IQUW launches FortiFI, a new, combined FI and Cyber solution

23 Apr 2024 by Jonathan Watson

We are delighted to announce the launch of FortiFI, its new Financial Institutions (FI) wording featuring integrated Cyber coverage, specifically for US clients.

FortiFI will combine Cyber coverage with IQUW’s existing FI insurance offering which already 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% of Financial Institution Boards were primarily concerned about cyber-attacks, leading to an increasing need for cyber security 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.

The addition of Cyber coverage alongside our FI core products creates a compelling and complete solution. Whether it's Directors’ and Officers’ liabilities, regulatory investigations, or cyber breaches, our clients will have comprehensive coverage under one carrier and within one wording."

FortiFI is targeted to support the needs of small to mid-market financial institutions, with coverage extending from corporate finance and non-bank lenders to insureds with complex and technology driven business models. By offering a comprehensive solution from underwriting to claims under one umbrella, IQUW aims to provide its clients with the peace of mind and certainty they need to navigate today's complex risk landscape.

Tilly Milnes, IQUW’s Senior Claims Handler, who was integral to the creation of the new wording, said: "Whilst a lot of focus is rightly on the wordings, we’ve collaborated with our team of experts including IQUW’s Head of Professional Lines and Specialty Claims Tony Kriesel, to ensure that we create a seamless, consistent and efficient process from initial underwriting to claims handling. With IQUW’s experienced and legally-qualified claims team overseeing both the FI and Cyber portfolios, clients benefit from a unified claims experience, avoiding the complications that arise from dealing with multiple carriers."

Find out more about our new FortiFI product here Financial Institutions | IQUW