Our financial institutions (FI) practice comprises specialists who help financial institutions – banks, insurance companies and investment managers – find solutions to their most complex areas of risk.
We are specialists; we impact financial institutions by delivering innovation, optimization and depth of expertise.
Industry-based specialty focus
Offering deep understanding of financial institution operations, advising on key risk issues, and specializing in risk advisory and insurance placements for financial institutions.
Coordinated global service team
Unencumbered by internal barriers, our global team of experts in the U.S., Bermuda, and the U.K. leverage the global markets delivering reinsurance, commercial and capital markets solutions.
Advanced data and analytics
Aggregating actual carrier-based loss data, we’ve developed a number of innovative predictive loss models to help our clients make fact-based decisions for D&O, E&O and cyber program construction.
Technical coverage expertise
Negotiating the most favourable policy contract terms and conditions, from bespoke manuscript policies to targeted-specific contracts, while keeping pace with claims and legal trends impacting coverage within the industry.
Leading legal and claims capability
Our team of attorneys and claims specialists help our FI clients with legal resources supporting coverage development, building strategies to avoid protracted disputes, and driving positive claim results.
New Professional Liability Solution For Insurance-Linked Securities (ILS) Funds
As strategies have evolved for insurance-linked securities (ILS), the directors and officers (D&O) and professional indemnity (PI) insurance policies that ILS fund managers traditionally purchase have struggled to keep pace. Emerging risks – such as cybercrime and international regulatory exposures – are further heightening the liabilities of ILS managers, in addition to those they face while managing catastrophe investments and acting as reinsurers.
Currently, many ILS funds utilize D&O and PI insurance meant for traditional investment managers and/or retail insurers – these policies are not structured to target the unique exposures involved with being both ILS fund managers and reinsurers. Furthermore, these traditional commercial market policies contain terms and conditions that do not reflect how ILS funds operate – creating significant issues when claims occur.
JLT’s new ILS Protect product fills this gap for ILS managers. ILS Protect is specifically designed to address these issues with simple-to-read policy language. Our ILS Protect product does the following:
- Protects ILS fund managers when managing catastrophe reinsurance trades and investments for their investors
- Covers ILS-specific professional services, including (but not limited to) insurance-linked warranty (ILW) reinsurance structures and parametric triggered contracts
- Addresses underwriting and claims handling for collateralized, quota share / sidecar reinsurance placements
- Insulates the entity from vicarious liability from the management of capital holdings in trust accounts
- Protects against first- and third-party claims involving fraud, theft of assets or proprietary trading data / analytics, social engineering claims, network security attacks, and data breaches
- Covers individuals and the entity against regulatory investigations and actions.