Bermudian-based Sompo International Holdings Ltd’s US platform has introduced a management assurance policy, which expanded its primary professional lines insurance offering for private companies.
Through the policy, Sompo International offers new primary commercial crime and cyber liability insurance in addition to the company’s existing private company directors and officers liability, employment practices liability, fiduciary liability and professional liability coverages.
It said the management assurance policy’s modular format provides private companies with the ability to customise their coverage selections in a single policy tailored to their risk profile.
Admitted in most US states, the product targets private companies in all industries, not-for-profit entities, healthcare organisations and professional service firms.
Fred Cooper, executive vice-president of Commercial Management Liability at Sompo International, said: “For many years, we’ve provided a full range of primary and excess management and professional liability products to public and private companies alike.
“With the inclusion of our new primary commercial crime coverage, our management assurance policy form complements these capabilities, making it easier for private companies to customise their primary management, professional and cyber liability coverage options.”
Dan Wadley, executive vice-president of Sompo Pro, said: “We are excited to offer primary cyber liability through our new multiline management assurance policy product.
“In addition to tailoring a solution to meet private companies’ specific needs, our modular policy approach helps reduce potential coverage gaps, further strengthening our position as a preferred market for brokers and clients.”