Article August 10, 2022

Recent risks: Financial institutions

Take a look at some of the risks we’ve recently written in the financial institutions team. With a broad appetite, wide product offering and rapid service, we take into consideration the extensive range of exposures faced by today’s financial institutions to provide you with the best coverage.

  1. Investment management insurance (IMI)

    Limit: £1m PI
    Deductible: £25k

    A start-up VC invests in companies across Europe, predominantly in the UK. With a strategy of investing £100k-200k in early-stage private technology
    companies from pre-seed through Series A, the business currently has £11m assets under management (AUM) and is forecasting c. £525k in first year income. CFC provided them with investment manager and fund civil liability cover on our investment management insurance product.

  2. Financial institutions PI (FIPI)

    Limit: £1m PI
    Deductible: £25k

    A macro-financial consultancy firm provides strategic research services to institutional clients. With c. £2m in revenue, it focuses on analysing the future
    economic environments in the UK, US, Canada as well as other areas
    globally. CFC provided them with civil liability on our financial institutions miscellaneous wording.

  3. FinTech

    Limit: £1M PI/D&O/Crime/Cyber, £5M GL, £10M EL
    Deductible: £25k (except GL, EL)

    A FinTech start-up offers digital banking services to UK SME Charities. Their services include bank accounts, payment services, spending insights and expenditure reports to small UK charities. Given the scope of CFC’s bespoke FinTech package, we were able to offer them the full suite of coverages.

  4. Investment management insurance (IMI)

    Limit: £2.5m PI, £1m D&O/EPL
    Deductible: £50k (PI), £25k (D&O), £50k (EPL)

    A fast-growing investment manager established in 2018 has c. £500m AUM that manages bespoke, multi-asset class portfolios investing in both private and public markets. Their global investment strategy focuses on companies in the consumer, financial services and business services sectors. CFC provided them with investment manager and fund civil liability in addition to investment
    manager and fund liability, as well as employment practices liability on our IMI product.

For more information about FinTech insurance check out our financial institutions product page or get in touch!