Skip To Main Content

Financial Institutions

AIG offers a range of specialist products designed to meet the needs of core financial sector activities.

Why Choose AIG for Financial Institutions Insurance?

AIG is a leading insurer of Financial Institutions with clients that include global banks, insurance companies, national lenders and asset managers. We offer a tremendous product set that addresses the specialised liability needs of Financial Institutions (D&O, Crime, Professional Liability, Employment Practices Liability and Pension Trustee Liability). 

With rigorous client engagement, expert Financial Institutions claims adjusters and a major multinational presence, we provide a seamless and tailored claims service, no matter where claims are brought or what legal or regulatory challenges arise.

The AIG Advantage

Where we can help

We provide D&O, Crime, Professional Liability, Employment Practices Liability, Pension Trustee Liability for a range of Financial institutions. 

Read more about where we can help.

Appetite and Sweet Spots

FI Expertise

Vast Financial Institutions underwriting expertise with dedicated experts in sub-sectors (e.g. Tier 1 banks, insurance companies, SMEs) and strong market support for brokers (e.g. in client meetings).

Dedicated Client Engagement

Dedicated London based Client Engagement Manager for Financial Institutions to coordinate products and services across disciplines and geographies.

Multinational

Our multinational capabilities allow us to provide solutions for global institutions’ complex requirements including cross class multinational programmes, global claims services and captive fronting arrangements.

AIG Financial Institutions solutions

Professional services insurance on a civil liability basis for the financial institution, all its employees and others for whom it is vicariously liable.

  • CorporateGuard Civil Liability is comprehensively defined. Wrongful acts comprise any act, error or omission arising out of the provision of services by an insured or anyone for whom they are liable.

  • Protects the company and its subsidiaries including those created or acquired during the policy period.

  • Includes anyone for whose acts the insured are responsible, including full, part time or temporary employees and approved persons of the company and its subsidiaries.

  • Automatic cover for domestic partners, administrators and executors also provided.

  • Covers wrongful acts of employees including dishonest, fraudulent and malicious acts.

  • Erroneous transfer of funds (sub-limit of GBP 1 million) provided for.

  • Covers legal liability for stockbroker’s inability to complete a transaction due to fraud, loss of documentation, or being deceived as to the identity of a person (sub-limit of GBP 1 million).

  • Cash letter coverage and the associated expenses in reconstructing cancelled items. 

  • Costs of verifying, reconstituting or removing computer programs which have given rise to a payment under the policy.

  • Bilateral discovery period offered as standard if the policy is not renewed.

  • Damage to office premises and contents due to malicious mischief.

  • Premises and transit cover on an all risks basis, including ATMs, safe deposit boxes and loss of subscription, redemption, conversion or deposit privileges. 

  • Fraud cover for documents of value, securities, instructions, advices, faxes, currency and corporate card applications.

  • Electronic crime cover for computer fraud (including communications via the internet or by telephone), telephone toll fraud and computer virus damage.

  • Less onerous war and terrorism exclusion.

  • Bilateral discovery period offered as standard if the policy is not renewed. 

Our CorporateGuard D&O cover for Financial Institutions recognises the increasing risks faced by companies of all sizes and their officers. It provides formerly bespoke cover automatically, with added value services and fewer restrictions. Clients have the comfort of knowing that one of the most experienced claims teams in the industry is working on their behalf if a claim is made.

  • Pre-investigation cover for retaining legal advisors to represent an Insured Person in connection with a Regulatory Crisis Event (sub-limited).

  • Defence costs, damages, and settlements for “wrongful acts”.

  • Legal fees and expenses up to the full policy limit for attendance at any investigation into the affairs of the company or an individual insured.

  • Employment Practices Liability cover (including emotional distress) for individuals.

  • £1million limit per non-executive director.

  • Emergency pre-approved defence costs.

  • Assets and liberty costs cover (including bail bond and director disqualification).

  • Automatic cover for new non-US subsidiaries and entities valued within 25% of total group assets and are not Investment Vehicles. 

  • 6 Year run off for retired directors if the policy is not renewed or replaced.

  • Pre-investigation costs and expenses sub-limit – recognising the new, more robust regulatory environment we work in.

  • Notifications – no condition precedent.

  • International jurisdiction clause - more favourable terms and conditions in international jurisdictions if AIG has a broader, locally admitted policy.

  • Full policy limit Extradition Cover – includes a sub-limit for an accredited crisis counsellor and/or tax advisor and a public relations consultant.

  • Covers legal costs, expenses and compensation awards for a wide range of employment practice violations.

  • Broad definition of employment practice violation including actual or alleged violation.

  • Advancement of Defence costs relieves any short-term financial hardship when an employee or the company becomes involved in expensive litigation.

  • Includes cover for part-time, seasonal and temporary employees. 

  • (Similar) Cover (also) provided to directors asked to take outside board positions.

  • Worldwide Cover

  • Public relations expenses for damage to reputation – sublimited.

  • Legal fees and expenses for any official investigation by the Equal Opportunity Commission, Commission for Racial Equality and Equal Employment Opportunity Commission. 

  • Advancement of Defence costs.

Protection for the trustees, the employees, the employer company and the fund itself against claims brought against them for actual or alleged wrongful acts which have placed the plan’s assets at risk.

  • Emergency costs of up to 10% of the limit of liability without the insurer’s prior consent

  • Automatic cover for domestic partners, administrators and executors

  • Bilateral discovery period offered if the policy is not renewed

  • Theft of plan assets and ERISA cover (optional)

  • Cover

  • Covers protection for the trustees, the employees, the employer company, its directors and the fund itself against claims brought against them for actual or alleged breach of duty in connection with the pension plan.

  • Automatic cover for domestic partners, administrators and executors

  • Blanket cover for all Pension and Employee Benefit Plans including automatic cover for qualifying new plans Specified Stock Ownership Plans 

  • In an emergency, limited defence costs can be incurred without our prior consent

Financial protection against civil liability for investment advisory services, directors and officers liability insurance in respect of both the investment fund and investment manager; as well as crime cover against the dishonesty of employees and third parties.

  • Automatic vicarious liability cover

  • Emergency costs of up to 10% of the limit of liability without the insurer's prior consent

  • Insured persons are entitled to up to GBP 200 per day to attend court as a witness in connection with a claim

  • Kidnap response costs if an insured person is kidnapped, hijacked or wrongfully detained

  • Cover

  • Civil liability and defence costs arising from investment advisory services

  • Civil liability, directors & officers cover and defence costs in the management or operation of an investment fund

  • Directors and Officers liability and defence costs 

  • Crime - protecting the business and the funds from direct financial losses suffered as a result of employee infidelity or third party crimes

Covers companies against securities claims arising from offerings of a company's securities. The policy can cover equity or debt issues, both initial and secondary. Cover is for the company and its directors, officers, employees and selling shareholders.

  • Focused policy for non-US liability exposures

  • Liabilities relating to a prospectus/listing particulars

  • Non-US exposures on all UK or other world stock exchanges including 144A

  • Liabilities arising from negotiations and decisions made in connection with the offering including any road shows

  • Policy Period is aligned to the duration of the exposure period. In the UK, up to 6 years

  • Advancement of defence costs

  • AIG can now offer Public Offering of Securities protection for investment funds’ transactional exposures

  • Pre-wrongful act full limit for Investigations 

  • Non-rescindable policy

  • Management Liability protection for insured persons (past, present and future) should they breach any of the duties that they owe in relation to the company or fund. The policy will also reimburse the company when they indemnify such insured persons. 

  • Outside Directorship Liability and Outside Directorship Run-Off Liability protection for outside entity directors (past, present and future) sitting on the board of an outside entity at the specific request of the insured. 

  • Civil Liability protection for the insured for any error or omission whilst providing venture capital or private equity services. 

  • Insured includes, past, present, and future directors, officers &  trustees, outside entity directors, non-executive directors, shadow directors, senior accounting officers, advisory board members, employees, consultants, approved persons, members of internal audit committees, general council members and general partners. 

  • Fund run-off management liability cover 

  • Representations and warranties cover 

  • Regulatory crisis event cover and Crisis containment cover 

  • Self-reporting cover 

  • Worldwide Insured v Insured cover (excluding the U.S.) 

Stand-alone directors and officers liability policy for hedge funds which indemnifies individuals where the fund cannot and reimburses the fund for indemnities it does pay. Retiring insureds will receive six years’ run-off cover. Additional insurances cover corporate governance and disclosure breaches; costs for regulatory and compliance investigations; key man insurance and public relations expenses.

  • Costs of an Insured’s representation at an official investigation

  • Express extradition cover for directors and officers plus related costs for public relations, psychological counselling and tax advice

  • Broader range of personnel are covered, including the directors and officers of the fund manager, general partner, in-house counsel and compliance officers

  • Breach of Duty of Care including: Negligent Act, Error or Omission, Misstatement, Misleading Statement 

  • Breach of Confidentiality

  • Breach of Contract occasioned by Negligence

  • Fraud and Dishonesty

  • Infringement of intellectual property rights 

  • Defamation

  • Collateral Warranties

  • Fitness for Purpose

  • Duty to Warn 

  • Asbestos – up to £250,000

  • Sudden and Accidental Pollution – up to £1 million

AIG’s Investment Managers’ Multiline Insurance package allows investment managers to tailor cover to their specific business needs. UK-domiciled asset managers and funds with assets under management (AUM) up to £5bn.

  • D&O: Management liability protection for individual Directors and Officers, including defence costs and indemnity cover for actions brought by shareholders or regulators.

  • Professional Indemnity: Individual and entity protection for alleged errors and omissions in relation to the investment services by an investment manager.

  • Crime: Protection for the investment manager and the fund from theft by employees and third parties.

  • Cyber: Data restoration, notification costs and reputational protection services in the event of a system failure. Also technical analysis of a system after the breach and the application of controls to prevent weaknesses being exploited again.

  • Crisis Solution: Covers multiple threats to employees, their families and private clients, including extortion, detention, kidnap and hijack. Includes access to a crisis response consultancy.

  • Business Travel: Medical and emergency travel expenses, rescue and assistance, including legal expenses and personal liability.

  • Office Combined: Breadth of property and casualty covers including material damage, business interruption, employer’s liability and public & products’ liability.

Our Financial Lines leadership team

View contact information for AIG UK’s Financial Lines leaders.

Related Content

Winning with AIG

Learn More

Risk Solutions

Learn More

Report a Claim

Learn More