What can go wrong?
Financial institutions require highly specialised protection. This is due to a combination of factors including the complex nature of the products and services they provide, the amounts of money involved, the onerous regulatory framework and the number and diversity of potential claimants that a wrongful act could attract.
At MGB we build long term relationships with our broker partners and their clients, using our broad expertise across the sector which includes:
Loan Providers/Lenders
Venture capital funds
Funds/Trusts
Stockbrokers
Payment Processors
Clearing houses
Wealth managers
Pension funds
Mergers and Acquisitions Consultants
Money exchanges
Corporate Service Providers
Stock exchanges
Mortgage lenders
Banks
Investment Managers
Currency houses
Property Investors
Foreign exchange dealers
Insurance companies
Credit unions
Asset managers
SPVs
Hedge fund managers
Private equity funds and managers
Mutuals
Commodity brokers
Building societies
Trading Platforms
The market
Their vulnerability to high value and high volume claims means the number of insurers who underwrite Financial Institutions (FI) risks is limited and exists largely (although not exclusively) in Lloyd’s. MGB is a Lloyd’s Broker with strong relationships with Financial Institutions insurers in both the Lloyd’s and company markets.
Cover considerations
The covers found under a FI product include:
- Professional Indemnity
- Directors & Officers
- Crime (including Bankers Blanket Bond)
- Unauthorised Trading Liability
- Employment Practices Liability
- Public Offering of Securities Insurance (POSI)
- Cyber and Data Liability
The placement of FI risks often involves tailored, modular policies with multiple layers and multiple insurers.
At MGB we offer more than just expert advice
Working with a specialist who understands the complexity of the risks facing financial institutions and the intricacies in the protection available is critical. At MGB we have a wealth of expertise and we know how to use it in the best interests of our broker partners and their clients:
- We understand the intricacies of FI risks
- We know which insurers to approach and how to present FI risks
- We have access to substantial capacity
- We can provide bespoke wordings
- We are Lloyd’s brokers and have strong relationships with both Lloyd’s and company underwriters
- We can advise on self-insurance and captives
- Our claims team is in-house. Claims can be extremely complicated, sensitive and time consuming to resolve.
So, you’ll have complete peace of mind.