Beazley Offers ‘Seamless’ Financial Lines Cover for Crime, PI & Data Breaches

May 8, 2017

Beazley has unveiled two sets of financial lines’ products for organizations domiciled outside the United States. One is designed for the specific needs of financial institutions and the other provides comprehensive management liability cover for traditional and emerging risks, the company said in a statement.

Beazley’s financial institutions and data breach teams, headed by Neale Stevenson and Alessandro Lezzi, respectively, have developed a creative new package that combines crime and professional indemnity cover with Beazley’s data breach capability. This “seamless” offering will provide financial institutions with the protection they need in the face of proliferating cyber threats, the company said.

According to Beazley’s latest Beazley Breach Insights report, hacks and malware accounted for 39 percent of breaches at financial institutions in Q1 2017 while errors such as sending information to the incorrect recipient accounted for 31 percent of financial institution breaches over the same period.

Cover for crime, professional indemnity and data breach, tailored to the needs of financial institutions are also available on a standalone basis, as is directors and officers insurance, and protection designed specifically for both investment management and private equity organizations, Beazley continued.

Beazley’s international management liability team, headed by Catherina MacCabe, has created a range of covers incorporating directors and officers liability, public offering of securities, employment practices liability, and pension trustee liability outside the U.S., complementing the products that Beazley already provides for U.S. organizations. Each of these new products contain data breach cover as standard.

“Amid uncertainty related to the UK’s upcoming split from the EU, businesses must be able to operate and compete for talent in an international market, safe in the knowledge that they are protected from a change in the rules affecting the movement of labor,” said the company. “These critical needs have been reflected in the new management liability product range – with cover from costs associated with a permanent residency rejection or challenging a repatriation, to those resulting from a company making errors in visa paperwork.”

“These innovative offerings represent a significant step forward for organizations seeking comprehensive protection from new and emerging risks such as those presented by the cyber threat and Brexit uncertainty,” said Gerard Bloom, Beazley’s leader for international financial lines.

Source: Beazley

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