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Managing general agency Protx Risk Management L.L.C. has introduced Bancshield+, a portfolio of professional liability products for U.S. community banks, the Princeton, N.J.-firm said Thursday.
The portfolio includes directors and officer’s liability, employment practices liability, fiduciary liability, bankers professional liability, including lenders liability, cyber liability, excess liability and fidelity bond coverage, said Protx, in a statement.
Protx president Michael Whitbeck said the program will be underwritten by Lloyd’s syndicates Antares Underwriting Services Ltd. and the Barbican Group.
Mr. Whitbeck said the MGA is targeting $5 million on a per coverage basis, with aggregate policy limits of up to $10 million.
Protx Chairman Robert L. Hitch said in the statement that there are about 7,000 community banks in the U.S. with more the 50,000 locations, which account for about 96.6% of all U.S. banks. He said these target banks have assets ranging from $100 million to $10 billion.