Markel Group has introduced FintechRisk+, a new insurance policy tailored to the evolving needs of fintech companies. This policy underscores Markel’s commitment to providing advanced coverage and support in a rapidly changing market.
Partnerships provide insurers with the key to unlock cybersecurity opportunities
FintechRisk+ offers a comprehensive range of protections, including financial services and technology liability, directors and officers (D&O) liability, theft, and cyber protection. Coverage is available for both UK and international fintech businesses, with limits up to USD $20 million. The policy features enhanced business interruption (BI) coverage and new cyber extensions such as betterment, crypto jacking, reward coverage, and telecom fraud.
UK policyholders will also gain unlimited access to Markel’s Tax and Legal advisory services. These services include a 24/7 help line for business and employment issues, debt recovery support, contract reviews, and assistance with grants, funding, and R&D tax relief. Additionally, insureds can utilize online cyber training and a cyber risk management toolkit through Markel’s eRisk Hub to effectively manage their risk exposures.
Nick Rugg, Head of Fintech and Investment Management Insurance (IMI) at Markel, noted, "The risks in the cyber and fintech markets have evolved since the launch of our original Fintech policy eight years ago. The ongoing threat of ransomware has become a significant issue, with businesses facing substantial ransom demands."
He added, "It’s crucial for businesses to partner with insurance providers who offer not just coverage but also act as trusted advisors in risk management. With FintechRisk+, we aim to deliver enhanced coverage and value-added services, supported by Markel’s acclaimed claims service and top-notch underwriting."
FintechRisk+ is designed to strengthen the resilience of fintech companies against emerging cyber threats and financial risks.
