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Specialist insurer Beazley has launched a consortium providing combined civil liability, crime, fraud and cyber cover for financial institutions.

The FLEX consortium provides a solution for financial institutions which addresses the full range of risks.

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In addition, offering up to EUR / USD 50million limit, it ensures simplified placement and claims processes and reduces the risk of gaps in cover.

Furthermore, Beazley’s market leading cyber ecosystem, Full Spectrum Cyber, which offers before, during and after cyber services and access to cutting edge cyber expertise from Beazley Security, is also available to clients.

Gerard Bloom, head of international, specialty risks at Beazley, said: “Demand for consolidated cover amongst financial institutions is growing as these complex organisations look for comprehensive solutions to address the ever expanding range of risks they face. We have worked closely with our clients and brokers to create a solution that offers them the simplicity, efficiency and advanced protection they need to better manage complex and interconnected threats in one single policy.”

Alessandro Lezzi, head of international, cyber risks at Beazley, added: “We are committed to consistently extending our Full Spectrum Cyber offering to businesses of all sizes and sectors. By bringing together our market leading cyber and financial institution experts, FLEX will actively reduce the risk of gaps in cover and build the resilience of our clients.”

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Earlier in the year, Beazley launched Beazley Quantum; a cyber consortium that will provide coverage for large corporates with turnover greater than $1bn.

Beazley Quantum will also infuse $100m of new capacity into the cyber market.

It will be led by Beazley’s cyber underwriting and claims handling teams and is available on the Global Wholesale platform via Lloyd’s.