IQUW, the property specialty insurer and reinsurer with operations in Bermuda, has launched FortiFI, its new Financial Institutions wording featuring integrated cyber coverage, specifically for US clients.

The company said FortiFI will combine cyber coverage with IQUW’s existing FI insurance offering, which includes errors and omissions, directors and officers, employment practices liability, fiduciary and crime insurance, making it one of the only fully end-to-end FI offerings that also includes cyber in the market.

Tristram Prior, lead underwriter, IQUW Financial Institutions, said: "Cyber attacks on financial institutions account for nearly one fifth of the total cyber attacks worldwide and a recent survey found that 86 per cent of financial institution boards were primarily concerned about cyber attacks, leading to an increasing need for cybersecurity coverage.

“By combining these insights with producer and client feedback, we believe that a bespoke FI wording, which includes cyber cover, will enable clients to better manage their evolving exposures. Given our lead capabilities in both FI and cyber, IQUW is uniquely positioned to bring this new, combined wording to market.”