Verve Risk Services launches Verve Financial Institutions, a new division at the London managing general agent, and appoints Steve Redding as head of financial institutions to lead it. Redding joins with three colleagues. Beth Convey joins as senior underwriter, Charlotte Flook as underwriter and Aaron Jones as assistant underwriter. The division writes bankers blanket bond and crime, professional indemnity and errors and omissions, directors and officers indemnity, fiduciary liability and employment practices liability, on a primary and excess basis. All products are available packaged or as single lines except fiduciary liability and employment practices liability, which are packaged only. Capacity is provided entirely by Lloyd’s of London. Target industries include banks and mortgage banks and brokers, stockbrokers and stock exchanges, wealth and asset managers including private equity and venture capital, insurance companies, alternative lenders, financial planners and investment advisers, broker dealers, mutual funds, hedge funds, collection agencies, and crime cover for cryptocurrency businesses. The division accepts risks domiciled worldwide, subject to sanctions screening. Redding has nearly 40 years in the London market, of which 25 are in financial institutions. He spent 11 years as financial institutions manager at Antares Underwriting Services, and eight years at Württembergische Versicherung as a financial institutions underwriter. Convey has held financial institutions underwriting roles at AXIS Capital, CNA Hardy and Neon, and spent five years at Dual Corporate Risks, helping to start the financial institutions team there. The team brings more than 60 years of combined experience. Scott Simmons of Verve Risk Services says: "Delighted to welcome our new FI team to Verve. An MGA with underwriters at its heart." Verve Risk Services also underwrites professional and management liability for insurance companies and intermediaries, including captives, captive managers, protected and segregated cell companies, micro captives, risk retention groups and collateralised structures. That book covers risk locations including Bermuda, the Cayman Islands, Barbados, the British Virgin Islands and the US Virgin Islands. The firm was established in 2016 and operates as an independent owner-operated underwriting agency.
