Tokio Marine Kiln appoints IP head
Insurance company Tokio Marine Kiln (TMK) has promoted Aoife Woulfe to the newly-created role of head of IP.
Woulfe, who reports to enterprise risk head Laila Khudairi, will focus on developing innovative IP products and wordings. She will also look to accelerate the growth of TMK’s IP book and enlarge the IP team.
After beginning her career as a graduate trainee at TMK in 2014, Woulfe became an underwriter on the cyber and IP team.
Khudairi said: “Aoife has had an impressive career at TMK to date. Under her leadership, TMK will introduce new concepts in IP that will provide clients with superior coverage for this increasingly important risk exposure.”
Khudairi added that the creation of the new role reflects the insurer’s commitment to maintaining a market leading presence in this area.
Last year, TMK partnered with insurance broker Aon and Lloyd’s subsidiaries in efforts to build a $100 million IP facility in London.
TMK leads the facility, which was one of the first for IP in the London market, according to the companies. The facility offers tailored IP cover for businesses, from SMEs to large corporations, and helps “protect against a wide range of infringement liability risks”.
In May, Aon released a report which found that four out of five organisations rank cyber liability and IP among the most serious business risks, but only 16% of the $1 billion in potential losses have insurance coverage.
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