Garden City, NY – September 5, 2017– Iron Cove Partners, a leading national insurance brokerage specializing in the needs of the alternative asset management community, today announced the launch of its newest insurance product, the Iron Cove Hedge Fund Select Policy, made possible through a new partnership with a leading Lloyd’s Cover Holder and Financial Services Syndicate.
Iron Cove’s partnership with Lloyd’s allows the firm to offer the cutting-edge insurance product in exclusivity. “I am excited by the opportunities the new partnership offers,” noted Iron Cove Vice President, Gregory C. Sibilio. “Our new facility addresses the full range of liability exposures for our hedge fund and private equity clients under one policy form, and our manuscript policy provides the broadest definition of a ‘claim’ available in the industry, not to mention the availability of Employment Practices Liability and Cyber Crime offerings. Our product makes the decision to buy insurance easy for any alternative asset management firm.”
After taking a client survey during a recent Cyber Webinar, the company noted that 51% of respondents said that loss of customer capital was the biggest concern specific to a cyber breach. “The survey was quite telling,” said Iron Cove CEO Lou D’Agostino after tabulation was complete. “Our Iron Cove Hedge Select Policy form includes coverage for Social Engineering specifically to address this concern. Creating our own, exclusive Lloyd’s facility for hedge funds gives us a tremendous advantage in the marketplace. We are now positioned to provide clients with all available options across American and European insurance markets, ensuring the due diligence hedge fund managers deserve.”
“Our claims staff has handled some of the largest financial services claims in history, including those stemming from SEC enforcement and DOJ proceedings, as well as those surrounding Bernie Madoff,” said D’Agostino. “With seventeen years in the financial services and insurance industry and more than 150 hedge and PE funds relying on our products, we specifically tailored the new manuscript policy with these types of claims in mind.”
About Iron Cove Partners:
Iron Cove Partners, LLC is a full-service insurance brokerage firm, headquartered in Garden City, New York. Employing over seventy-five dedicated insurance professionals across multiple offices, Iron Cove provides the full spectrum of insurance products, servicing more than 150 hedge and PE funds.
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To schedule an appointment or call to discuss the Iron Cove Hedge Fund Select Policy, contact Louis D’Agostino, Principal, Financial Services at (516) 267-6179.