Everest Re Group creates new investment product
Everest Re Group has unveiled its elevation investment management insurance policy (Elevation IMI), which provides management and professional liability coverage to investment advisers, mutual funds and hedge funds.
According to the company the new policy comes at a critical time for investment advisers and investment companies as changes in technology, investment products, distribution and an ever-shifting regulatory climate continue to create new exposures and risks for many in the financial services industry.
“Our clients have asked for a streamlined product that provides comprehensive coverage and addresses the shifting nature of the litigation and regulatory landscape,” said Charles Higham, head of financial institutions. “Elevation IMI has responded with coverage enhancements such as providing additional limits of liability to chief compliance officers to address the influx of targeted enforcement acts brought against them for regulatory compliance violations. Elevation IMI is specifically designed to evolve as the risks of our clients evolve and enables us to provide a customised solution to each client.”
“Our team of highly skilled underwriters, all of whom have previously worked in the financial services industry, possess a deep understanding of the exposures specific to asset management. Our long history in the Financial Institutions market, couple with the technical acumen of our underwriters, enables Everest to continue providing unique solutions to the marketplace.” said Keith Lavigne, head of management and professional liability for Everest Specialty Underwriters.