(Elizabeth W. Benet. Source: AXA XL.)
AXA XL reports that in an effort to help manage its cyber risk portfolio worldwide, the company has named Elizabeth (Libby) W. Benet to the newly created role of Global Chief Underwriting Officer, Cyber, reporting to Nancy Bewlay, Chief Underwriting Officer, Long Tail Risk.
Noting that Cyber threats grow more sophisticated, malicious, and hard to detect all the time, Bewlay says that AXA XL (New York) has innovated to bring cyber insurance solutions to businesses of all sizes and industries, becoming a market leader in the cyber risk market. “To continue our momentum in the cyber market, we must continuously monitor our complete book of business, market developments and business opportunities, and that’s why we’re excited to welcome Libby to our global insurance leadership team,” Bewlay says. “In her new role with us, Libby will help us closely monitor our cyber risk portfolio and exposure from an aggregated global product view.”
Benet joins AXA XL from her own consulting business where she assisted insurance company clients in the development and implementation of new insurance products and consultation on the set up of underwriting and claims systems and feedback on reinsurance purchasing. Her insurance career also includes positions with Beazley (London), General Reinsurance (Stamford, Conn.) and Zurich (Zurich). Benet is a graduate of Towson University and the University of Baltimore School of Law. She is a member of the Maryland State Bar. Benet is a Certified Information Privacy Professional (CIPP US) and Certified Information Privacy Manager (CIPM) through the International Association of Privacy Professionals.
Experience and Insight
“The cyber insurance market is growing exponentially: recent reports predict the Global Cyber Insurance Market to reach $21.4 billion in the next five years,” explains Bewlay. “Libby’s experience and insight will be instrumental as we continue to grow AXA XL’s cyber business wisely and profitably and develop the cyber insurance products and services that can help our clients protect their digital assets and their own profitability. We’ll look to her to help us implement strong underwriting standards globally, manage our aggregated cyber exposure, and drive more innovation.”