What makes for a great professional risks insurer?

One very good example of an insurer that exhibits both characteristics is CNA Canada. A winner of Insurance Business’ 5-Star Professional Liability and D&O 2023 award, CNA Canada has always been about leveraging its advanced underwriting know-how to better serve the needs of businesses.

“Our team has a deep understanding of the industries and businesses we insure, including the specific risks and exposures that these businesses face,” CNA Canada assistant vice president of management liability Abena Apraku told Insurance Business. “This expertise is evident in our underwriting approach, our pricing strategy and our ability to identify and manage emerging risks across management and professional liability lines of business.”

“Our team has a strong network of risk mitigation and risk evaluation partners that can provide additional services such as risk consulting,” the assistant vice president added.

The company’s expertise came to the spotlight very recently in November, when CNA Canada launched a new Asset Managers Liability Solutions offering.

“With the potential for an economic downturn, market volatility and rising inflation and interest rates, investment firms need to be well positioned to address various systemic risks,” said Apraku of the new offering in a previous Insurance Business interview.

CNA Canada’s product did not just come out of the blue; it was born out of a need for a comprehensive product that combines the best of PL and D&O, as Apraku explained. Only an insurer with a profound understanding of clients’ needs could come up with such a solution.

“Often, employment practices and fiduciary liability coverages are separate policies in the market, whereas we simplify this into one modular policy that addresses multiple risk areas,” she said. “Rather than navigating through multiple policies and ensuring alignment, having one policy with multiple coverage parts is a key differentiator of our product.”