Aon plc, a provider of risk management and human resource consulting and outsourcing, and international insurer AIG have launched a combined business insurance programme for smaller asset management businesses and family offices.
‘MaxIMIse Investment Managers Multiline Insurance’ is being distributed by Aon and is underwritten by AIG. It incorporates a comprehensive suite of corporate risk transferoptions catered for by a simplified interactive proposal form, with a single renewal date and premium.
“Protecting and growing client assets in step with your own creates unique pressures and it’s easy to see why smaller investment managers may struggle to make time for tasks like insurance,” said Steven George, Director in Aon’s Financial Services Group..
“However, the risk profile of asset managers requires a sophisticated solution so Aon Financial Services Group has worked exclusively with our partners at AIG to help solve this problem. As long term providers of insurance and risk management services to the asset management industry, our clients tell us that what they crave is simplification.”
The product combines a wide range of corporate covers including employers’ liability, professional indemnity, D&O, financial crime, business travel and kidnap & ransom, with multi-line discounts and options to consider personal insurances via Aon Private Clients using a separate proposal form.
“Choosing to insure all your risks with a single underwriter can provide smaller investment managers and family offices with a great option in a time-poor situation,” added George. “This programme provides highly sophisticated coverage. For example, the D&O protection suite can cover both the fund and its investment manager on separate or combined limits, and an automatic extension of cover for fund and subsidiaries; this can be particularly attractive when you establish a majority ownership during a policy period.”
CyberEdge is another aspect of the programme on offer, with cover for information security failure or breach of corporate or personal information a standard feature.
“Aside from simplicity at the front end, MaxIMIse’s value is also clear in the response customers will receive by insuring through a single underwriter,” added George. “Cyber is one example of a risk where rapid response and expert support will be the principal measurement. AIG has developed a comprehensive, networked solution to handle time-sensitive claims like a data breach which gives policyholders genuine reassurance that their claim will be dealt with quickly and by the most appropriate experts.”