Canopius launches new cover for asset management sector
Global specialty re/insurer Canopius Group has launched a new investment management product it says is developed to respond to shifts in the risk landscape in the asset management sector.
Canopius said in an era where financial markets are increasingly volatile and regulatory scrutiny is intensifying, its new product offers a robust safety net.
It offers protection for asset managers from a range of financial liabilities. Cover includes directors and officers liability, civil liability and financial crime, and can be extended to legal liability for private equity and venture capital firm representatives on portfolio companies.
The product has been designed to respond to a range of scenarios specific to the asset management sector, including extradition defence costs, protection for directors against claims arising from management of the fund and will also automatically extend to include cover for any new fund launches.
Matthew Carr, head of FINPRO at Canopius, said: “As the asset management industry continues to navigate an increasingly challenging regulatory landscape, the demand for comprehensive cover has never been greater. Our product sets a new standard by drawing upon our extensive underwriting experience. We are delighted to launch this product to support our expansion in this important market segment.”
Alois Rouffiac, chief underwriting officer UK, said: “Our product is the latest example of Canopius’ growth ambition. By identifying niche sectors of the market where we have recognised expertise, we will maintain and accelerate our growth momentum. Supported by a market-leading claims team, this new offering will pave the way for the expansion of our market share in the asset management sector.”
Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
