NEW YORK–(BUSINESS WIRE) June 25, 2012 –Argo Pro, a member of Argo Group International Holdings, Ltd. (NasdaqGS: AGII), has introduced a new cyber liability insurance product – information & Professional Risk Playbooksm (iPRP)– designed to address the exposures businesses face from their increasing reliance on information technology. In addition, Argo Pro has partnered with NetDiligence®, a leading 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, Senior Vice President 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 Senior Vice President 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.”
iPRP targeted classes include accountants; auto dealers; healthcare providers; insurance agents & brokers, TPAs and regional insurers; manufacturing; wholesale and retail businesses; professional & technology services firms; public entities; restaurants and trade associations.
Key coverage features of iPRP include:
- Privacy coverage for unauthorized access or use of private data in any form including accidental dissemination and vicarious liability for third party vendors
- 1st party coverage for breach notification and mitigation obligations assumed under business associate agreements or similar contracts.
- Flexible breach mitigation solutions that can be tailored to the type of data compromised.
- Media coverage that extends to content posted on behalf of the insured company on third party sites.
- Defense expense coverage for contractual liability claims.
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.
The eRisk Hub® portal, powered by NetDiligence®, will provide Argo Pro policyholders with information and technical resources that can assist them in the prevention of network, cyber and privacy losses and support them in the timely reporting and recovery of losses if an incident occurs. Featuring news, content and services from leading practitioners in risk management, computer forensics, crisis communications, legal counsel, and other highly-specialized segments of cyber risk, the eRisk Hub® serves as a safety net that complements and bolsters Argo Pro’s policyholders’ existing incident response and business continuity plans.
ABOUT ARGO PRO
Located in Jersey City, NJ, Argo Pro is dedicated to providing professional lines insurance products and services through appointed retail and wholesale brokers. Argo Pro’s portfolio of insurance products include the following coverages that are provided on a primary and excess basis: accountants professional liability; architects & engineers; cyber/privacy liability; directors and officers insurance; employment practices liability; fidelity and crime insurance; fiduciary liability; insurance agents; lawyers professional liability; miscellaneous professional liability; real estate; A-side DIC coverage; and technology/media professional. Argo Pro also has offices in Richmond, VA, Scottsdale, AZ, Chicago, IL and Geneva, IL. More information about Argo Pro is available at https://www.argolimited.com/pages/our-companies/argo-pro.
NetDiligence® services are used by leading insurers in the US and UK that offer “hacker insurance” for businesses. Since 2001, it has conducted thousands of enterprise-level cyber risk assessments for a broad variety of corporate clients, including well-known names in banking, brokerage, mortgage, insurance, clearinghouse, and other financial service sectors. NetDiligence® also has assessed major Internet-based retailers, online auctions, B2B service providers, software companies, medical providers, universities, and a significant percentage of the Fortune 2000. Its eRisk Hub® portal is licensed by more than 25 cyber liability insurers to provide ongoing education and breach recovery services to their policyholders.
ABOUT ARGO GROUP INTERNATIONAL HOLDINGS, LTD.
Argo Group International Holdings, Ltd. (NasdaqGS: AGII) is an international underwriter of specialty insurance and reinsurance products in the property and casualty market. Argo Group offers a full line of high-quality products and services designed to meet the unique coverage and claims handling needs of businesses in four primary segments: Excess & Surplus Lines, Commercial Specialty, International Specialty and Syndicate 1200. Argo Group’s insurance subsidiaries are A. M. Best-rated ‘A’ (Excellent) (third highest rating out of 16 rating classifications) with a stable outlook, and Argo’s U.S. insurance subsidiaries are Standard and Poor’s-rated ‘A-‘ (Strong) with a stable outlook. More information on Argo Group and its subsidiaries is available at http://www.argolimited.com/.
This press release contains certain statements that are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements are qualified by the inherent risks and uncertainties surrounding future expectations generally and also may differ materially from actual future experience involving any one or more of such statements. For a more detailed discussion of such risks and uncertainties, see Argo Group’s filings with the SEC. The inclusion of a forward-looking statement herein should not be regarded as a representation by Argo Group that Argo Group’s objectives will be achieved. Argo Group undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.