LONDON, Sept. 10, 2024 /PRNewswire/ -- Markel, the
insurance operations within Markel Group Inc. (NYSE: MKL), today
announced the launch of its new FintechRisk+ insurance policy,
underlining its long-term commitment to provide market-leading
coverage and service solutions for fintech companies in an
increasingly complex market.
Markel's FintechRisk+ policy provides financial services and
technology liability, directors and officers (D&O) liability,
theft and cyber protection for UK and international fintech
businesses with limits up to USD $20
million. The policy offers enhanced business interruption
(BI) coverage, as well as several new cyber extensions, including
betterment, crypto jacking, reward coverage and telecom fraud.
UK policyholders taking out FintechRisk+ will also have
unlimited access to Markel's Tax and Legal advisory services, which
include a 24/7 help line for business and employment matters, debt
recovery support, contract reviews, as well as help with grants,
funding and R&D tax relief consultancy, among other benefits.
In addition to those services, insureds can access online cyber
training and a cyber risk management toolkit via Markel's eRisk
Hub, so they can manage their risk exposures effectively.
Nick Rugg, Head of Fintech and
Investment Management Insurance (IMI) at Markel, commented: "Risks
in the cyber and fintech markets have evolved rapidly since the
inception of our original Fintech policy eight years ago. The
pervasive issue of ransomware poses a significant problem for
day-to-day cyber security where threat actors have netted millions
in ransom payments from businesses who have fallen victim to their
attacks."
He elaborated: "We believe that it's more important than ever,
businesses have insurance providers who not only deploy capacity,
but also act as trusted, long-term risk management partners when it
comes to the identification and mitigation of risk. That's why
we've been actively looking at ways to enhance our offering to
fintech companies by providing both enhanced insurance coverage, as
well as value-add services for our insureds, backed by Markel's
award-winning claims service and best-in-class underwriting."
About Markel
We are Markel, a leading global specialty
insurer with a truly people-first approach. As the insurance
operations within Markel Group Inc. (NYSE: MKL), we operate the
Markel Specialty, Markel International, and Markel Global
Reinsurance divisions, as well as State National, our portfolio
protection and program services operations, and Nephila, our
insurance-linked securities operations. Our broad array of
capabilities and expertise allow us to create intelligent solutions
for the most complex risk management needs. However, it is our
people – and the deep, valued relationships they develop with
colleagues, brokers and clients – that differentiates us
worldwide.
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