Hiscox Unveils Upgraded Financial Institutions Coverage with Multi-Line Protection

4 February 2025
Hiscox, a leading global specialist insurer, has launched an enhanced Financial Institutions (FI) coverage, expanding its offerings to provide more comprehensive protection for businesses in the sector.

This strategic move aims to solidify Hiscox’s position in the market by delivering robust insurance solutions that offer clients greater security and peace of mind.

The new expansion responds to the increasing complexity of risks that financial institutions face, including evolving regulatory challenges and rising cyber threats. Hiscox aims to meet the needs of banks, insurance companies, and asset managers with a flexible, multi-line coverage solution that addresses these growing concerns.

Known for its expertise in bespoke insurance solutions for businesses and high-net-worth individuals, Hiscox has earned a reputation for innovation and tailored coverage in sectors like financial services, professional indemnity, cyber, and D&O insurance.

The newly launched FI product provides financial institutions the flexibility to select from up to four types of coverage: Directors’ and Officers’ (D&O), Professional Indemnity/Errors and Omissions, Crime, and Cyber.

Available to institutions globally, with a focus on North America, the UK, Australia, and Europe, this expansion enables brokers to offer a comprehensive, multi-line coverage solution from a single insurer.

Leading the FI product expansion is Joe Dearsley, a senior underwriter with 15 years of experience underwriting FI risks at Liberty Specialty Markets and AXIS. Dearsley will be based in Hiscox’s London office, reporting to Steven Pearsall, D&O line underwriter.

Steven Pearsall, Hiscox’s London Market D&O line underwriter, commented, “We are thrilled to welcome an underwriter of Joe’s caliber as we continue to grow in the FI space. His expertise and strong reputation among brokers and clients will be invaluable as we build out our FI proposition.”

Colin Buchanan, Hiscox’s casualty divisional director, added, “With our 10th anniversary of underwriting D&O last year, this move reflects our ongoing commitment to expanding our offerings. We’ve always provided D&O cover for financial institutions, but now we’re able to offer them additional options for Professional Indemnity, Cyber, and Crime coverage. Our comprehensive FI product sets us apart as one of the few London Market carriers capable of providing this broad protection, helping us respond to the growing complexity of risks faced by financial institutions.”