Validus Specialty Launches Package Policy for Fintech Companies
01 Março 2018 - 10:30AM
Business Wire
Validus Specialty Underwriting Services, Inc. (“Validus
Specialty”) today announced a comprehensive package policy
specifically designed for private U.S. Fintech companies.
“With this innovative product, we’ve eliminated the gaps in
coverage for Fintech companies,” said Cathy Cossu, Validus
Specialty’s Senior Vice President of Professional Lines. “Our
unique ‘open architecture’ underwriting platform allows for greater
collaboration and a more nimble, solutions-oriented approach. This
empowered our professional lines team to challenge industry norms
and craft an innovative policy tailored squarely to Fintech’s
unique professional and technology exposures. It’s market
leading.”
The solution is designed to address Fintech’s complex risk
management needs, which are traditionally underserved by
incompatible and inadequate policy forms. “The policy seamlessly
integrates a technology products failure trigger of coverage within
all Financial E&O insuring agreements, addressing the E&O
exposures presented by Fintech platforms,” said Sebastian Alia,
Underwriting Counsel who drafted the policy forms. The Validus
Fintech policy offers a comprehensive suite of coverage and
protection with the ability to include Directors and Officers
(D&O), Errors & Omissions (E&O), Employment Practices
Liability (EPL), Fiduciary, Cyber, and Crime.
Keith Adamson, Assistant Vice President of Financial
Institutions added, “Working with Jackie Lee, our Cyber/Tech team
lead, we have leveraged our resources to embed the cyber and
technology exposures directly into our E&O coverages. We’ve
also removed the complexity of piecing together non-cohesive
coverages from different product lines. Brokers and clients have
access to our entire suite of products through a single
underwriter, offering unparalleled convenience and continuity of
service.”
Validus Specialty’s Professional Lines group has seen two years
of expansion and broadening capacity under Ms. Cossu. The Fintech
policy, along with the recently announced Stand-alone Cyber policy,
complements Validus Specialty’s growing portfolio of professional
lines solutions. In addition to Mr. Adamson, the Financial
Institutions team is also represented by lead underwriters Wynette
Venkersammy and Sean Brennan and supported by claims counsel Eric
Levine.
Jonathan Ritz, CEO of Validus Specialty added, “The Fintech
sector is growing rapidly. This creative group of experienced
insurance professionals saw an opportunity to better serve these
clients and capitalized on it.”
For more information, contact Validus Specialty’s Financial
Institutions group.
Validus Specialty Underwriters
Validus Specialty offers a wide range of E&S and Admitted
insurance solutions and operates on behalf of Western World
Insurance Group and Talbot Underwriting Ltd., through Syndicate
1183.
With the flexibility of offering ‘A’ rated Lloyd’s paper and ‘A’
rated U.S. domestic excess & surplus lines and admitted paper
through Western World insurance companies, Validus Specialty offers
enhanced distribution access, excellent technical underwriting and
claims management, and access to leading underwriting capacity.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. (NYSE: VR) is a leading global provider
of reinsurance, insurance, and asset management services. Validus
companies maintain a worldwide presence with more than 1,000
employees in 17 offices. Learn more at validusholdings.com.
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