The new product allows financial institutions to select from four key areas of coverage. These are:
- Directors’ & Officers’ (D&O) liability
- Professional Indemnity/Errors & Omissions (PI/E&O)
- Crime insurance
- Cyber insurance
The expansion will be led by Joe Dearsley, who recently joined Hiscox as Senior Underwriter. Dearsley brings 15 years of experience in FI underwriting, having previously worked at Liberty Specialty Markets and AXIS. He will report to Steven Pearsall, D&O Line Underwriter, and will be based in Hiscox’s London office.
Hiscox London Market’s Steven Pearsall – D&O Line Underwriter, said of the launch: “We are delighted to attract an FI underwriter of the calibre of Joe, as we expand in this area. He has an outstanding track record and is highly respected by both brokers and customers alike. I look forward to working with him and other members of our team as we develop our FI proposition.”
Colin Buchanan, Hiscox London Market’s Casualty Divisional Director, also commented, saying: “Last year we marked our 10th anniversary underwriting D&O and this move reflects our ambition to continue widening the scope of our offering. While we have always underwritten D&O cover for FIs, we wanted to provide FI clients with the option to also buy Professional Indemnity, Cyber, and Crime cover from us.”
Buchanan added: “Our comprehensive FI offering distinguishes us as one of the few London Market carriers who can offer this breadth of protection, enabling us to respond better to the growing complexity of risks that financial institutions face.”
