Investor servicing firm Apex Group has teamed up with insurers Aon and Mosaic for the development of a digital platform offering insurance coverage for mutual funds.
More specifically, the product, called Apex Protect, provides directors and officers (D&O) coverage for funds.
According to Apex, the platform also factors in ESG credentials into its insurance risk assessment using Apex’s ESG Invest Check software.
Specialty insurer Mosaic is providing the technology platform and underwriting, while international broker Aon is providing the market expertise.
The demand for D&O insurance has increased in recent years within financial services as a result of the increase in regulation and greater accountability for directors and executives.
The introduction of sustainability-based rules, such as the EU’s Sustainable Finance Disclosure Regulation, is a case in point.
“Reducing the frictional burden and cost whilst increasing the transparency of purchasing fund-level D&O insurance is an important step towards driving innovation in this industry for clients,” said Christine Williams, global specialty product leader, Aon.
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