Palisade Legal Risk MGU; Tokio Marine Kiln IP Abatement; Marsh Cybersecurity Marketplace

Palisade Partner Launches Specialty Managing General Underwriter

Palisade Insurance Partners, a specialty managing general underwriter, has been launched with plans to provide a range of contingent legal risk insurance and other specialty insurance products across the U.S. and International markets. The company intends to begin offering products in the second half of 2022.

Headquartered in New York, Palisade is specializing in underwriting litigation-related insurance, other contingent risks, and transaction insurance, including representations and warranty and tax insurance.

Palisade is led by John McNally, president, who most recently led NFP’s Merger & Acquisition Risk Solutions Group that is focused on transaction insurance. Earlier in his career, McNally led the transaction insurance practice at JLT Specialty USA. He has also held senior underwriting roles at AIG and Beazley Group in New York and London.

Palisade seeks to meet the growing demand for specialized insurance capacity across the legal spectrum, including from corporate clients, law firms, asset management funds, specialty finance vehicles and litigation finance firms. McNally maintains thats the needs of these clients for insurance to mitigate and manage contingent legal risks has outgrown available market capacity considerably.

According to McNally, the global litigation finance market is estimated at a nearly $12 billion annual industry, with significant year-over-year growth, while the global legal services industry is expected to exceed $1 trillion in fee revenue by 2022.

“This significant momentum in other areas of legal services and legal risk management has far outpaced the development of the insurance market in this area, creating a strong demand for insurance capacity covering these risks and a dedicated platform with the expertise to underwrite them,” he said.

Tokio Marine Kiln Offers Intellectual Property Abatement Coverage

Specialty insurer Tokio Marine Kiln (TMK) has launched IP Abatement insurance for clients in the U.S. The product will be available for micro-enterprise and small-to-medium size clients with revenues under $100 million.

Target organizations for the product will be start-ups holding intellectual property rights. The abatement add-on product will cover legal representative’s fees and legal expenses incurred by organizations seeking to protect their filed intellectual property rights and will feature coverage limits of up to $3 million.

The insurer said that product complements TMK’s IP Infringement Defence product, which has been a core offering in the U.S. for almost a decade. TMK, a specialist in IP insurance, launched its IP Rights Protection product in the U.S. last year. This covers the cost of defense should a third-party challenge rights in, or ownership of, IP within an IP portfolio.

Marsh Offers Assist to Clients Procuring Cybersecurity Services

Insurance Broker Marsh announced an offering of cybersecurity marketplace services that simplify the procurement process for U,S. clients seeking to protect their organizations from cyber threats.

Marsh will assist clients in identifying cybersecurity solutions, tools, and services that align to their needs and requirements.

“It often takes our clients months to identify, assess, pilot, and appoint cybersecurity providers, which in today’s fast-moving cyber landscape is itself a risk,” said Tom Reagan, U.S. and Canada Cyber practice leader. “By identifying vendors and assisting clients in the evaluation process, we are making the process smoother, faster, and more productive, helping them implement selected cybersecurity controls sooner.”

Marsh’s new offering is led by CJ Dietzman, who joined Marsh in January as Cybersecurity Marketplace Leader. He has 25 years of experience in building and enhancing cybersecurity programs for organizations across industry sectors and is a trusted advisor on sec

“Cybersecurity is a $160 billion global marketplace with thousands of vendors. It’s daunting for any company to navigate,” Dietzman said. “We are refining the process, giving clients more confidence with their ultimate selection whether it be before a policy renewal, after a breach, or simply in response to a new or evolving threat.”

Topics
Cyber
Insurance Wholesale

Comments are closed.