beazley financial lines - london market insurance and ......we have developed specific insurance for...
TRANSCRIPT
BeazleyFinancial Lines
Market leading range of cover providing protection from established and emerging risks.
10
01
10
01 00
10
From new regulation and flexible forms of employment to the growing risk of data breaches, the risks facing organisations and those in them who hold positions of responsibility are constantly changing. For instance, recent years have seen significant new company laws in Malaysia, Hong Kong and India and the long arm of US and UK anti-bribery laws shows no sign of diminishing. Such developments provide a constant reminder of the shifting risk landscape, leaving organisations and individuals increasingly vulnerable.
The consequences of getting things wrong can be catastrophic, which is why our suite of financial lines cover has been created to give organisations and their directors and officers confidence that they are protected against a broad range of established and emerging risks.
Target industries
A broad range of financial and non-financial institutions can benefit from Beazley’s specialised cover.
BeazleyFinancial Lines
Key products
Beazley offers the following financial lines products:
• Directors & officers liability • Prospectus liability• Professional indemnity for financial institutions• Crime for financial institutions• Blended products specially designed for private equity and investment managers.
Our specialist team has extensive financial lines experience and, as you would expect from Beazley, they have created beautifully designed policy wordings with clear and concise language which is consistent across all policies.
www.beazley.com.sg
Protection for the company, including costs relating to:
• Payments made to indemnify individuals• Securities claims• Regulatory and internal investigations• Books and records demands• Derivative demands• Limits up to US$25m.
BeazleyFinancial Lines
Directors & officersCorporate governance reforms carried out across the world in recent years have added significantly to the responsibilities of executive and non-executive directors of companies. The legal landscape senior corporate individuals must navigate is therefore increasingly fraught with twists and turns.
They understandably look for robust insurance cover to protect them in the execution of their responsibilities. Beazley has designed clear insurance to give directors and officers confidence that they have comprehensive protection against claims arising from actions taken in their corporate roles, both for financial institutions and commercial companies
Protection for directors and officers, as well as other individuals, including coverage for:
• Regulatory and internal investigations• Data breach• Environmental claims• Health and safety claims• Insolvency hearings• Extradition• Damage to reputation• Freezing of assets and disqualification• Full limit mitigation costs cover• Automatic reinstatement of limit for non-indemnifiable loss• Limits up to US$25m.
Financial institutions – Professional indemnityFrom those in banking and insurance companies, to stockbrokers, clearing houses and regulated marketplace lenders, a range of individuals are active in the financial sector. When things go wrong the impact on those found, or suspected of being, liable can be catastrophic so it is reassuring to know that Beazley’s professional indemnity insurance is tailored to their needs, including:
• Regulatory costs• Full limit mitigation costs cover• Automatic coverage for newly acquired subsidiaries with no size threshold• Broad form cover with limited restrictions• Automatic reinstatement of limit.
BeazleyFinancial Lines
Prospectus liability The raising of capital typically heralds the dawn of a new period of opportunity for a business. However the process associated with a public offering of securities can be complex and prone to unexpected issues. To give reassurance to organisations embarking on this road we have designed bespoke cover, including costs associated with:
• Claims made against: – insured individuals – the company – controlling shareholders – selling shareholders.• Underwriter indemnity• Follow-on offering claims• Regulatory and internal investigations• In relation to insured persons: – data breach – damage to reputation – full limit mitigation costs cover.
www.beazley.com.sg
BeazleyFinancial Lines
Financial institutions – CrimeThe very nature of financial institutions makes them a target for crime originating from both within and outside the organisation. Even the most prepared can be vulnerable. In response to these threats we have created a comprehensive crime insurance package, including:
• Dishonest acts of employees• Documentary fraud• Electronic or telephonic fraud• Physical loss or damage to property or premises• Extortion• Data breach costs, software removal or reconstitution costs, legal and audit costs• Automatic coverage for newly acquired subsidiaries with no size threshold• Corporate identity fraud costs• Liability for incomplete transactions• Stop payment order liability• Physical loss of or damage to cancelled cheques, cancelled drafts or cancelled credit card receipts• Theft via erroneous transfer• Loss of subscription rights• Social engineering cover included as standard• Liability for interest that would have accrued to a customer of the insured but did not as a direct result of a loss covered under this policy• Automatic reinstatement of limit
We are also able to provide crime coverage to non-financial organisations.
Insurance specially designed for private equity and investment managersWe have developed specific insurance for both private equity and investment management organisations. These recognise the individual needs of each, for example, in the case of investment managers, to have distinct cover in place for both the investment managers and the funds that they are responsible for. This cover includes:
• Civil liability • Directors and officers liability • Associated legal defence, settlement and investigations costs • Regulatory costs • Full limit mitigation costs cover • Damage to reputation • Extradition proceedings • Health and safety claims
TerritoriesAll our financial lines products in this range are available worldwide (excluding United States domiciled organisations).
LimitsUp to US$25,000,000
BeazleyFinancial Lines The cyber challenge
It is all too easy to think of data breach as a single risk facing an organisation. The reality is that it constitutes a whole range of risks and the prevalence of each change over time.
Beazley pioneered the development of data breach related insurance and, as a market leader in the field, we have helped clients handle over 7,000 data breaches since 2009. As illustrated in the following two snapshots, our experience provides a valuable insight into the challenges faced by organisations and their officers in preparing for, and dealing with, the changing nature of incidents:
• Ransomware attacks were over four times more numerous in 2016 than in 2015.
• Unintended disclosure, most often emails or faxes sent to the wrong recipient, represented 32% of breaches in 2016, up from 24% in 2015.
Source: Beazley breach insights
Our international management liability policies include data breach cover as standard.
www.beazley.com.sg
BeazleyFinancial Lines
About usBeazley has been at the forefront of specialist insurance for three decades and we are market leaders in many of our chosen lines, which include cyber, financial lines, property, marine, accident and life, and political risks and contingency business.
In 2006 we opened our first office in Singapore which has now become the hub for Beazley’s underwriting activities throughout Asia Pacific.
Beazley manages six Lloyd’s syndicates all of which are rated A (Excellent) by A.M. Best, A+ (Strong) by Standard and Poors, and also benefit from the Lloyd’s chain security .
Contact usYou can learn more about how Beazley can help with your financial lines insurance and risk management needs by contacting a member of our team:
Nicholas Tey Regional manager – Asia T +(65) 6597 2631 [email protected]
Gordon Lam Underwriting manager T +(65) 6576 6287 [email protected]
Teck Siong Ng Underwriter T +(65) 6597 2627 [email protected]
Clara Han Underwriter T +(65) 6597 2633 [email protected]
Audrey Wong Underwriting assistant T +(65) 6597 2628 [email protected]
www.beazley.com.sg
BeazleyFinancial LinesBeazley Pte Limited138 Market Street, #03-04 Capita GreenSingapore 048946
T +(65) 6576 6288F +(65) 6636 1216
CBBC
297_
SG_1
0/17The descriptions contained in this factsheet are for preliminary informational purposes only. Coverages are underwritten by Beazley syndicates at Lloyd’s and will
vary depending on individual country law requirements and may be unavailable in some countries. The exact coverage afforded by the products described in this factsheet are subject to and governed by the terms and conditions of each policy issued.
Beazley Pte Limited is a service company that is part of the Beazley group of companies. Beazley Pte Limited is regulated by the Monetary Authority of Singapore in its capacity as a Lloyd’s coverholder under the Lloyd’s Asia regulations. Beazley Pte Limited has authority to enter into contracts of insurance on behalf of the Lloyd’s underwriting members of Lloyd’s syndicate 623 and 2623 which are managed by Beazley Furlonge Limited which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the UK (ref 204896) in its capacity as an insurer.