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Great American Insurance Group and RPX Collaborate to Bring Patent Risk Coverage to Tech and Cyber Policies
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Great American Insurance Group, in collaboration with RPX Insurance Services (RPXIS), has introduced patent infringement defense coverage under its Risk e-Business Cyber Risk Insurance Policy. This offering is tailored for policyholders opting for Technology Errors & Omissions coverage, enhancing the insurance landscape for technology companies facing unique IP risks. Rob Kingsley, President of RPXIS, emphasized the collaboration's significance in a market where many insurers are retracting coverage. Great American has been involved in cyber risk insurance since 2007.
Positive
New patent infringement defense coverage expands Great American’s Risk e-Business Cyber Risk Insurance Policy.
Collaborative offering aims to meet the evolving needs of technology customers facing IP risks.
Great American has maintained its commitment to the tech/cyber insurance market since 2007.
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None.
CINCINNATI--(BUSINESS WIRE)--
Great American Insurance Group and RPX Insurance Services, LLC (RPXIS), a wholly owned subsidiary of RPX Corporation, are pleased to announce the availability of patent infringement defense coverage as part of Great American’s Risk e-Business Cyber Risk Insurance PolicySM. This coverage will be included for policyholders selecting Technology Errors & Omissions (E&O) coverage. The patent risk coverage element will be underwritten by Great American Insurance Company and Great American Fidelity Insurance Company, with claims management services provided by RPXIS.
“Great American’s Risk e-Business Cyber Risk Insurance Policy is an ideal vehicle to bring RPXIS expertise to the Tech/Cyber Insurance Market,” said Rob Kingsley, President of RPXIS. “Technology companies in particular face unique and complex intellectual property risks, and we look forward to working with Great American’s agents, brokers and policyholders to address them.”
Great American Insurance Group has been writing cyber risk insurance since 2007 and began writing Tech E&O coverage in 2019. The agreement with RPXIS is a natural progression of the company’s Cyber Risk product offering to better meet the growing and changing needs of its technology customers.
“RPXIS brings a proven ability to help clients manage risk,” said Betty Shepherd, Divisional Senior Vice President, Great American Cyber Risk. “At a time when many cyber risk insurance carriers are pulling back and reducing coverage, we’re very excited to make Risk e-Business an even broader, more comprehensive product offering. We are proud to collaborate with an industry leader like RPXIS.”
To learn more about Great American’s cyber risk insurance solutions, visit GAIG.com/Cyber.
Policies are underwritten by Great American Insurance Company and Great American Fidelity Insurance Company, authorized insurers in all 50 states and the DC. Coverage is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses. Great American Insurance Company has received an “A” (Excellent) or higher rating from the AM Best Company for more than 110 years (most recent rating evaluation of “A+” (Superior) affirmed December 3, 2021). The members of Great American Insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange under the symbol AFG.
RPX Corporation (NASDAQ: RPXC) is the leading provider of patent risk and discovery management solutions. Since its founding in 2008, RPX has introduced efficiency in the patent market by providing rational alternatives to litigation, including patent litigation insurance. Using its proprietary actuarial model, RPX Insurance Services, a wholly owned subsidiary of RPX, customizes policies to the specific risk and coverage needs of each insured. RPX policies provide integrated claims management, preferred provider legal services, and case resolution support, thus allowing a company to fully outsource every aspect of dealing with patent risk. More information about RPXIS and its offerings is available at www.rpxinsurance.com.
