Cyber hot stove was boiling in 2014

As the cyber insurance market in 2014 arguably benefited (Yes, we’re all reluctant to use this type of phrasing but nevertheless…) from the massive amounts of attention to large-scale cyber events, it simultaneously jockeyed for the best available talent.

One of the most-viewed sections of the Cyber Risk Network—as is true with many business-to-business publications—was our People on the Move section, which keeps track of cyber-related job movements.

Quite frankly, it was difficult keeping up.

But it was very interesting to hear about the shifts and promotions of human capital within the industry as many insurance companies, intermediaries and law firms looked to cement places in the cyber insurance marketplace and make bold statements to buyers regarding investments in the space.

I haven’t been this interested in the insurance job marketplace since many mid- and high-level AIG executives made regular headlines running for the hills following its near collapse.

The movement in the cyber insurance world to acquire the best talent also tells a story of the limited amount of truly expert underwriters and intermediaries available. This is still a burgeoning line of business, after all. There are only so many people to go around.

• Chris Keegan moves from Willis to Beecher Carlson and Willis vet Tom Srail moves up to head TMT in North America.
• JLT added three from Lockton and Sarah Stephens from Aon to form what it called “one of the strongest cyber teams in the US market.”
• Beazley announced several hires throughout the year and then lost Tom Reagan to Marsh, where he is now the Network Security and Privacy Practice Leader.
• XL appointed John Coletti to leads its cyber unit and later hired three underwriters—one who is a certified ethical hacker.
• ACE started a global cyber risk unit led by Toby Merrill

There were quite a few others.

New specific cyber units were formed. And the grapevine tells of more to come. On top of this, more companies announced new cyber products to address evolving needs and partnerships to round out client services.

As additional events occur, awareness increases, and more organizations look to the cyber insurance market to share some risk, additional cyber insurance providers will surface looking for impressive names to fill the roster.

2015 should be interesting. When the music stops, keep track of the musical chairs here at People on the Move. Because in this version of the game, chairs might be added sooner than there are people to fill them.