Argo Pro, a member of Argo Group International Holdings, has introduced a new cyber liability insurance product - information & Professional Risk Playbooksm (iPRP) - designed to address the exposures businesses face from reliance on information technology.
According to a release, Argo Pro has also partnered with NetDiligence, a cyber risk assessment and data breach services company that provides post-incident online services for clients through its eRisk Hub portal.
"Advances in information technology have revolutionized the ways businesses attract, retain and interact with customers," said Michael Carr, SVP and Head of E&O Underwriting for Argo Pro. "Along with benefits in speed and efficiency, these changes have created a variety of new exposures to loss - from liability for content on corporate Facebook pages or YouTube channels to privacy fines to business interruption from systems compromises. The iPRP product was designed to address these exposures for customers in any industry, including the professional liability exposure for firms that provide information intensive services to others."
"We are pleased to announce this important addition to Argo Pro's comprehensive suite of management and professional liability products," said Argo Pro SVP and Chief Underwriting Officer Laurie Banez. "Michael Carr is a recognized expert in information risk management and he's committed to bringing value-added solutions to brokers who serve small to mid-sized firms."
The iPRP will be distributed through select Argo Pro appointed wholesale retail brokers with in-house cyber liability underwriting and risk management expertise. It will be underwritten on Colony Insurance Company paper on a non-admitted basis.
Argo Group International Holdings is an international underwriter of specialty insurance and reinsurance products in the property and casualty market.
Argo Pro is dedicated to providing professional lines insurance products and services through appointed retail and wholesale brokers.
NetDiligence provides services to insurers in the US and UK that offer "hacker insurance" for businesses.
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