Hiscox looks to strengthen market position with new FI offering

Specialist insurer and reinsurer Hiscox has launched a new Financial Institutions (FI) offering, providing clients with four areas of cover including Directors’ and Officers’ (D&O), Professional Indemnity/Errors and Omissions, Crime, and Cyber.

The product expansion is expected to strengthen Hiscox’s position in the market, and will be led by recently-appointed Joe Dearsley, Senior Underwriter, based in London with a reporting line to Steven Pearsall, D&O Line Underwriter.

Previously, Dearsley worked at Liberty Specialty Markets, and combined with his time at AXIS, has 15 years of experience underwriting FI risks.

Hiscox says that the launch aims to significantly enhance the range of cover available to businesses. The new offering is available to financial institutions globally, with a focus on North American, UK, Australian, and European institutions.

Hiscox’s offering will allow brokers to provide FI clients with the broad multi-line coverage needed from a single insurer, explained the insurer.

Pearsall commented, “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, added, “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. 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.”

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