Protx Risk Management LLC, a managing general agency that focuses on professional liability insurance, has introduced a suite of professional liability products for U.S. community banks, including directors and officers liability, employment practices liability, fiduciary liability, bankers professional liability including lenders liability, cyber liability, excess liability, and fidelity bond coverage.
Michael Whitbeck, President of Protx, says the company will be underwriting on behalf of Lloyd’s and the underwriters of its Bancshield+ Portfolio are Lloyd’s Syndicates Antares Underwriting Services Limited and Barbican Group.
Robert L. Hitch, Protx chairman, says there are approximately 7,000 community banks in the US, with more than 50,000 locations. Community banks also constitute 96.6 percent of all US banks. The company will target banks with assets ranging from $100 million to $10 billion.
Protx’s management team consists of insurance underwriters who specialize in professional liability, including Hitch, CPCU, ARe; Whitbeck; and Vice President Edward Mongon RPLU. Protx is headquartered in Princeton, New Jersey.