Welsh no longer Aegis head of cyber insurance

Three years after he was hired to launch the cyber insurance line at Aegis London, Rick Welsh has left the Lloyd’s managing agent, Advisen has learned.

Welsh was brought on at Aegis in July 2012 to form and lead the Aegis Cyber Consortium. Welsh has written cyber insurance since 2000 for leading carriers including ACE, Novae and Aspen UK.

An attempt to reach AEGIS London for comment was not immediately returned.

In April 2014 Aegis London said it was the first to offer operational technology and critical infrastructure coverage within a cyber policy. In September last year Aon Benfield, the global reinsurance intermediary of Aon, said it secured the reinsurance capacity for a unique cyber product developed by the Lloyd’s syndicate of mutual energy insurer Aegis London.

Also last year Aegis London boasted of its hiring of “white hats” Joe Hancock and Daniel Carr from BAE Systems, a defense, security and technology specialist. Hancock and Carr, as well as a couple of underwriters, have also departed Aegis, according to reports.

At the time of Welsh’s hire, David Croom-Johnson, then the active underwriter at AEGIS London, said: “Cyber insurance is a new class for AEGIS London and one that fits perfectly with our diversification into lines that are uncorrelated with traditional property and casualty lines and the economic cycle. It’s also one of the few areas of insurance to see profitable growth in demand, steady rates and strong market premium growth. Rick is a well-known and respected technology specialist in the market.”

Aegis London has undergone a number of executive changes this year. Croom-Johnson in June was named the managing director after Stuart Davies resigned to take the Group CEO role at Canopius. Several other appointments followed: John Chambers, formerly deputy active underwriter, took on the newly created role of director of underwriting and Alex Powell, formerly head of non-marine property, became active underwriter.