Markel Introduces FintechRisk+ for Enhanced Cybersecurity Solutions

Markel Launches Innovative Cyber Insurance Solution

In an era where the financial technology sector is thriving, Markel has stepped forward with a fresh initiative aimed at fintech companies. The company, known for its substantial contributions to the insurance landscape, has introduced the FintechRisk+ policy. This new offering emphasizes Markel's ongoing commitment to protecting digital finance businesses from the unique risks they face.

Comprehensive Coverage Tailored for Fintech Firms

The FintechRisk+ policy is crafted to meet the specific needs of fintech entities, providing critical coverage such as financial services liability, directors and officers (D&O) liability, alongside theft and cyber protections. This comprehensive package extends limits of coverage up to USD 20 million, catering to both UK and international clients. Additionally, the policy features enhanced business interruption coverage and a suite of new cyber-related extensions, including betterment, crypto jacking, reward coverage, and telecom fraud, thereby addressing the evolving landscape of financial technology risks.

Supporting Fintechs with Value-Added Services

Beyond insurance coverage, FintechRisk+ offers policyholders an array of beneficial services, ensuring they have the support needed during challenging times. UK-based clients will enjoy unlimited access to Markel's Tax and Legal advisory services. This includes a 24/7 helpline for issues related to business and employment, debt recovery assistance, contract reviews, and help in accessing grants and funding, as well as consultancy for R&D tax relief. Moreover, insured companies can benefit from online cyber training and risk management tools available through Markel's exclusive eRisk Hub. These resources empower businesses to effectively manage their cyber risk exposure.

The Importance of Cyber Risk Management

Nick Rugg, who leads Markel's Fintech and Investment Management Insurance, raised essential points regarding the evolving risks within the cyber and fintech sectors. In recent years, ransomware has emerged as a prominent threat, affecting countless businesses and often resulting in hefty ransom payments. Rugg emphasized the necessity for companies to partner with insurers who not only provide financial backing but also serve as committed risk management allies.

Strengthening Relationships for Better Outcomes

According to Rugg, the relationship between businesses and their insurance providers is crucial. Markel aims to enhance its offering to fintech organizations by integrating superior insurance with valuable additional services. This serves as a cornerstone of their ethos – becoming trusted partners in navigating and mitigating risks while ensuring robust claims service and exemplary underwriting.

About Markel

Markel is a leading global specialty insurer, operating under the umbrella of Markel Group Inc. (NYSE: MKL). The organization encompasses various divisions, including Markel Specialty, Markel International, and Markel Global Reinsurance, alongside State National and Nephila in the insurance-linked securities arena. Markel's extensive expertise allows for the development of intelligent solutions addressing complex risk scenarios. Most importantly, it is the relationships built and maintained with colleagues, brokers, and clients that distinguish Markel in the global marketplace.

Frequently Asked Questions

What is FintechRisk+?

FintechRisk+ is a cyber insurance policy designed specifically for fintech companies, providing comprehensive coverage and support services.

What types of coverage does FintechRisk+ offer?

This policy provides financial services liability, D&O liability, theft protection, cyber protection, and enhanced business interruption coverage.

Are there additional services included with the policy?

Yes, policyholders can access Markel's Tax and Legal advisory services, 24/7 support, online training, and risk management resources.

Who is eligible for FintechRisk+?

Fintech companies based in the UK and internationally are eligible for coverage under the FintechRisk+ policy.

What distinguishes Markel from other insurers?

Markel focuses on building valuable relationships with clients and providing tailored risk management solutions alongside traditional insurance offers.

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