Mar 01, 2018
Validus Specialty Launches Package Policy for Fintech Companies
NEW YORK--(BUSINESS WIRE)--Mar. 1, 2018--
Validus Specialty Underwriting Services, Inc. (“Validus Specialty”)
today announced a comprehensive
package policy specifically designed for private U.S. Fintech
“With this innovative product, we’ve eliminated the gaps in coverage for
Fintech companies,” said Cathy Cossu, Validus Specialty’s Senior Vice
President of Professional Lines. “Our unique ‘open architecture’
underwriting platform allows for greater collaboration and a more
nimble, solutions-oriented approach. This empowered our professional
lines team to challenge industry norms and craft an innovative policy
tailored squarely to Fintech’s unique professional and technology
exposures. It’s market leading.”
The solution is designed to address Fintech’s complex risk management
needs, which are traditionally underserved by incompatible and
inadequate policy forms. “The policy seamlessly integrates a technology
products failure trigger of coverage within all Financial E&O insuring
agreements, addressing the E&O exposures presented by Fintech
platforms,” said Sebastian Alia, Underwriting Counsel who drafted the
policy forms. The Validus Fintech policy offers a comprehensive suite of
coverage and protection with the ability to include Directors and
Officers (D&O), Errors & Omissions (E&O), Employment Practices Liability
(EPL), Fiduciary, Cyber, and Crime.
Keith Adamson, Assistant Vice President of Financial Institutions added,
“Working with Jackie Lee, our Cyber/Tech team lead, we have leveraged
our resources to embed the cyber and technology exposures directly into
our E&O coverages. We’ve also removed the complexity of piecing together
non-cohesive coverages from different product lines. Brokers and clients
have access to our entire suite of products through a single
underwriter, offering unparalleled convenience and continuity of
Validus Specialty’s Professional Lines group has seen two years of
expansion and broadening capacity under Ms. Cossu. The Fintech policy,
along with the recently
announced Stand-alone Cyber policy, complements Validus Specialty’s
growing portfolio of professional lines solutions. In addition to Mr.
Adamson, the Financial Institutions team is also represented by lead
underwriters Wynette Venkersammy and Sean Brennan and supported by
claims counsel Eric Levine.
Jonathan Ritz, CEO of Validus Specialty added, “The Fintech sector is
growing rapidly. This creative group of experienced insurance
professionals saw an opportunity to better serve these clients and
capitalized on it.”
more information, contact Validus Specialty’s Financial Institutions
Validus Specialty Underwriters
Validus Specialty offers a wide range of E&S and Admitted insurance
solutions and operates on behalf of Western World Insurance Group and
Talbot Underwriting Ltd., through Syndicate 1183.
With the flexibility of offering ‘A’ rated Lloyd’s paper and ‘A’ rated
U.S. domestic excess & surplus lines and admitted paper through Western
World insurance companies, Validus Specialty offers enhanced
distribution access, excellent technical underwriting and claims
management, and access to leading underwriting capacity.
About Validus Holdings, Ltd.
Validus Holdings, Ltd. (NYSE: VR) is a leading global provider of
reinsurance, insurance, and asset management services. Validus companies
maintain a worldwide presence with more than 1,000 employees in 17
offices. Learn more at validusholdings.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180301005099/en/
Source: Validus Holdings, Ltd.
Validus Holdings, Ltd.
Charlotte Connerton / Mustafa Riffat