Beazley has combined its cyber and executive risk capabilities into a new division. Sompo Global Risk Solutions (GRS) will offer specialized property and liability protection to U.S. banks and lending institutions for their mortgage loan portfolios.
Specialist insurer Beazley today is debuting a new division, Cyber & Executive Risk.
The new division is designed to bring together Beazley’s cyber insurance capabilities with its expertise in executive risk, including directors’ & officers’ (D&O) insurance and employment practices liability (EPL). Beazley asserts that its executive risk team currently insures more than 35% of the Fortune 500 and more than half of the companies comprising the Dow Jones Technology Index.
The business lines that have been combined within the cyber & executive risk division accounted in aggregate for a little over a quarter of Beazley’s gross written premiums in 2018 and comprise some of its fastest growing products, the company said These include the company’s flagship cyber product, Beazley Breach Response (BBR), and – within its executive risk product suite – M&A transaction liability insurance.
Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, said that its Sompo Global Risk Solutions (GRS) division will offer specialized property and liability protection to U.S. banks and lending institutions for their mortgage loan portfolios.
This new Sompo GRS product offers mortgage lenders protection from exposures created by impaired mortgages, particularly in the event of uninsured or underinsured damage to the associated properties. The product, which targets banks, mortgage companies, credit unions, finance companies and insurance companies, also offers coverage for exposures resulting from errors and omissions associated with their role in servicing mortgages.
Sompo GRS offers comprehensive multi-line capabilities targeted to middle market and large accounts in select industry verticals which currently include real estate, hospitality, financial institutions and professional services, as well as Japanese Interest Accounts business. Sompo GRS provides a client-centric white glove service approach to each account, delivered by dedicated teams encompassing underwriting, actuarial, claims and risk management specialists.
Source: Beazley, Sompo Global Risk Solutions