Markel Launches New Cyber Insurance Policy for FinTech Firms

Markel, a global specialty insurer, has introduced a new cyber insurance policy, FintechRisk+, designed to meet the unique challenges faced by FinTech companies. This policy offers comprehensive coverage, particularly in response to the growing threat of cyberattacks and ransomware.

Nick Rugg, head of FinTech and investment management insurance at Markel, noted the evolving risks: “Ransomware is now a major issue for businesses, with threat actors extracting millions in ransom payments. We developed FintechRisk+ to address these changing threats.”

FintechRisk+ provides financial services and technology liability coverage, alongside directors and officers (D&O) liability, cyber protection, and theft coverage. With coverage limits up to $20m, it is tailored for UK and international FinTech firms. Enhanced business interruption (BI) cover and new cyber extensions, such as crypto-jacking protection and telecom fraud, are also included.

UK policyholders will benefit from unlimited access to Markel’s 24/7 Tax and Legal advisory services, offering support on employment matters, contract reviews, and R&D tax relief consultancy.

Additionally, FintechRisk+ gives insureds access to cyber training and a risk management toolkit through Markel’s eRisk Hub, helping businesses mitigate cyber risks more effectively.

With this new offering, Markel positions itself as a key partner for FinTech companies, providing both extensive insurance cover and value-added services, backed by their award-winning claims service.