CNA Specialty is now offering directors and officers (D&O) as well as errors and omissions (E&O) coverage for private equity and venture capital firms.
CNA is targeting firms whose funds range up to $5 billion in committed capital. The coverage is targeted to private equity partners and venture capitalists who face many exposures as investment advisors, typically for high net worth or institutional investor clients.
“Given the risk-taking aspect of their profession, fund managers can find themselves the target of management liability suits,” said Mark Reilly, assistant vice president, CNA’s Diversified Commercial Group. “Defense costs can add up quickly – even if a claim is seemingly frivolous. Our new policy responds to the many liability exposures these managers face in performing their professional duties.”
CNA’s Management Liability Solutions policy includes entity coverage for securities, professional services and employment practices liability claims; outside entity executive liability coverage for private and nonprofit companies; formal Investigations coverage; and punitive damages coverage.