Hiscox Unveils Upgraded Financial Institutions Coverage with Comprehensive Multi-Line Protection
Hiscox, a prominent global specialist insurer, has launched an innovative Financial Institutions (FI) offering that significantly broadens the spectrum of coverage available to businesses in the financial sector. This strategic initiative is designed to bolster Hiscox’s market position by delivering comprehensive protection and peace of mind to clients navigating a complex risk landscape.
Overview of Hiscox’s Financial Institutions Offering
The introduction of the new FI coverage from Hiscox is a direct response to the escalating complexities and risks that financial institutions are currently facing. With an increasingly challenging regulatory environment and a surge in cyber threats, Hiscox aims to deliver a flexible and comprehensive insurance solution tailored to the needs of various financial entities.
Target Clients
This offering primarily caters to:
- Banks
- Insurance Companies
- Asset Managers
Key Features of the New Offering
The newly launched product provides financial institutions the option to select coverage from up to four critical areas:
- Directors’ and Officers’ (D&O) Insurance
- Professional Indemnity/Errors and Omissions Insurance
- Crime Insurance
- Cyber Insurance
Available globally, with a particular focus on regions such as North America, the UK, Australia, and Europe, this expansion empowers brokers to offer their FI clients a comprehensive, multi-line coverage solution from a single insurer.
Leadership and Expertise
The expansion will be spearheaded by Joe Dearsley, a newly appointed senior underwriter at Hiscox. Dearsley brings over 15 years of experience in underwriting FI risks, having previously worked with Liberty Specialty Markets and AXIS. He will report to Steven Pearsall, the D&O line underwriter, and will be based in Hiscox’s London office.
Expert Insights
Commenting on this new initiative, Steven Pearsall stated, “We are thrilled to welcome an FI underwriter of Joe’s caliber as we expand in this sector. His exceptional track record and respect among brokers and customers will be invaluable as we enhance our FI proposition.”
Colin Buchanan, the casualty divisional director for Hiscox London Market, added, “Last year marked our 10th anniversary underwriting D&O, and this expansion reflects our ambition to widen our offerings. Our comprehensive FI product distinguishes us from other carriers in the London Market by providing a breadth of protection that enables us to better respond to the intricate risks faced by financial institutions.”
For more information on Hiscox’s bespoke insurance solutions, visit their official website.
