Beazley, the specialist insurer, has launched a new consortium aimed at providing combined civil liability, crime/fraud, and cyber cover for financial institutions.
Known as FLEX, the consortium addresses the crime, professional liability, directors & officers (D&O), and cyber risks that financial institutions face.
FLEX provides coverage limits of up to €50 million, or US$50 million, depending on the currency required. Beazley highlighted that the new consortium is designed to simplify placement and claims processes while reducing the likelihood of gaps in coverage.
The offering also includes access to Beazley’s full spectrum of cyber services.
Gerard Bloom (pictured above), head of international, specialty risks at Beazley, noted that demand for consolidated cover is increasing as financial institutions seek comprehensive solutions to address a broadening range of risks.
“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,” Bloom said.
Alessandro Lezzi, head of international, cyber risks at Beazley, added that the company remains focused on expanding its full spectrum cyber offering across various sectors and business sizes.
“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,” Lezzi said.
FLEX is available to financial institutions worldwide, excluding those domiciled in the United States, and can be accessed either via Lloyd’s or Beazley’s European insurance company paper.
In other recent developments, Beazley, alongside Munich Re and Gallagher Re, published a white paper and model examining the potential accumulation risk facing the cyber insurance industry from extreme malware events.
The report introduces updated estimates of possible systemic losses, based on a new accumulation model developed through a year-long collaboration among experts in insurance, reinsurance, and broking. The initiative aims to create a transparent framework for assessing systemic cyber risk.
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