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Sompo International Holdings Ltd. said Thursday it is introducing a Management Assurance Policy in the U.S. that expands its primary professional lines insurance coverage for private companies to include commercial crime and cyber liability risks.
Up to $25 million in capacity is being offered for each line of business, according to a spokeswoman for the Pembroke, Bermuda-based insurer.
Sompo said in its statement that the new coverages are in addition to the company’s private company directors and officers liability, employment practices liability, fiduciary liability and professional liability coverages.
Sompo said MAP’s modular format gives private companies the ability to customize their coverage selections in a single policy tailored to their risk profile.
It said the product, which is admitted in most U.S. states, targets private companies in all industries, not-for-profit entities, health care organizations and professional service firms.
Berkley Professional Liability LLC said Tuesday it is offering a primary private company management liability policy.
Japan-based insurer Sompo Holdings, Inc. has partnered with Kenya-based digital foreign-exchange platform BitPesa Ltd. to use blockchain to conduct financial transactions across countries, Forbes reported. Sompo Holdings said that the partnership would help the insurer to reduce payment processing time and reduce the costs of conducting international transactions.