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D&O Insurance Case Study- $1.5 Billion RIA & Hedge Fund Firm

Aug 25, 2016 12:21:28 PM ,


Who: A 25 year old New York based asset management firm with assets of $1.5 billion.

The Risks: Asset Management firms face a number of complex liability exposures that require proactive risk management consulting. Advisers face risks stemming from the performance of professional services coupled with non-investment operational risks like D&O, employment practices, employee fidelity not to mention addressing cyber & data security risks.

Initial Concerns : Lack of service, employee turnover at current agency and failure to proactively recommend risk management solutions.

What we did: After meeting with the firm's management team, Iron Cove became the broker of record in advance of the May 2016 Renewal. After which we conducted a thorough analysis of the firms business operations. Our brokerage team then devised a plan to improve the coverage and attempt to achieve economies of scale by consolidating policies that overlapped from a coverage standpoint. We also found coverage deficiencies that needed to be addressed at renewal.

Outcome: We saved our client 30% in annualized premium. We were successful in consolidating multiple overlapping policies and utilized savings in order to double coverage from $5,000,000 to $10,000,000. We also addressed the coverage deficiencies which were initially identified in our analysis. Lastly, we set up the client on our 24/7 internet portal so that they now have online access to all of their relative and important insurance documents. 

Tags: insurance, Analysis, Iron Cove Posts, Case Study, Cost, D&O Insurance, hedge funds, Investment Adviser, Iron Cove, Lou D'Agostino, RIA, Savings

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