Validus Specialty Underwriting Services, Inc. (“Validus Specialty”) today announced a comprehensive package policy specifically designed for private U.S. Fintech companies.
“With this innovative product, we’ve eliminated the gaps in coverage for Fintech companies,” said Cathy Cossu, Validus Specialty’s Senior Vice President of Professional Lines. “Our unique ‘open architecture’ underwriting platform allows for greater collaboration and a more nimble, solutions-oriented approach. This empowered our professional lines team to challenge industry norms and craft an innovative policy tailored squarely to Fintech’s unique professional and technology exposures. It’s market leading.”
The solution is designed to address Fintech’s complex risk management needs, which are traditionally underserved by incompatible and inadequate policy forms. “The policy seamlessly integrates a technology products failure trigger of coverage within all Financial E&O insuring agreements, addressing the E&O exposures presented by Fintech platforms,” said Sebastian Alia, Underwriting Counsel who drafted the policy forms. The Validus Fintech policy offers a comprehensive suite of coverage and protection with the ability to include Directors and Officers (D&O), Errors & Omissions (E&O), Employment Practices Liability (EPL), Fiduciary, Cyber, and Crime.
Keith Adamson, Assistant Vice President of Financial Institutions added, “Working with Jackie Lee, our Cyber/Tech team lead, we have leveraged our resources to embed the cyber and technology exposures directly into our E&O coverages. We’ve also removed the complexity of piecing together non-cohesive coverages from different product lines. Brokers and clients have access to our entire suite of products through a single underwriter, offering unparalleled convenience and continuity of service.”
Validus Specialty’s Professional Lines group has seen two years of expansion and broadening capacity under Ms. Cossu. The Fintech policy, along with the recently announced Stand-alone Cyber policy, complements Validus Specialty’s growing portfolio of professional lines solutions. In addition to Mr. Adamson, the Financial Institutions team is also represented by lead underwriters Wynette Venkersammy and Sean Brennan and supported by claims counsel Eric Levine.
Jonathan Ritz, CEO of Validus Specialty added, “The Fintech sector is growing rapidly. This creative group of experienced insurance professionals saw an opportunity to better serve these clients and capitalized on it.”