Financial Institutions Insurance Scheme
Protean Risk have partnered with specialist insurer, Hiscox, to offer an exclusive insurance scheme for small and medium sized financial institutions, offering Professional Indemnity, Directors’ & Officers’ Liability, Cyber & Data, Crime, Office Contents, Employers & Public Liability insurance under one policy.
Most types of financial institution qualify for the scheme, including Appointed Representatives, Introducers and Arrangers, Crowdfunding Platforms, Investment Managers, Foreign Exchange Brokers and Wealth Managers. Typical limits of liability would be £1m - £2m but the scheme can offer cover up to £5m.
Key benefits include:
- A simple statement of facts based application process which does not require lengthy and complex proposal forms on application or renewal;
- Automatic cyber and data risks insurance provided as part of the Professional Indemnity and Directors’ & Officers’ Liability insurance;
- Monthly premium payments with 0% interest;
- A single, plain English policy wording specifically developed for Financial Institutions, so it includes many specialist coverage enhancements.
According to Nathan Sewell, CEO Protean Risk “we wanted to offer a competitive priced insurance scheme with a leading insurer to protect the exposures faced by firms and their management. Partnering Hiscox Insurance has enabled us to offer exclusive benefits and premium rates for our clients.”
Robert Lawther, Head of Financial Institutions at Hiscox explains “we selected Protean Risk to join forces on this innovative scheme due to their investment industry and financial services specialisation.”
To find out more about the scheme and apply for an insurance quotation visit www.proteanrisk.com/financial-institutions-insurance.com.
About Protean Risk
Since 2008, Protean Risk has been providing specialist insurance broking services to firms in the investment industry, financial services and technology sectors. Our clients range from start-ups to companies with revenues of £100m and beyond.
When we formed Protean Risk, our aim was to combine the knowledge and experience that we had gained working for large, global insurance broking firms with a high level of personal service and attention. We recognised the importance of this personal approach in helping clients achieve better insurance results.
Remaining true to our core values of sector specialisation, personal service and problem solving, has helped us to grow and in 2016 we became a Lloyd’s Broker. For more information visit www.proteanrisk.com.
About The Hiscox Group
Hiscox is a global specialist insurer, headquartered in Bermuda and listed on the London Stock Exchange (LSE:HSX). Our ambition is to be a respected specialist insurer with a diverse portfolio by product and geography. We believe that building balance between catastrophe-exposed business and less volatile local specialty business gives us opportunities for profitable growth throughout the insurance cycle. It’s a long-standing strategy which in 2015 helped generate gross premiums written of £1,944.2 million and a profit before tax of £216.1 million.
The Hiscox Group employs over 2,200 people in 13 countries, and has customers worldwide. Through the retail businesses in the UK, Europe and the US, we offer a range of specialist insurance for professionals and business customers as well as homeowners. Internationally traded, bigger ticket business and reinsurance is underwritten through Hiscox London Market and Hiscox Re.
Our values define our business, with a focus on people, quality, courage and excellence in execution. We pride ourselves on being true to our word and our award-winning claims service is testament to that. For more information, visit www.hiscoxgroup.com.
Why Hiscox Chose to work with Protean Risk
Hiscox selected Protean Risk to join forces on this innovative scheme due to the strong existing relationship and Protean Risk’s investment industry and financial services specialisation.