Beazley Strengthens Professional Liability Team

Senior Cyber Liability Underwriter Joins Philadelphia Office

Farmington, CT, May 14, 2008

Beazley Group, plc, (BEZ.L) a leading specialist insurer of technology-related professional liability risks, has hired Nicholas Economidis to join its rapidly growing U.S. underwriting team.

Mr. Economidis joins Beazley from AIG Executive Liability (formerly National Union), a subsidiary of American International Group, where he was a vice president responsible for a substantial book of technology E&O, media, and network security risks.  He will be based in Philadelphia and report to Mike Donovan, head of Beazley’s technology, media and business services (TMB) team. 

In his 21 year insurance career, Mr. Economidis has held a series of increasingly senior roles at both underwriting and broking firms.  He has specialized in technology-related risks since 1997 and is widely recognized as one of the most experienced underwriters in the cyber liability and network security field.

Mike Donovan said:  “Nick Economidis has played a significant role in the development of the market for information security and privacy insurance.  We have seen strong demand for this coverage at Beazley, whether underwritten on a standalone basis or in conjunction with other professional liability lines.  I am delighted that we have been able to enlist Nick’s experience and expertise to help us expand our presence in this market still further.”    

The market for information security and privacy insurance has grown rapidly in recent years, spurred by a spate of well-publicized data breaches at major retailers, healthcare organizations and financial services providers.  Beazley has established a strong presence in this market, providing tailored coverage for large and mid sized companies seeking to insure these exposures as part of their overall approach to risk management. 

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