Markel launches FintechRisk+ to offer enhanced cyber coverage and support services for fintechs

Rhea-AI Summary

Markel, part of Markel Group Inc. (NYSE: MKL), has launched FintechRisk+, a new insurance policy designed for fintech companies. This policy offers comprehensive coverage including financial services and technology liability, D&O liability, theft, and cyber protection, with limits up to $20 million. Key features include enhanced business interruption coverage and new cyber extensions such as betterment and crypto jacking.

UK policyholders will have access to Markel's Tax and Legal advisory services, including a 24/7 helpline, debt recovery support, and R&D tax relief consultancy. Additionally, insureds can utilize online cyber training and a risk management toolkit via Markel's eRisk Hub. This launch underscores Markel's commitment to addressing evolving risks in the cyber and fintech markets, particularly the growing threat of ransomware attacks.

Positive

• Launch of FintechRisk+ policy with coverage up to $20 million
• Enhanced business interruption coverage and new cyber extensions
• Unlimited access to Tax and Legal advisory services for UK policyholders
• Provision of online cyber training and risk management toolkit

Negative

• None.

LONDON, Sept. 10, 2024 /PRNewswire/ -- Markel, the insurance operations within Markel Group Inc. (NYSE: MKL), today announced the launch of its new FintechRisk+ insurance policy, underlining its long-term commitment to provide market-leading coverage and service solutions for fintech companies in an increasingly complex market.

Markel's FintechRisk+ policy provides financial services and technology liability, directors and officers (D&O) liability, theft and cyber protection for UK and international fintech businesses with limits up to USD $20 million. The policy offers enhanced business interruption (BI) coverage, as well as several new cyber extensions, including betterment, crypto jacking, reward coverage and telecom fraud.

UK policyholders taking out FintechRisk+ will also have unlimited access to Markel's Tax and Legal advisory services, which include a 24/7 help line for business and employment matters, debt recovery support, contract reviews, as well as help with grants, funding and R&D tax relief consultancy, among other benefits. In addition to those services, insureds can access online cyber training and a cyber risk management toolkit via Markel's eRisk Hub, so they can manage their risk exposures effectively.

Nick Rugg, Head of Fintech and Investment Management Insurance (IMI) at Markel, commented: "Risks in the cyber and fintech markets have evolved rapidly since the inception of our original Fintech policy eight years ago. The pervasive issue of ransomware poses a significant problem for day-to-day cyber security where threat actors have netted millions in ransom payments from businesses who have fallen victim to their attacks."

He elaborated: "We believe that it's more important than ever, businesses have insurance providers who not only deploy capacity, but also act as trusted, long-term risk management partners when it comes to the identification and mitigation of risk. That's why we've been actively looking at ways to enhance our offering to fintech companies by providing both enhanced insurance coverage, as well as value-add services for our insureds, backed by Markel's award-winning claims service and best-in-class underwriting."

About Markel
We are Markel, a leading global specialty insurer with a truly people-first approach. As the insurance operations within Markel Group Inc. (NYSE: MKL), we operate the Markel Specialty, Markel International, and Markel Global Reinsurance divisions, as well as State National, our portfolio protection and program services operations, and Nephila, our insurance-linked securities operations. Our broad array of capabilities and expertise allow us to create intelligent solutions for the most complex risk management needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide.

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SOURCE Markel

FAQ

What is Markel's new FintechRisk+ insurance policy?

FintechRisk+ is a comprehensive insurance policy launched by Markel (NYSE: MKL) for fintech companies, offering financial services and technology liability, D&O liability, theft, and cyber protection with limits up to $20 million.

What additional services does Markel offer with FintechRisk+?

Markel offers UK policyholders unlimited access to Tax and Legal advisory services, including a 24/7 helpline, debt recovery support, and R&D tax relief consultancy. All insureds can access online cyber training and a risk management toolkit via Markel's eRisk Hub.

How does Markel's FintechRisk+ address evolving cyber risks?

FintechRisk+ includes enhanced business interruption coverage and new cyber extensions such as betterment, crypto jacking, reward coverage, and telecom fraud to address evolving risks in the cyber and fintech markets.

What is the maximum coverage limit for Markel's FintechRisk+ policy?

Markel's FintechRisk+ policy offers coverage limits up to $20 million for UK and international fintech businesses.