Lockton Affinity Teams with Beazley Syndicates at Lloyd's of London for US Investment Advisor Liability Program
New agreement will help to solve for the coverage gaps that today's RIA firms currently face.
OVERLAND PARK, Kan., Feb. 5, 2015 /PRNewswire/ -- Lockton Affinity, the affinity program management division of Lockton Companies, has selected Beazley Syndicates at Lloyd's of London as the professional underwriting carrier for its national Registered Investment Advisor (RIA) Liability Program, which provides US investment advisor firms with robust, tailored commercial insurance solutions. Lockton is the world's largest privately held, independent insurance broker.
"Lockton Affinity's new alliance with Beazley Syndicates at Lloyds of London will provide registered investment advisory firms nationwide with the industry's premium professional liability solution," said Joe Ziegler, Chief Operating Officer for Lockton Affinity. "This partnership will not only strengthen the strong trading relationship we currently enjoy with Beazley, but most importantly, it will provide today's RIA professional a superior insurance product that has the flexibility needed to fill many of the coverage gaps that currently exist."
Serving more than 1,700 accounting and financial professionals has helped mold the Lockton Professional RIA Program. Underwritten by Beazley, RIA firms may purchase the following coverages through the program:
- Cyber Liability and Network Security protection
- Affirmative ERISA Fiduciary coverage with the ability to supplement group/master broker dealer policies
- Deductible credit incentives for use of engagement letters and/or alternative dispute resolution
- Flexibility to cover employee benefit consulting, tax and bookkeeping, and TPA services on one policy
The program also includes an array of practical risk management resources focused on helping investment advisors understand their exposures, protecting them from any possible legal implications.
"In prior years, we have worked closely with Lockton Affinity's Jeff Jacobs and Tom Schrandt who are both true experts and well-respected within the industry," said James Eaton, Head of Global Private Enterprise at Beazley. "Knowing the difference they make for clients made our decision to enter into the relationship very easy. By teaming with Lockton Affinity and providing this new customized offering for RIA firms, clients will have a resource with quality solutions, an enormous team of experts, and financial strength like never before."
About Lockton Affinity
Lockton Affinity, LLC is a part of Lockton, the world's largest privately held independent insurance broker based in Kansas City, Missouri. Since 1987, Lockton Affinity has designed insurance programs to meet the dynamic, specialized needs of affinity groups, franchises, professional organizations, and associations of all sizes.
About Beazley
Beazley Group is a specialist insurer with more than 25 years of experience in providing clients with the highest standards of underwriting and claims service worldwide. Through our Lloyd's syndicates and service companies, we are licensed to trade surplus lines insurance and reinsurance in the US and in over 65 territories worldwide. All our insurance businesses are rated A (Excellent) by A.M. Best.
At Beazley, we know there is no such thing as a standard professional liability risk. We offer specialized professional liability coverage and rapid, responsive service. Our private enterprise team is comprised of industry professionals with in-depth specialty lines insurance expertise. We have also invested heavily in claim support to offer our clients a highly proactive service in the event of a claim.
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SOURCE Lockton Affinity
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