Howden, the London-based insurance group, announced the launch of a blended insurance product that brings together professional indemnity, crime and cyber liability into one policy and under one limit.
It brings a different approach to insurance for financial institutions, offering potential cost savings and improved efficiencies, Howden said.
The product has been developed with a panel of leading specialist insurers, including the Lloyd’s market, in response to a rise in sophisticated cyber claims, such as ransomware and phishing. A cyber event can trigger multiple insurance products, including professional indemnity, crime and cyber liability, which can cause delays in accessing the support and funds needed at the crucial time, particularly when dealing with multiple insurers.
By combining the coverages into a fully blended product with a single set of policies and one limit, the product significantly improves claims responsiveness and simplifies communication with the insurer.
“This product was developed to provide seamless and efficient solutions to address financial services clients’ increasingly complex cyber requirements in the midst of rising cyber events,” commented Ed Brennan, Howden’s managing director for Financial Institutions and D&O (FIDO), Financial Lines.
“This product will help clients navigate this difficult environment, and I look forward to working with them to maximise efficiencies and improve their insurance protection,” Brennan added.
“The launch of this blended product reflects Howden’s broader strategy to harness its collective specialty expertise across the group for the benefit of clients, developing advanced products that provide joined up protection, ensuring that our solutions remain relevant to clients now and in the future,” said Sarah Hughes, CEO, Howden Specialty.
Founded in 1994, Howden operates in 50 countries across Europe, Africa, Asia, the Middle East, Latin America, the USA, Australia and New Zealand. The group employs 14,500 people and handles $30 billion of premium on behalf of clients.
Source: Howden
Was this article valuable?
Here are more articles you may enjoy.
Could Georgia Be Next With Major Tort Reform? Kemp Calls for Limits 
Liberty Mutual Posts Q2 Loss of $585M Driven By Catastrophes 
Severe Convective Storms Top Insured Natural Disaster Losses in H1: Swiss Re 
Zurich American Off the Hook on Harvard’s Legal Costs in Affirmative Action Case 
