Risk Capital Protector

Nuts & Bolts: National Union Fire Insurance Company of Pittsburgh, Pa. launched Risk Capital Protector, designed to respond to the organizational and managerial liability exposures of venture capital and private equity firms and their managers. It provides coverage for lawsuits brought against fund managers by limited partners and portfolio companies. Broad organizational liability coverages—including professional services liability, general partner liability, investment advisor liability and directors and officers liability—are provided for the organization and individual managers. The program includes broad coverage for investment advisory and management, and other related services provided to portfolio entities; “run-off” coverage for outside entity executives; coverage for advisory board members; and blanket coverage for all existing funds.

Dollars: Capacity up to $25 million; retentions and premiums on an account-by-account basis.

Carrier: International Specialty Lines Ins. Co. rated “A++” (superior) by A.M. Best. Nonadmitted.

States Available: All.

Contact: Jarrod Schlesinger, (212) 458-1582, jarrod.schlesinger@aig.com or Jorgen Andersson, (212) 458-1847, jorgen.andersson@aig.com.