Liberty International Underwriters (LIU) has announced plans to start a dedicated U.S. fidelity bond department. Gerry Mogan, vice president of fidelity and Melissa Schwartz, fidelity underwriting manager have been brought on to lead the effort.
The typical U.S. business loses 6 percent of its annual revenue to occupational fraud, resulting in billions of dollars in annual fraud losses, according to a study by the Association of Certified Fraud Examiners.
LIU reports that while companies need fidelity insurance to help protect against employee dishonesty, there is currently a dearth of capacity due to recent mergers and cutbacks.
“People apply for jobs with the sole intent of stealing from the company. And they are making off with far more than a box of paperclips,” said Carl Pursiano, senior vice president of management liability at Liberty International Underwriters. “Embezzlement, theft and vendor collusion happen every day and companies have lost staggering amounts of money to occupational fraud in the past decade. It is a very real problem and companies need to protect themselves.”
Prior to hiring Mogan and Schwartz, LIU only wrote fidelity to support other insurance programs. Brokers with commercial and financial institutions risks of all sizes can reach Gerry Mogan at 212-208-9542 and Melissa Schwartz 212-208-9531.
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