JOHNSTON, R.I., USA—FM Global, one of the world’s largest commercial property insurers, today announced the formation of integrated engineering and underwriting units dedicated to enhancing the company’s expertise in first-party cyber solutions for the benefit of its mutual policyholders.
Carmelina Borsellino, vice president and manager of cyber hazards, will lead the dedicated engineering unit. Her team will work with the company’s research and engineering units to develop location- and account-based assessment standards, tools and methodologies and to assist clients with cyber risk mitigation. Borsellino joined FM Global in 1986 as a field engineer in Montreal. She served in that role for more than 10 years before advancing to engineering field manager in 1997. In 2003, Borsellino was promoted to group manager, field engineering, a position she held until 2013 when she was named business process improvement (BPI) consultant. Borsellino holds a bachelor’s degree in building engineering from Concordia University.
Grace Ries, assistant vice president and manager of cyber risk insurance products, will lead a dedicated unit to develop an underwriting approach and coverage capabilities to meet clients’ needs for first-party cyber solutions. Prior to her current role, Ries was an account manager providing FM Global policyholders in the chemical industry with property insurance consulting and risk management support. She joined FM Global as a consultant engineer in San Francisco after graduating from the University of California, Davis, with a degree in chemical engineering and materials science engineering in 2007.
“Cyber risk is a top-tier business threat in almost every sector, and our focused, integrated engineering and underwriting cyber approach is designed to create a long-term competitive advantage for our policyholders,” said Bret Ahnell, FM Global executive vice president. “Threats can come from malware, disgruntled employees, corporate espionage and yet unknown attack vectors. To ensure our clients remain resilient in the face of evolving cyber hazards, both technology and human threats must be understood and addressed, and these teams will help ensure our clients are protected.”
Since 2001, the FM Global Advantage® policy has covered damage to data whether from a fire or malware, as well as business interruption from a covered cyberattack. Earlier this year, the company expanded its coverage to include interruption of data services, such as those resulting from cloud computing.
About FM Global
Established nearly two centuries ago, FM Global is a mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its client-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every three Fortune 1000 companies. They work with FM Global to better understand the hazards that can impact their business continuity in order to make cost-effective risk management decisions, combining property loss prevention with insurance protection.