AGCS names Catharina Richter as global head of its cyber center of competence
Catharina Richter has been named as global head of the cyber center of competence (CoC) at Allianz Group. She takes up her position on June 1.
Richter joins from Allianz SE, where she is currently head of digital regulation, responsible for developing regulatory strategy for digitalisation on behalf of Allianz Group. She joined Mondial Assistance (now Allianz Partners) in 2000 as general counsel. Since then she has held roles as head of distribution and solutions legal Europe for Allianz Global Investors and head of regulatory management for Allianz SE.
She will report to Thomas Sepp, chief underwriting officer for corporate and a board member at Allianz Global Corporate and Specialty (AGCS), and succeeds Emy Donovan who left AGCS last year.
CoC coordinates and steers cyber risk underwriting and governance across Allianz. It was established in 2018 and focuses on group-wide coordination and alignment of cyber exposures and insurance in the commercial insurance segment.
The existing AGCS standalone cyber insurance offering remains within the financial lines business line, which is led by Shanil Williams, global head of financial lines, supported by Marek Stanislawski as cyber underwriting manager. The AGCS global cyber team will work in full alignment and close cooperation with the cyber CoC to develop the group’s cyber insurance offering.
AGCS launched a first standalone cyber insurance product in 2013 and has seen steady growth since then in all its key markets globally.
Sepp noted that cyber is the top global business risk in the Allianz Risk Barometer 2020, representing a significant opportunity for insurance. “At the same time it also requires central governance, steering and control to realise sustainable growth,” he added.