FM Global creates cyber risk units
Industrial and commercial property insurer FM Global is looking to boost its expertise in first-party cyber solutions by creating integrated engineering and underwriting units. The mutual insurer’s research and engineering units will develop tools and methodologies to assist clients with cyber risk mitigation, while the underwriting unit will develop its underwriting approach to meet clients’ needs for first-party cyber cover.

FM Global is looking to bolster its expertise in first-party cyber solutions for the benefit of its mutual policyholders with its move to form integrated engineering and underwriting units dedicated to doing just that.

The move seeks to address the growing cyber-related concerns of businesses, notes a statement last week from FM Global, one of the world’s largest commercial property insurers.

The company’s research and engineering units will develop location- and account-based assessment standards, tools and methodologies and to assist clients with cyber risk mitigation; the underwriting unit will develop an underwriting approach and coverage capabilities to meet clients’ needs for first-party cyber solutions.

“Threats can come from malware, disgruntled employees, corporate espionage and yet unknown attack vectors,” says executive vice president of FM Global Bret Ahnell, characterizing cyber risk as “a top-tier business threat in almost every sector.”

Notes Ahnell, “To ensure our clients remain resilient in the face of evolving cyber hazards, both technology and human threats must be understood and addressed, and these teams will help ensure our clients are protected.”

Carmelina Borsellino, vice president and manager of cyber hazards, will lead the dedicated engineering unit.

Holding a bachelor’s degree in building engineering from Concordia University, Borsellino joined FM Global in 1986, serving as a field engineer for more than a decade before becoming engineering field manager in 1997, group manager, field engineering in 2003 and business process improvement consultant in 2013.

Grace Ries, assistant vice president and manager of cyber risk insurance products, will lead a dedicated underwriting unit.

Holding a degree in chemical engineering and materials science engineering from the University of California, Davis, Ries has also served as an account manager and a consultant engineer with FM Global.