Specialist insurance provider CFC has appointed Scott Bailey to the newly created role of cyber underwriting authority.
In his new role, Bailey will be responsible for the strategic underwriting administration of CFCs CFCs’re cyber portfolio.
Bailey re-joins CFC after nearly 10 years at Markel International, where he most recently served as managing director of the cyber division for the last four years. He also served as the European underwriting director for technology/cyber at CNA Europe for a year. When he was previously a part of CFC, Bailey spent 12 years managing the technology and media division.
“The growth of our cyber industry over the past two years has been nothing short of phenomenal,” said CFC chief underwriting officer Andy Holmes. “We’re now approaching $1 billion in premium and our portfolio of customers is one of the largest in the world. The range of businesses trusting our proactive cyber-service stretches from micro-enterprises to large global corporations across almost every industry sector and the four corners of the world. As the size and complexity of our portfolio are only going to boost, we saw the need for a highly experienced cyber professional to manage our underwriting performance and deliver sustainable growth.”
“CFC has been a trailblazer in the cyber market for over 20 years and has constantly pushed the limitations,” commented Bailey. “It was the first to build an in-house response capability – now the largest in the world – and it has revolutionized how cyber is underwritten, being the first cyber insurer to deliver proactive assistance rather than just a reactive policy. I’m relishing the opportunity to work with the amazing talent on the CFC cyber underwriting team.”
Last year, CFC rebuilt its policies for tech and media companies. The enhanced policies offer comprehensive cover for the exposures these companies face and eliminate the need for multiple policies