IQUW incorporates cyber into financial institutions policy

Specialty re/insurer IQUW has released new financial institutions policy wording which will include integrated cyber coverage, specifically for US clients. 

IQUW, which has operations and a reinsurer in Bermuda, said FortiFI will combine cyber coverage with IQUW’s existing FI insurance offering which already includes errors and omissions, directors and officers, employment practices liability, fiduciary and crime insurance. 

Tristram Prior, lead underwriter, IQUW Financial Institutions, said: "Cyber-attacks on Financial Institutions account for nearly one-fifth of the total cyber-attacks worldwide and a recent survey found that 86% of Financial Institution Boards were primarily concerned about cyber-attacks, leading to an increasing need for cyber security coverage. 

"By combining these insights with producer and client feedback, we believe that a bespoke FI wording, which includes cyber cover, will enable clients to better manage their evolving exposures. Given our lead capabilities in both FI and Cyber, IQUW is uniquely positioned to bring this new, combined wording to market.

"The addition of cyber coverage alongside our FI core products creates a compelling and complete solution. Whether it's directors’ and officers’ liabilities, regulatory investigations, or cyber breaches, our clients will have comprehensive coverage under one carrier and within one wording."

FortiFI is targeted to support the needs of small to mid-market financial institutions, with coverage extending from corporate finance and non-bank lenders to insureds with complex and technology driven business models. 

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