Hiscox, the Bermudian-headquartered global specialist insurer, has launched a new financial institutions offering.

The company said it significantly enhanced the range of cover available to businesses, and further strengthened Hiscox’s position in the market, by offering clients comprehensive protection and peace of mind.

The new offering will provide financial institutions with the option to choose up to four areas of cover: directors and officers; professional indemnity/errors and omissions; crime; and cyber.

Hiscox’s offering will be available to financial institutions worldwide such as banks, insurance companies and asset managers, with a particular focus on North American, British, Australian and European institutions, and will allow brokers to provide FI clients with the broad multi-line coverage they need from a single insurer.

The product expansion will be headed by recently appointed Joe Dearsley, senior underwriter, who joins Hiscox from Liberty Specialty Markets where, in addition to a previous role at Axis, he has built up 15 years’ experience underwriting FI risks.

He will report to Steven Pearsall, D&O line underwriter and be based in Hiscox’s London office.

Mr Pearsall said: “We are delighted to attract an FI underwriter of the calibre of Joe as we expand in this area. He has an outstanding track record and is highly respected by both brokers and customers alike. I look forward to working with him and other members of our team as we develop our FI proposition.”

Colin Buchanan, Hiscox London Market’s casualty divisional director, added: “Last year we marked our tenth anniversary underwriting D&O and this move reflects our ambition to continue widening the scope of our offering.

“While we have always underwritten D&O cover for FIs, we wanted to provide FI clients with the option to also buy professional indemnity, cyber, and crime cover from us.

“Our comprehensive FI offering distinguishes us as one of the few London Market carriers who can offer this breadth of protection, enabling us to respond better to the growing complexity of risks that financial institutions face.”