates it is a top concern for risk managers in the Nordics. At the same time, our partner brokers and clients in the region will now have access to our global knowledge and experience in cyber risk.”
Kyle Bryant, Regional Cyber Manager for Continental Europe at ACE, said:
“Having asked brokers and clients what they most value from their cyber insurance partners across Europe, we know that access to local decision-makers and the ability to build flexible and tailored solutions are paramount. With the new cyber risk offering and Henrik’s extensive cyber risk expertise, ACE is exceptionally well placed to help deliver the service and market-leading solutions our brokers and clients in Sweden deserve.”
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 the ACE Group, is listed on the New York Stock Exchange (NYSE: ACE) and is a component of the S&P 500 index.