Business Risk Partners Expands Into Financial Services Sector
published | Insurance Journal
Business Risk Partners (BRP) has expanded into the financial services sector with the addition of two specialty insurance coverages: miscellaneous professional liability insurance for a broad range of lenders, advisors and financial entities, as well as a comprehensive policy for registered investment advisors.
BRP’s miscellaneous professional liability product is offered to an array of institutions in more than 80 classes of business from asset-backed lenders to financial consultants, financial technology firms to real estate investors. Backed by an A-rated carrier, the policy provides up to $5 million in coverage for firms in the small or middle market space.
BRP is also rolling out D&O, E&O, EPLI, fiduciary, and bond and cyber coverages for registered investment advisors. Broad coverage is available for many types of specialized investments, including REITs, limited partnerships, private placements and merger & acquisition activity. Agents can customize the product to meet client needs, securing all offerings or selecting only a few.
The firm already offers similar a-la-carte and packaged policies for banks and a wide variety of broker dealers.
Vincent Cisternino, who leads BRP’s financial institutions practice, said risks in this sector have increased in recent years due to an evolving regulatory environment, changing technologies that include crowdfunding and crypto currencies, and the rise of alternative lenders.
“These changes along with the higher expectations clients and investors have of their service providers have made litigation more commonplace,” Cisternino added.
Founded in 2000, Business Risk Partners is a specialty insurance underwriter and program administrator committed offering a variety of professional liability, management liability, data breach/privacy and hybridized specialty products to agents and brokers serving middle market customers nationwide.