According to Canopius, the product is a strategic response to the evolving risk dynamics within the heavily regulated asset management sector.

Canopius says the recently launched product is designed to provide comprehensive protection for asset managers, addressing a spectrum of financial liabilities stemming from the intricate risk landscape in the sector. The firm said that the coverage extends to include directors and officers liability, civil liability, and financial crime.

Canopius says the product’s flexibility, indicating that it can be extended to encompass legal liability for representatives of private equity and venture capital firms associated with portfolio companies. This will provide asset managers a robust and tailored solution to navigate the complex challenges inherent in the contemporary asset management environment.

Commenting on the news, Matthew Carr, Head of FINPRO at Canopius, said:, “As the asset management industry continues to navigate an increasingly challenging regulatory landscape, the demand for comprehensive cover has never been greater.“

Our product sets a new standard by drawing upon our extensive underwriting experience. We are delighted to launch this product to support our expansion in this important market segment.”

Alois Rouffiac, Chief Underwriting Officer UK, also commented, saying, “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.”

He added: “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.”