Allied World added new cyber liability enhancements and related services to its U.S. managed care package policy. A division of Tokio Marine added drone insurance to a key broker portal. Neon beefed up its M&A consortium capacity.
Allied World Assurance Company Holdings AG said it has beefed up its U.S. managed care package policy with new cyber liability enhancements and related services.
The insurer’s 365Complete policy now contains heightened cyber protection and expands the number of managed care clients who qualify for this coverage by boosting the revenue threshold from $50 million to $100 million.
The policy, first created in 2008, blends Managed Care Errors and Omissions coverage with a number of other components. Allied World said the policy changes clarify the coverage scope. Added support services with the policy include identifying applicable state and federal breach notification statutes, plus assistance in retaining other response vendors for services such as notification or data forensics.
Tokio Marine Kiln added unmanned aerial systems (UAS), or drone insurance, to its One TMK digital exchange.
The change will let brokers quote and bind drone insurance policies online in real time from around the world, the global specialist insurer and subsidiary of Tokio Marine Group said.
Tokio Marine Kiln said the product features enhanced policy wording, and it will be available immediately to the global UAS broking community, subject to agreed business terms with TMK and licensing.
One TMK launched in July 2016, with a goal of lowering transactional costs for brokers, and allowing them to provide a more efficient service to their clients. Beyond the enhanced drone insurance product, the exchange also provides Tokio Marine Kiln’s cargo insurance product Cargo 10, which is designed to help brokers secure coverage after completing just 10 questions.
Neon, the specialist Lloyd’s insurer formerly known as Marketform, expanded its M&A consortium, with capacity increasing from $62.2 million to $93.3 million as of Jan. 1, 2017.
Neon leads the consortium, which is 100 percent backed by Lloyd’s markets, it said in a statement. Neon said that as a Lloyd’s consortium, it can leverage global licenses to write businesses across a broad range of geographies, with clients still able to benefit from the market’s “robust financial rating and strong claims reputation.”
Neon’s Rob Brown, global practice leader of its M&A arm, said that the firm experienced strong client demand in the 2016 second half, “with significant deal activity taking place, and we are therefore delighted to announce this expansion of our consortium.”
Sources: Allied World, Tokio Marine, Neon