Fortegra Specialty Insurance Company (FSIC), a branch of The Fortegra Group, and Rockwood Programs have announced the creation of bespoke management and professional liability insurance products.
These are targeted to cater to the distinct liability exposures encountered by financial institutions such as mortgage bankers/brokers, auto lenders, asset-based lenders, and community development funds.
The collaboration aims to address the dynamic challenges faced by financial institutions. Unforeseen changes in governmental regulations or sudden socio-political events can jeopardise even those firms with sound portfolio risk management protocols. The partnership thus seeks to provide a safety net for financial entities to secure crucial insurance amidst heightened scrutiny by state and federal regulatory agencies.
Fortegra, with over 45 years of experience, is a global specialty insurer, offering a diverse set of admitted and non-admitted insurance products and warranty solutions. Rockwood Programs is a full-service Managing General Agency, with services extending to finding markets for unique or hard-to-place management liability risks.
The insurance products are being offered under the Bankers Defender brand. The coverage offers liability limits of up to $5m on all lines except Employment Practices which has a maximum limit of $2m. Bankers Defender proactively assesses exposure areas and provides additional support in the form of risk mitigation practices, claim advocacy, and legal assistance. The strategy gives policyholders the benefit of the expertise of three entities with decades of experience in this field.
Cooper Wallach, Vice President of Specialty Products and Programs at Fortegra, expressed that the partnership exemplifies the company’s commitment to pairing innovation with expertise. “The combination of experienced underwriters, advocacy defense, dedicated claims response team, and loss prevention tactics, will position our policyholders for long-term success,” he said.
William Hess, Vice President of Rockwood’s Financial Institution Division, also emphasised the importance of this strategic collaboration. He said, “The dynamic nature of our nation’s economy can have an adverse impact on the banking industry. Even firms with sound portfolio risk management protocols can be caught off-guard by changing governmental regulations or seemingly unrelated socio-political events. The resulting scrutiny brought by the various state and federal regulatory agencies can make it difficult for the banks to secure vital insurance.”
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
