Expansion into Cyber Technology Insurance Company Market

Old Republic International Corporation has officially launched Old Republic Cyber, Inc., a new subsidiary focused on providing specialized cyber and technology insurance company. The new company will offer a range of coverage options, particularly targeting the rapidly growing areas of cyber risk and technology errors and omissions (E&O) insurance. This strategic move represents Old Republic’s continued expansion into niche markets, emphasizing its commitment to staying ahead of emerging risks in the digital age.

The increasing frequency and complexity of cyber threats have created a heightened demand for specialized insurance solutions that can address the unique challenges businesses face in protecting their technology and digital assets. With the creation of Old Republic Cyber, the company aims to fulfill this growing need by providing tailored coverage options for companies navigating the complexities of technology and cybersecurity risks.

Experienced Leadership Team

The leadership of Old Republic Cyber features two highly experienced professionals: CJ Pruzinsky and Kevin McGowan. Pruzinsky, appointed President of the new subsidiary, brings 18 years of expertise in the cyber insurance industry. Over the course of his career, he has held prominent roles at major companies such as AIG, Beazley, and most recently, Resilience. Pruzinsky’s extensive background in cyber insurance positions him to lead the company effectively, navigating the evolving landscape of cyber threats and insurance coverage.

McGowan, the Executive Vice President and Chief Underwriting Officer of Old Republic Cyber, also has a wealth of experience, with 15 years in the cyber underwriting field. He has previously worked at Ace, Beazley, and Resilience, where he developed a deep understanding of the underwriting process for cyber risks. His role will be crucial in shaping the company’s underwriting strategy and ensuring that Old Republic Cyber provides comprehensive and effective coverage to its clients.

Together, Pruzinsky and McGowan bring a blend of leadership, industry knowledge, and practical experience to the newly formed company, allowing it to offer specialized insurance solutions that meet the needs of businesses grappling with the growing risks in the digital realm.

Strategic Growth for Old Republic

Old Republic Cyber marks the seventh specialty company launched by Old Republic in the past nine years. This continued expansion is part of the company’s broader strategy to diversify its portfolio and strengthen its position in the specialty insurance market. According to Craig R. Smiddy, President and CEO of Old Republic, the launch of Old Republic Cyber is an important step in aligning the company’s resources and expertise with the evolving demands of the insurance industry.

Smiddy expressed his excitement about the leadership team, stating, “We are excited to have both CJ and Kevin join Old Republic and expand our underwriting expertise and appetite into new lines of coverage that align with our specialty strategy and our focus on underwriting excellence.” He further emphasized the importance of leveraging Pruzinsky and McGowan’s leadership to propel the company’s success in the competitive cyber insurance market.

The establishment of Old Republic Cyber strengthens the Old Republic technology insurance company, which continues to grow through the addition of specialized companies that can offer unique and targeted coverage solutions. This move positions Old Republic Cyber as a key player in the rapidly evolving cyber insurance space, and the company is well-equipped to capitalize on the increasing demand for cybersecurity coverage.