Markets/Coverages: IQUW Launches Financial Institutions Product in Australia

IQUW, the London-based property and specialty re/insurer, has announced that its financial institutions (FI) product, FortiFI, has launched new wording for the Australian insurance market.

Launched in the US earlier this year, FortiFI is one of the only fully end-to-end FI offerings in the market that features integrated cyber coverage. The new wording will extend IQUW’s existing FortiFI offering in the US to the Australian insurance market.

“After our successful launch of FortiFI in the US, our bespoke FI wording will help Australian clients better manage their exposures. Australia is our second largest jurisdiction after the US, and we have a significant small to mid-market client base in Australia which we think would benefit from our market-leading risk management offering,” commented Tristram Prior, IQUW’s Financial Institutions lead underwriter.

“A recent survey by McAfee revealed that 71% of Australian small businesses view cyberattacks as a major risk, and with regulators openly focussing on emerging digital technologies, sustainable finance, and associated risks, there is an increasing need for a blended financial institutions product, which includes cyber security coverage,” Prior added.

FortiFI will have territory-specific coverage in Australia, which will include management liability, professional liability, crime, cyber, employment liability, extensions for business interruption, loss mitigation, rectification, and statutory liability.

“The Australian Securities & Investments Commission’s latest annual report has revealed that its enforcement actions resulted in 130 new investigations against Australian businesses which has led to increased exposure for insureds,” according to Tilly Milnes, IQUW’s senior claims handler, who was integral to the creation of the new wording.

“IQUW’s experienced, legally qualified claims team oversee both the FI and Cyber portfolios, providing clients with the benefit of a seamless and consistent claims experience which is vitally important as claims develop,” Milnes continued.

FortiFI is targeted to support the needs of private, small-to-mid-market financial institutions, including non-bank commercial and consumer lenders, financial technology firms, stockbrokers, mortgage firms, wealth management, corporate advisory, and insurers.

IQUWs insurance and reinsurance products are distributed through Lloyd’s Syndicate 1856 and provide insurance cover for aviation, cyber, cargo, crisis management, marine, political risk, energy, property, D&O, financial institutions, political violence and terror and war risks, plus reinsurance for both property treaty International and specific to the US and specialty reinsurance.

Source: IQUW