Lloyd’s insurer
Beazley has revealed two new sets of products tackling uncertainty around risks including cyber threat and Brexit.
The pair of offerings, one designed for the needs of financial institutions and one for management liability, are tailored for organisations domiciled outside of the USA, the company said today in a release.
The dedicated package for financial institutions was developed by both Beazley’s financial institutions team and its data breach team, to offer protection against the growing threat from cyber risks.
According to the insurer’s latest ‘Breach Insights’ report, hacks and malware accounted for 39% of breaches at financial institutions in the first quarter of this year, and errors such as sending information to the incorrect recipient accounted for 31%.
The new offering combines crime and professional indemnity cover with Beazley’s data breach capability, and cover for crime, professional indemnity and data breach – tailored to the needs of financial institutions – are also available on a standalone basis.
Beazley’s international management liability team, headed by Catherina MacCabe, has also created a new range of covers which provide protection for businesses operating in an international market facing potential disruption from Brexit.
Gerard Bloom, Beazley’s leader for international financial lines, said that the offerings “represent a significant step forward for organisations seeking comprehensive protection from new and emerging risks, such as those presented by the cyber threat and Brexit uncertainty.”
Incorporating D&O liability, public offering of securities, employment practices liability, and pension trustee liability outside the US, the new management liability package reflects the potential impact to businesses from a change in the rules affecting the movement of labour.
Each of the new products contain data breach cover as standard, Beazley added.
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