Tokio Marine Kiln has appointed Ben Sitki (pictured above) as an underwriter in its cyber reinsurance solutions team.
This latest hire bolsters the firm’s presence in a market where reinsurance capacity is seen as critical to sustaining growth and closing protection gaps in underserved regions.
Sitki joins from Guy Carpenter, where he served as senior vice president. He brings nearly two decades of reinsurance experience, with a focus on developing cyber solutions for businesses in the Middle East and Africa. He will report to Cesar Silvestre, head of cyber reinsurance solutions.
The hire comes as the global cyber insurance market continues to expand. According to Munich Re, the market totaled $15.3 billion in 2024 and is expected to reach $16.3 billion this year.
The reinsurer noted that the capability of the cyber reinsurance segment to provide sophisticated risk modeling and stable capacity "will remain one of the key pillars for the overall development" of the market.
TMK launched its cyber reinsurance offering in November, when Silvestre was brought in to lead the department. The company has since introduced its cyber insurance product TMK Cyber Ctrl and the Enterprise Ctrl product.
Sitki's experience in the Middle East and Africa positions him to support TMK's expansion in one of the fastest-growing cyber insurance regions globally. The Middle East and Africa cyber insurance market is expected to grow at a compound annual rate of 26.2% through 2031.
The region is among the most targeted by cybercriminals, driven by rapid digitization and the availability of large organizational and personal data. Finance and insurance were the most targeted industries in 2023, accounting for more than 44% of incidents, according to IBM data.
Silvestre said Sitki's background will support the team's growth. "Ben's deep understanding of emerging market dynamics and requirements will be invaluable as we expand our offering to meet the evolving needs of our clients globally," he said.
The appointment is part of a broader push by TMK to expand its cyber capabilities. In December, the company added Olivia Jackson as a cyber underwriter, following her tenure at Liberty Specialty Markets. TMK has also brought in Lucy Fraser as cyber risk analyst.
Prior to Guy Carpenter, Sitki held positions at Willis Re and Canopius.
