In 2021, New Jersey ranked No. 9 for the number of victims of internet crime, according to Carl Mazzanti, president of eMazzanti Technologies in Hoboken. While companies devote endless resources to preventing attacks, they also have to prepare for when they do occur.
Crum & Forster’s eRisk team specializes in underwriting these tech-related incidents, and the Morristown-headquartered property and casualty insurance company announced Sept. 12 that it promoted Nick Economidis — a 30-year industry veteran — to senior vice president of the department.
Economidis joined C&F in 2018 as vice president of eRisk, which includes cybersecurity insurance products and coverage for technology errors and omissions. According to his promotion announcement, Economidis “grew the business line six-fold in four years,” including expanding C&F’s tech and cyber underwriting group to cover all business sectors.
“Nick has been the architect behind the pricing terms and conditions that have steered Crum & Forster and influenced the broader market,” Leigh McMullan, senior vice president of executive risk, said in statement. “He created and built out our Cyber Solutions team and is credited with developing unique market products and concepts—like C&F Simple Cyber and CyberUP. Innovation, education and ownership are what truly set Nick and his team apart from the market.”
Economidis’ underwriting experience includes two decades underwriting cyber risk exposures, and he work for Beazley and AIG’s Executive Liability practice. He was named the 2020 NetDiligence Toby Merrill Award Winner for Excellence in recognition of his contributions to the cyber insurance market.
He earned his MBA from Villanova University, a bachelor’s degree in marketing from Rutgers University and an associate’s degree in risk management from the Insurance Institute of America.
“Ransomware, data breach events and privacy-related litigation are real challenges for both large and small businesses, but we’re working hard to bring solutions to the market to help our partners concentrate on their customers,” Economidis said about his team.
Founded in 1822, C&F had $3.7 billion in gross written premium in 2021.