Specialist insurer Hiscox has expanded its portfolio with the introduction of a new financial institutions (FI) offering.
This move is set to bolster Hiscox’s market position by providing financial institutions with a suite of cover options, namely directors’ and officers’ (D&O), professional indemnity/errors and omissions, crime and cyber.
Hiscox’s new offering targets financial institutions including banks, insurance companies and asset managers worldwide.
It will focus on institutions in North America, the UK, Australia and Europe.
The new proposition enables brokers to offer their FI clients a broad range of coverage from a single insurer, ensuring comprehensive protection.
Hiscox London Market casualty divisional director Colin Buchanan said: “Last year we marked our tenth anniversary underwriting D&O and this move reflects our ambition to continue widening the scope of our offering.
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By GlobalData“While we have always underwritten D&O cover for FIs, we wanted to provide FI clients with the option to also buy professional indemnity, cyber and crime cover from us.
“Our comprehensive FI offering distinguishes us as one of the few London Market carriers who can offer this breadth of protection, enabling us to respond better to the growing complexity of risks that financial institutions face.”
The initiative to enhance Hiscox’s FI offerings is being led by Joe Dearsley, the newly appointed senior underwriter.
Dearsley, who has 15 years of experience in underwriting FI risks, moved to Hiscox after a tenure at Liberty Specialty Markets, and an earlier stint at AXIS.
He will report to D&O line underwriter Steven Pearsall and operate out of Hiscox’s London office.
Pearsall said: “We are delighted to attract an FI underwriter of the calibre of Joe, as we expand in this area. He has an outstanding track record and is highly respected by both brokers and customers alike.”
In 2024, Hiscox introduced a generative AI-enhanced lead underwriting model, developed in collaboration with Google Cloud.
The model is designed to significantly reduce the time taken from risk submission to quote generation, streamlining operations and improving efficiency for the insurer and its clients.
