Specialty insurance provider CFC has appointed Scott Bailey (pictured) to the newly created position of Cyber Underwriting Leader.
In his new role, Bailey will be responsible for the strategic underwriting management of CFC’s entire cyber portfolio.
Bailey rejoins CFC after nearly 10 years at Markel International, where he most recently served as managing director of the cyber division for the past four years. He also served as the European director of cyber/technology underwriting at CNA Europe for one year. Previously with CFC, Bailey spent 12 years managing the technology and media division.
“The growth of our cyber business over the past two years has been phenomenal,” said CFC director of underwriting Andy Holmes. “We are now approaching $1 billion in premiums and our client base is one of the largest in the world. The range of businesses that rely on our proactive cyber service extends from micro-businesses to large global corporations in almost every industry sector and in all four corners of the world. As the size and complexity of our portfolio will increase, we saw a need for a highly experienced cyber professional to manage our underwriting performance and achieve sustainable growth.”
“CFC has been a pioneer in the cyber marketplace for more than 20 years and has consistently pushed the envelope,” Bailey said. “It was the first to build an in-house response capability, now the largest in the world, and has revolutionized the way cyber is underwritten, being the first cyber insurer to provide a proactive service rather than just a reactive policy. I am enjoying the opportunity to work with the incredible talent of the CFC cyber underwriting team.”
Last year, CFC revamped its policies for technology and media companies. Enhanced policies offer comprehensive coverage for the exposures these companies face and eliminate the need for multiple policies.
