Major broker Gallagher has set up a new intellectual property (IP) insurance practice in London.
Joining the company as IP director following a yearlong career break is CFC Underwriting alumnus Erik Alsegard (pictured), who specialises in the field and also brings experience from Munich Re and Miller.
“My two favourite topics are insurance and IP,” said the key hire, “and I have spent over 15 years combining the two as a broker and as an underwriter. Coming to Gallagher to lead the development of this practice is a fantastic opportunity.
“Due to its intangible nature, IP risk is a very real but often uninsured exposure that can significantly impact firms, and it’s important that businesses have access to specialist advice on this complex area. I look forward to working with the team to develop our offering.”
Typically covered by IP insurance are legal defence costs and damages or settlement awards for those accused of IP infringement; contractual obligations to indemnify customers or licensees in relation to IP infringement claims; and legal costs associated with pursuing parties infringing on the IP of a policyholder.
Commenting on the appointment, executive director Tom Draper stated: “I’m delighted to welcome Erik to Gallagher. In my role, leading our specialty cyber practice, I am very aware of the evolving risks that businesses are facing, and IP is one such area.
“Erik is a seasoned practitioner in the IP insurance market and brings depth of market insight and technical understanding that will be critical to developing the solutions we deliver for our clients.”
Alsegard’s first priority in his new capacity is to offer IP insurance to existing clients of Gallagher.