IQUW launches combined FI and cyber solution

IQUW launches combined FI and cyber solution | Insurance Business New Zealand

Reinsurance

IQUW launches combined FI and cyber solution

Offering comes as financial institutions become common targets of cyber crime

Reinsurance

By
Mika Pangilinan

Property and specialty re/insurer IQUW has announced the launch of FortiFI, a new insurance solution tailored specifically for US financial institutions.

The new offering integrates cyber coverage with IQUW’s established financial institutions (FI) suite, which already includes errors and omissions, directors and officers, employment practices liability, fiduciary, and crime insurance.

Tristram Prior, lead underwriter at IQUW Financial Institutions, highlighted the need for such a product in an emailed news release.

“Cyberattacks on financial institutions account for nearly one-fifth of the total cyberattacks worldwide and a recent survey found that 86% of financial institution boards were primarily concerned about cyberattacks, leading to an increasing need for cyber security coverage,” he said.

Prior added that IQUW’s new offering was developed in response to both statistical insights and direct feedback from clients and producers.

“Given our lead capabilities in both FI and cyber, IQUW is uniquely positioned to bring this new, combined wording to market,” he said.

According to IQUW’s release, FortiFI is specifically designed for small to mid-market financial institutions ranging from corporate finance to non-bank lenders, especially those with complex and technology-driven business models.

Tilly Milnes, IQUW’s senior claims handler, also commented on the internal collaboration that was critical to the development of FortiFI.

“Whilst a lot of focus is rightly on the wordings, we’ve collaborated with our team of experts including IQUW’s head of professional lines and specialty claims Tony Kriesel, to ensure that we create a seamless, consistent and efficient process from initial underwriting to claims handling,” said Milnes.

“With IQUW’s experienced and legally-qualified claims team overseeing both the FI and cyber portfolios, clients benefit from a unified claims experience, avoiding the complications that arise from dealing with multiple carriers.”

IQUW offers insurance and reinsurance products through Lloyd’s syndicate 1856, covering a range of sectors including aviation, cyber, and cargo. It also provides property treaty international and specialty reinsurance focused on the US market.

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