Financial Institutions
Welcome to Aguila‘s specialist insurance practice for financial institutions. An independent broker based in London, New York and Brussels, we are your go-to insurance provider, supporting UK and international hedge funds, private equity, investment managers and venture capitalists with expert advice and comprehensive insurance protection across directors’ and officers’ liabilities, professional indemnity, civil fines and penalties and financial crime.
Why work with Aguila?
Our hugely experienced team of specialist brokers understand the unique challenges and complexities of business risk in financial services. We’ll work collaboratively to ensure your coverage is really comprehensive and aligns with your specific operational needs. Here’s what makes Aguila stand out:
- We're specialists - we speak your language: we understand the unique risks you face
- Relationship-based service: standing by you through thick and thin
- A seamless portfolio of protection: preventing coverage gaps and costly overlaps between different policies
- Expert advice: our experienced team will help you make the right insurance decisions and manage your risk
- “Can do” attitude: empowering you to confidently navigate risk and seize opportunities
- International capability: supporting your growth across borders
Operating overseas?
Don’t let risk hold you back! Our vision is a world where risk can be embraced safely; where international borders are gateways to opportunity, not limiters of scope. With offices in London, New York and Brussels, and access to Lloyd’s of London, Aguila can work with even the most complex and unconventional risks, leveraging world-class underwriting solutions from top-tier specialist insurers.
What if...?
…you’re accused of negligence in your advice or services?
…your advice is flawed – with expensive consequences?
…you suffer a cyber-attack, compromising client data?
…you fall foul of data protection and regulation across borders (GDPR vs. CCPA)?
…there’s an alleged breach of client money handling?
In the highly regulated financial services regime, risk management and regulatory compliance are mission critical. Alongside a regime of checks and balances for employee fraud, it’s a strategic imperative that your business is underpinned by both world-class liability insurance to protect client interests, and first party insurance to protect the health and reputation of your own business, and remain the right side of regulatory scrutiny.
We can help with:
- Management or directors’ & officers’ liability: protecting the personal assets of executives and board members against claims alleging mismanagement or breach of fiduciary duty
- Errors & omissions or professional indemnity: helping to defend you against allegations of negligence, libel, slander, infringement of copyright, breach of confidentiality and breach of contract
- General or public liability: cover for compensation payments arising from damage to third party property or personal injury
- Cyber and cybercrime liability: financial protection from losses related to cyberattacks, data breaches, and digital crimes, and associated regulatory penalties.
- Employment practices liability Insurance (EPLI): provides coverage for claims related to employment practices, including discrimination, harassment, and wrongful termination
- Fiduciary liability insurance: protects against claims of mismanagement of employee benefit plans and other fiduciary duties.
- Crime and fidelity bonds: covers losses due to fraudulent acts by employees or third parties.
- Political risk insurance: for firms investing in emerging markets, covering costs linked with expropriation, political violence, and currency inconvertibility.
- Consequential loss: protects income streams during physical and technological disruptions (fire, flood, power & telecommunications failure)
- Business travel: trip cancellation, medical expenses, passport replacement, loss of baggage
- Property: portable equipment, computers, offices, specialist and hired-in equipment
FAQS
What kind of claims are made?
Here are some examples of real-world claims that have arisen in recent years. These examples illustrate the extent of exposure financial businesses face.
- Investee risk: private equity firm American Capital succesfully claimed £87 million in face of over 1,000 product liability lawsuits related to contaminated heparin produced by its portfolio company, Scientific Protein Laboratories.
- Exposure to investee failure: hedge fund Banyon Investments lost $775 million in the alleged Ponzi scheme run by Scott Rothstein, which collapsed amidst allegations he was running a $1.2 billion Ponzi scheme.
- Mismanagement claims: a private equity firm faced multiple claims from investors alleging mismanagement, including underperformance, inaccurate valuation, delays in distributions and lack of transparency – ultimately settled out of court with insurance.
- Legal scrutiny over pension risk: a pension firm became the subject of lawsuits concerning pension-risk-transfer deals, with retirees from high-profile companies alleged increased risks to their benefits following pension transfers to a new provider.
What are the key insurances for financial institutions?
Along with other standard business coverage, it’s imperative to prioritise errors and omissions insurance (or professional indemnity), directors’ and officers’ liability, cyber liability, and crime insurance. These policies help protect the business and its executives from financial losses stemming from negligence, fraud, and cyberattacks.
Where is Aguila based?
We have offices in London, New York and Brussels, but we look after financial institutions across the EU, UK and USA.
Can I get cover if I work internationally or have overseas clients?
Yes, but you must declare the jurisdictions and territories you work in when you buy the policy, otherwise cover is likely to be excluded. With offices in London, New York & Brussels we’re perfectly positioned provide you with the best advice. We look after financial institutions across the EU, UK and USA.
