New York, New York – March 15, 2018 – Everest Re Group, Ltd. (NYSE:RE) announced today the release of their Everest Elevation® Investment Management Insurance Policy (“Elevation IMI”), which provides management and professional liability coverage to investment advisers, mutual funds and hedge funds. The release of Elevation IMI comes at a critical time for investment advisers and investment companies as changes in technology, investment products, distribution and an ever-shifting regulatory climate continue to create new exposures and risks for many in the financial services industry.
Unique Coverage Enhancements found in Elevation IMI include:
- Digital Adviser Technology Service Coverage - provides coverage for exposure with regard to automated portfolios and investment technology platforms
- Mock Audit Expense Reimbursement - reimburses mock audit and/or corrective action expenses
- Cost of Corrections Coverage – no prior consent required
- Cyber Liability Coverage – provides coverage for third-party cyber exposure
- Pre-Claim Expenses
- Additional Limits of Liability for chief compliance officers and independent directors
- Broad definition of Professional Services - includes a selection of outside service providers and publication of written materials
- Non-Party Witness Coverage for Independent Directors
- Shareholder Derivative Demand Investigation Costs Coverage
- Executive Protection Coverage – including Asset Protection Costs, Freedom Protection Costs and PR Expenses
“Our clients have asked for a streamlined product that provides comprehensive coverage and addresses the shifting nature of the litigation and regulatory landscape,” said Charles Higham, Head of Financial Institutions. “Elevation IMI has responded with coverage enhancements such as providing additional limits of liability to chief compliance officers to address the influx of targeted enforcement acts brought against them for regulatory compliance violations. Elevation IMI is specifically designed to evolve as the risks of our clients evolve and enables us to provide a customized solution to each client.”
“Our team of highly skilled underwriters, all of whom have previously worked in the financial services industry, possess a deep understanding of the exposures specific to asset management. Our long history in the Financial Institutions market, couple with the technical acumen of our underwriters, enables Everest to continue providing unique solutions to the marketplace.” said Keith Lavigne, Head of Management and Professional Liability for Everest Specialty Underwriters.
Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), dac. provides reinsurance to non-life insurers in Europe. Everest Insurance® refers to the primary insurance operations of Everest Re Group, Ltd., and its affiliated companies which offer property, casualty and specialty lines insurance on both an admitted and non-admitted basis in the U.S. and internationally. The Company also operates within the Lloyd's insurance market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized by the Company and third party investors that provide reinsurance for property catastrophe risks. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestre.com.