Hiscox, a leading global specialist insurer, has launched a new Financial Institutions (FI) offering, significantly enhancing the range of cover available to businesses.
The move aims to further strengthen Hiscox’s position in the market by providing clients with comprehensive protection and peace of mind.
The expansion of Hiscox’s FI coverage comes in response to the growing complexity of risks faced by financial institutions.
With the financial sector navigating an increasingly challenging regulatory landscape and rising cyber threats, Hiscox aims to provide a broad and flexible insurance solution that meets the needs of banks, insurance companies, and asset managers.
Hiscox is a globally recognised insurance provider, specialising in bespoke solutions for businesses and high-net-worth individuals.
The company has built a reputation for underwriting expertise and innovation, offering tailored coverage for complex risks across various sectors, including financial services, professional indemnity, cyber, and D&O insurance.
The newly launched FI product offers financial institutions the option to choose up to four areas of cover: Directors’ and Officers’ (D&O), Professional Indemnity/Errors and Omissions, Crime, and Cyber.
Available to institutions worldwide, with a focus on North America, the UK, Australia, and Europe, this expansion allows brokers to provide FI clients with a broad, multi-line coverage solution from a single insurer.
The FI product expansion will be led by Joe Dearsley, who recently joined Hiscox as a senior underwriter. Dearsley brings 15 years of experience in underwriting FI risks from Liberty Specialty Markets and AXIS. Reporting to Steven Pearsall, D&O line underwriter, Dearsley will be based in Hiscox’s London office.
Commenting on the new FI offering, Hiscox London Market’s D&O line underwriter, Steven Pearsall, said, “We are delighted to attract an FI underwriter of the calibre of Joe, as we expand in this area. He has an outstanding track record and is highly respected by both brokers and customers alike. I look forward to working with him and other members of our team as we develop our FI proposition.”
Colin Buchanan, Hiscox London Market’s casualty divisional director, added, “Last year we marked our 10th anniversary underwriting D&O and this move reflects our ambition to continue widening the scope of our offering. While we have always underwritten D&O cover for FIs, we wanted to provide FI clients with the option to also buy Professional Indemnity, Cyber, and Crime cover from us. Our comprehensive FI offering distinguishes us as one of the few London Market carriers who can offer this breadth of protection, enabling us to respond better to the growing complexity of risks that financial institutions face.”
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