Markel launches FintechRisk+ to offer enhanced cyber coverage and support services for fintechs
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.
Markel, parte di Markel Group Inc. (NYSE: MKL), ha lanciato FintechRisk+, una nuova polizza assicurativa progettata per le aziende fintech. Questa polizza offre una copertura completa che include responsabilità per servizi finanziari e tecnologici, responsabilità D&O, furto e protezione informatica, con limiti fino a $20 milioni. Tra le caratteristiche principali vi sono una copertura migliorata per l'interruzione dell'attività e nuove estensioni informatiche come il miglioramento e il crypto jacking.
I contraenti del Regno Unito avranno accesso ai servizi di consulenza fiscale e legale di Markel, inclusa una linea di assistenza attiva 24 ore su 24, supporto per il recupero crediti e consulenza per sgravi fiscali per R&S. Inoltre, gli assicurati possono usufruire di formazione online sulla sicurezza informatica e di un toolkit per la gestione dei rischi attraverso l'eRisk Hub di Markel. Questo lancio sottolinea l'impegno di Markel nel far fronte ai rischi in evoluzione nei mercati informatici e fintech, in particolare alla crescente minaccia degli attacchi ransomware.
Markel, parte de Markel Group Inc. (NYSE: MKL), ha lanzado FintechRisk+, una nueva póliza de seguro diseñada para empresas fintech. Esta póliza ofrece una cobertura integral que incluye responsabilidad por servicios financieros y tecnológicos, responsabilidad D&O, robo y protección cibernética, con límites de hasta $20 millones. Las características clave incluyen una cobertura mejorada para interrupciones comerciales y nuevas extensiones cibernéticas como la mejora y el crypto jacking.
Los asegurados en el Reino Unido tendrán acceso a los servicios de asesoría fiscal y legal de Markel, que incluyen una línea de ayuda 24/7, apoyo para recuperación de deudas y consultoría sobre alivio fiscal para I+D. Además, los asegurados pueden aprovechar la capacitación en línea sobre ciberseguridad y un kit de herramientas de gestión de riesgos a través del eRisk Hub de Markel. Este lanzamiento subraya el compromiso de Markel de abordar los riesgos en evolución en los mercados cibernéticos y fintech, especialmente la creciente amenaza de ataques de ransomware.
Markel은 Markel Group Inc. (NYSE: MKL)의 일부로서 FintechRisk+를 출시하였습니다. 이는 핀테크 회사를 위해 설계된 새로운 보험 정책입니다. 이 정책은 금융 서비스 및 기술 책임, D&O 책임, 절도 및 사이버 보호를 포함한 포괄적인 보장을 제공하며, 한도는 최대 $20 백만입니다. 주요 특징으로는 강화된 사업 중단 보장 및 개선 및 암호화폐 탈취와 같은 새로운 사이버 확장이 포함됩니다.
영국의 보험 가입자는 Markel의 세무 및 법률 상담 서비스에 접근할 수 있으며, 24시간 헬프라인, 채무 회수 지원 및 R&D 세금 감면 자문을 포함합니다. 또한 보험 가입자는 Markel의 eRisk Hub를 통해 온라인 사이버 교육 및 리스크 관리 도구 키트를 이용할 수 있습니다. 이 출시로 Markel은 사이버 및 핀테크 시장에서 변화하는 리스크를 해결하려는 의지를 강조하며, 특히 랜섬웨어 공격의 증가하는 위협을 강조하고 있습니다.
Markel, faisant partie de Markel Group Inc. (NYSE: MKL), a lancé FintechRisk+, une nouvelle police d'assurance conçue pour les entreprises fintech. Cette police offre une couverture complète, y compris la responsabilité en matière de services financiers et technologiques, la responsabilité D&O, le vol et la protection contre les cyberattaques, avec des plafonds allant jusqu'à $20 millions. Les caractéristiques clés incluent une couverture améliorée pour l'interruption d'activité et de nouvelles extensions en matière de cybersécurité telles que l'amélioration et le crypto-jacking.
Les assurés du Royaume-Uni auront accès aux services de conseil fiscal et juridique de Markel, y compris une ligne d'assistance disponible 24/7, un soutien à la recouvrement de créances et une consultation sur les allégements fiscaux en matière de R&D. De plus, les assurés peuvent bénéficier d'une formation en ligne sur la cybersécurité et d'un kit d'outils de gestion des risques via le eRisk Hub de Markel. Ce lancement souligne l'engagement de Markel à relever les défis des risques évolutifs dans les marchés de la cyberguerre et de la fintech, en particulier face à la menace croissante des attaques par ransomware.
Markel, Teil der Markel Group Inc. (NYSE: MKL), hat FintechRisk+ ins Leben gerufen, eine neue Versicherungspolice, die für Fintech-Unternehmen konzipiert wurde. Diese Police bietet umfassenden Schutz, einschließlich der Haftung für Finanzdienstleistungen und Technologien, D&O-Haftung, Diebstahl und Cyber-Schutz, mit Deckungssummen von bis zu $20 Millionen. Zu den wichtigsten Merkmalen gehören eine verbesserte Geschäftsausfallversicherung und neue Cyber-Erweiterungen wie Verbesserung und Krypto-Diebstahl.
Versicherte im Vereinigten Königreich haben Zugang zu den Steuer- und Rechtsberatungsdiensten von Markel, einschließlich einer 24/7-Hotline, Unterstützung bei der Schuldeneintreibung und Beratungen zur Forschungs- und Entwicklungssteuerermäßigung. Darüber hinaus können Versicherte Online-Cyberschulung und ein Risikomanagement-Toolkit über den eRisk Hub von Markel nutzen. Dieser Launch unterstreicht Markels Engagement, sich mit den sich wandelnden Risiken auf den Cyber- und Fintech-Märkten auseinanderzusetzen, insbesondere mit der wachsenden Bedrohung durch Ransomware-Angriffe.
- 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
- None.
Insights
Markel's launch of FintechRisk+ demonstrates a strategic move to capitalize on the growing fintech sector and evolving cyber risks. The USD $20 million limit for coverage is substantial, indicating Markel's confidence in managing high-value risks. The enhanced business interruption coverage and new cyber extensions address critical pain points for fintech companies, potentially increasing Markel's competitive edge.
From an investor's perspective, this product launch could positively impact Markel's revenue stream in the specialty insurance segment. The value-added services, including tax and legal advisory, may lead to improved customer retention and cross-selling opportunities. However, the profitability of this new offering will depend on Markel's risk assessment capabilities and the actual claims experience in this rapidly evolving sector.
Markel's FintechRisk+ policy addresses important cybersecurity concerns in the fintech industry. The inclusion of coverage for emerging threats like crypto jacking and telecom fraud shows Markel's proactive approach to evolving cyber risks. The provision of a cyber risk management toolkit and online training demonstrates a commitment to risk mitigation, which could potentially reduce claim frequency and severity.
The emphasis on ransomware protection is timely, given the increasing prevalence and sophistication of these attacks. By offering betterment coverage, Markel incentivizes clients to improve their systems post-breach, potentially reducing future vulnerabilities. This comprehensive approach to cyber risk management could set a new industry standard and help Markel build a more resilient client base in the long term.
Markel's FintechRisk+ policy provides financial services and technology liability, directors and officers (D&O) liability, theft and cyber protection for
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
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