BOXX Insurance Inc. is expanding to the United States and has hired a former CEO Latin America for RSA to lead that move from Miami, the Toronto-based managing general agent and Lloyd’s coverholder announced Friday.
Cyberboxx is the brand BOXX Insurance uses to place cyber coverage through the Lloyd’s market or underwritten by Munich Re subsidiary Hartford Steam Boiler.
BOXX has hired Hilario Itriago, who led RSA PLC’s Latin America operation until 2016. Separately, Intact Financial Corp. and Tryg A/S closed their three-day deal to acquire RSA this past June.
Itriago joins the BOXX team after leading and developing venture company Rokk3r’s Insurtech division, BOXX said Oct. 1.
“With this expansion, BOXX will bring its suite of cyber insurance products to the U.S., making it easier for American businesses, individuals and families to insure and defend themselves against cyber threats,” the MGA said in a release.
BOXX places both first and third-party cyber coverage. Its first-party coverage is said to include reimbursement for the costs of repair, restoration, or replacement if a hacker causes damage to the insured’s websites, programs or electronic data. It also pays some costs – including forensic experts, legal advisors and crisis management experts – in the event of a data breach.
Other first-party coverages include ransomware protection and coverage for lost profits, among others. BOXX’s third-party coverages include defending lawsuits alleging the insured failed to keep customers’ personal data secure as well as liability if the insured mistakenly infects someone’s system by sending them an infected email.
“There is no doubt that cyber is the next frontier in risk management and prevention,” Itriago said Oct. 1 in a release.
BOXX was founded by CEO Vishal Kundi (former chief sales officer at Gallagher Canada) and chief operating officer Mike Senechal, co-founder of Zenbanx.
“Mike and I have known Hilario for nearly as long as we’ve been building BOXX and his knowledge, experience and passion are going to be huge assets for us,” Kundi said in a release. “Hilario has spent the last few years on the development side of Insurtech and his decision to join us is an endorsement of and testament to all the work we’ve put in at BOXX.”
Original Article Published by Canadian Underwriter