Canopius Group, the global specialty re/insurer, has launched a new investment management product for asset managers. The product has been developed to respond to shifts in the risk landscape in the highly regulated asset management sector.
In an era where financial markets are increasingly volatile and regulatory scrutiny is intensifying, this product offers a robust safety net, offering protection for asset managers from a range of financial liabilities, said Canopius.
The cover includes directors and officers liability, civil liability and financial crime, and can be extended to legal liability for private equity and venture capital firm representatives on portfolio companies. Canopius confirmed that the product is available internationally (anywhere Lloyd’s has a license), but excludes the US.
The product has been designed to respond to a range of scenarios specific to the asset management sector. This includes extradition defense costs, protection for directors against claims arising from management of the fund and will also automatically extend to include cover for any new fund launches.
“As the asset management industry continues to navigate an increasingly challenging regulatory landscape, the demand for comprehensive cover has never been greater,” commented Matthew Carr, head of FINPRO at Canopius.
“Our product is the latest example of Canopius’ growth ambition. By identifying niche sectors of the market where we have recognised expertise, we will maintain and accelerate our growth momentum,” according to Alois Rouffiac, chief underwriting officer UK. “Supported by a market-leading claims team, this new offering will pave the way for the expansion of our market share in the asset management sector.”
With underwriting operations in Australia, Bermuda, Singapore, the UK and US, Canopius underwrites through Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents Ltd.), a US surplus lines insure (Canopius US Insurance Inc.), and Canopius Reinsurance Ltd., a Bermuda-based Class 4 reinsurer.
Source: Canopius Group
Topics New Markets Liability
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