FINANCIAL LINES INSURANCE – FINPRO INSURANCE
The Canopius FINPRO Insurance team has decades of experience in the insurance and financial underwriting industry. Using this, alongside its expertise in commercial and financial industries, the team is able to offer insurance solutions to a range of clients – from some of the largest global corporations to small and medium-sized enterprises (SMEs). For example, we offer both financial lines commercial insurance and financial lines investment management.
At Canopius, we understand how important it is to find a solution that is tailor-made to your clients’ needs. Benefitting from an integrated approach, the Canopius FINPRO team offers insurance products for a wide range of financial institutions and commercial enterprises including Directors and Officers Liability (D&O), Civil Liability and Crime. Canopius can offer these solutions on a stand-alone basis or as part of a package.
Canopius FINPRO can offer limits of liability up to GBP 10m / USD 15m / EUR 15m per risk in aggregate. All business written by Canopius is secured by Lloyd’s of London’s S&P AA- rating.
Canopius FINPRO has a broad risk appetite and will consider most industry sectors, including but not limited to: financial institutions and enterprises (including banks, insurance companies, fund and asset managers, and private equity investors), transport, utilities, energy, telecoms, technology, media, manufacturing and retail, and healthcare.
Policies are available worldwide on an insurance or facultative reinsurance basis, subject to Lloyd’s global licensing capability.
What we do
- Directors & Officers liability (Public and Private, ABC/AB/Side A)
- Public Offering of Securities Insurance
- Civil Liability
- Investment Management Insurance
- Employment Practices Liability
- Fiduciary Liability / Pension Trustee Liability
- Crime and Fidelity Insurance
- Cyber insurance coverage for various digital and online risks
Target risk
- Middle market to FTSE 100 commercial entities and financial institutions
Capacity
Our capacity is GBP 10m • USD 15m • EUR 15m
What sets us apart
Canopius provides a range of market-leading and tailor-made Financial Insurance products and solutions to a broad spectrum of corporate entities and financial institutions.
- The team consists of insurance experts with more than 75 years of experience in financial underwriting
- Utilizing this experience and expertise, the team can offer insurance solutions to a range of clients from some of the largest global corporations to small and medium-sized enterprises
- We understand how important it is to develop an insurance solution that is tailor-made to suit your clients’ needs
- These solutions can be offered on a stand-alone basis or as part of a package
- Underwriters are empowered to make decisions with all Financial Lines underwriting decisions taken in one location
- All business written by Canopius is secured by Lloyd’s S&P AA- rating
- We have an excellent in-house claims team
Speak to one of our specialist underwriters
FAQs
What financial and professional liability risks do organisations face?
Organisations confront a multitude of professional and financial liability risks in today’s complex business landscape. These risks include financial mismanagement, professional errors and omissions, regulatory and compliance issues, and directors and officers liability, among others. Financial Lines Insurance, often referred to as FINPRO Insurance, plays a pivotal role in addressing and mitigating these risks and the consequences. Financial Lines insurance offers coverage for legal expenses, damages arising from claims, safeguarding organisations and their directors and officers from the financial fallout.
How can financial and professional liability policies be tailored to an organisation?
Customising financial and professional liability policies is a strategic choice. The process involves several steps, including:
- Risk Assessment: Identifying the specific financial and professional liability risks an organisation faces is fundamental.
- Coverage Selection: Opting for appropriate coverage types, such as Directors and Officers (D&O) Insurance, Civil Liability, Professional Liability, Crime, Employment Practices Liability (EPL) Insurance, and Cyber Liability Insurance, is vital.
- Policy Limits: Setting coverage limits in line with the organisation’s risk tolerance and financial capacity is a crucial consideration.
- Deductibles: Determining deductibles that balance affordability with effective risk mitigation is essential.
- Endorsements: Adding policy endorsements tailored to an organisation’s unique needs or industry-specific risks coverage.
- Regular Review: Continuously evaluating and adjusting financial and professional liability policies as an organisation evolves is essential to maintaining complete protection.
- This tailoring process ensures that an organisation’s policies align with its risk management strategy and can effectively mitigate financial liability.
My client is being acquired. What types of financial and professional liability insurance may be affected?
During an acquisition, several types of insurance policies may be impacted, potentially requiring adjustments to align with the new ownership structure and policies. These include Directors and Officers (D&O) Insurance, Civil Liability, Professional Liability, Crime, Employment Practices Liability (EPL) Insurance, and Cyber Liability Insurance. Changes may be needed to these policies based on the evolving dynamics, necessitating a review of their Financial Lines Insurance coverage to ensure post transaction that the policies are aligned with the insured’s risk tolerance.
What management liability coverages does an organisation need to consider when spinning off a subsidiary?
When spinning off a subsidiary, it’s crucial to evaluate management liability coverages, including Directors and Officers (D&O) Insurance, Employment Practices Liability (EPL) Insurance, and Fiduciary Liability Insurance.
These policies must be reviewed and adjusted to align with the subsidiary’s unique risks and responsibilities. Ensuring that these policies provide adequate protection against financial liability is essential as the subsidiary operates independently.
How can insurance protect you from financial loss?
Insurance, including liability insurance, can protect you from financial loss by covering legal expenses, settlements, and damages arising from claims. For example, if your business faces a lawsuit due to an accident or professional error, liability insurance will help cover the associated costs, thereby preventing a significant financial drain. In fact, it’s arguably an integral part of any risk-management framework.
As a result, it may help mitigate the financial impact of unforeseen events and ensure business continuity. Like this your businesses can focus on key operations without fearing potential financial setbacks, as the financial burden will be transferred to the insurer.
What is D&O insurance?
Directors and Officers (D&O) Insurance is a type of professional liability insurance. It will cover you for the personal assets of directors and officers in the case they are sued for wrongful acts as company leaders. This insurance is crucial for protecting key decision-makers from financial liability, as it covers legal defense costs, settlements, and judgements.
In addition, it shields directors and officers from personal financial loss, promoting confident decision-making and leadership within the company. It is a fundamental component of FINPRO insurance. It addresses the specific risks faced by a financial professional and a corporate leader, and is integral to a robust risk-management framework.
