ACE starts global cyber risk unit led by Toby Merrill

Toby Merrill, head of ACE Global Cyber Risk Practice

ACE’s Toby Merrill has been tapped to head the insurer’s new Global Cyber Risk Practice.

ACE said the start of the practice follows recent research on both sides of the Atlantic suggesting cyber risk is a top concern for corporate risk managers.

Forty percent of respondents in a survey published by ACE in Europe late last year said cyber risk is a top emerging risk and one that is most likely to have a significant financial impact on business over the next two years.

Cyber risk also ranks as a top emerging risk in the US, ACE said.

“Our new Global Cyber Risk Practice represents a further commitment to provide seamless coverage for our multinational customers,” said Tim O’Donnell, executive vice president of financial lines for ACE Overseas General, in a statement.

Merrill, now the division senior vice president of the Global Cyber Risk Practice, will report to O’Donnell and Scott Meyer, division president of professional lines for ACE USA. Merrill was vice president and national product manager for ACE’s US network security, privacy and technology E&O liability products.

“As the cyber risk challenges that businesses face become increasingly complex and global in scope, we need to ensure we are properly positioned to anticipate evolving customer demands,” added Meyer. “Under Toby’s guidance, I am confident that ACE will be strongly placed to unlock the full benefit of our global expertise for brokers and clients, and shape future product development in a way that best matches their needs.”

Merrill has about 20 years of insurance industry expertise, especially in underwriting professional risk, management liability and cyber risk. He has authored articles on privacy, network and social media risks, and speaks frequently on cyber risk and network security topics.