- Group-wide Cyber Center of Competence is embedded into Allianz Global Corporate & Specialty (AGCS) with a reporting line to AGCS Chief Underwriting Officer Corporate Thomas Sepp
- Catharina Richter joins from Allianz SE where is currently Head of Digital Regulation
- AGCS’s global cyber insurance team will work closely with Cyber Center of Competence to further evolve cyber risk underwriting and governance
Effective June 1 2020, Dr Catharina Richter will be appointed Global Head of Cyber Center of Competence for Allianz Group. The Cyber Center of Competence (CoC) coordinates and steers cyber risk underwriting and governance across Allianz Group and is embedded into Allianz Global Corporate & Specialty (AGCS), the corporate insurance specialist of Allianz Group and long-standing provider of IT and cyber insurance solutions to businesses. Catharina Richter will report directly to AGCS Chief Underwriting Officer Corporate and Board Member Thomas Sepp.
Dr Richter joins from Allianz SE, where she is currently Head of Digital Regulation, responsible for developing regulatory strategy for digitalization on behalf of Allianz Group and shaping the regulatory and supervisory debate in the field of cyber. A lawyer by training, she joined Mondial Assistance (now Allianz Partners) in 2000 as General Counsel, and since that time has been Head of Distribution & Solutions Legal Europe for Allianz Global Investors and Head of Regulatory Management for Allianz SE. In her new role as Global Head of the Cyber Center of Competence, Dr Richter succeeds Emy Donovan who had left AGCS last year.
The Allianz Cyber CoC was established in 2018 and focuses on Group-wide coordination and alignment of cyber exposures and insurance in the commercial insurance segment. Recent focus areas include the development of a new underwriting approach to clarify cyber exposures (‘silent cyber’) across commercial P&C policies, product governance and harmonization through a cyber master wording and the establishment of a global service provider network for Allianz cyber policyholders.
AGCS Chief Underwriting Officer Corporate Thomas Sepp commented: ‘’Cyber is the top global business risk in the Allianz Risk Barometer 2020 and a significant opportunity for insurance, but at the same time it also requires central governance, steering and control to realize sustainable growth. I am delighted that someone of Catharina’s background and ability will now take the Cyber Center of Competence to the next stage.’’
The existing AGCS standalone cyber insurance offering remains within the Financial Lines business line with overall responsibility of Shanil Williams, Global Head of Financial Lines, supported by Marek Stanislawski as Cyber Underwriting Manager. The AGCS global Cyber team will work in full alignment and close cooperation with the Cyber CoC to further evolve Allianz Group’s cyber insurance offering which combines financial indemnification with prevention advisory and post-incident crisis management services.
AGCS launched a first standalone cyber insurance product in 2013 and has seen steady growth since then in all its key markets globally. In 2019, for the first time, AGCS exceeded the EUR 100 million gross premium written with cyber insurance solutions.
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About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across 10 dedicated lines of business.
Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses, and private individuals. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also wineries, satellite operators or Hollywood film productions. They all look to AGCS for smart answers to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.
Worldwide, AGCS operates with its own teams in 33 countries and through the Allianz Group network and partners in over 200 countries and territories, employing over 4,300 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2019, AGCS generated a total of €9.1 billion gross premium globally.
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