Canopius unveils new investment management cover
Canopius unveils new investment management cover | Insurance Business Canada
Reinsurance
Canopius unveils new investment management cover
It also features automatic extension to cover new fund launches
Reinsurance
By
Kenneth Araullo
Canopius Group has announced the launch of a new investment management insurance product tailored for asset managers, designed to address the evolving risks in the increasingly regulated and volatile financial markets of the asset management sector.
The product aims to provide a comprehensive safety net for asset managers, encompassing a wide range of financial liabilities. The coverage includes directors and officers liability, civil liability, financial crime, and, with potential extensions, legal liability for representatives of private equity and venture capital firms serving portfolio companies.
Specifically crafted to meet the unique needs of the asset management industry, the product covers scenarios such as extradition defense costs and protection for directors against claims related to fund management. It also features automatic extension to cover new fund launches.
“As the asset management industry continues to navigate an increasingly challenging regulatory landscape, the demand for comprehensive cover has never been greater. Our product sets a new standard by drawing upon our extensive underwriting experience. We are delighted to launch this product to support our expansion in this important market segment,” Canopius FINPRO head Matthew Carr said.
“Our product is the latest example of Canopius’ growth ambition. By identifying niche sectors of the market where we have recognized expertise, we will maintain and accelerate our growth momentum. Supported by a market-leading claims team, this new offering will pave the way for the expansion of our market share in the asset management sector,” Canopius UK CUO Alois Rouffiac said.
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