LETTER TO BROKERS. Today we are launching Reputation Risk Solutions Limited:

Transcription

1 LETTER TO BROKERS Today we are launching Reputation Risk Solutions Limited: We are a new and unique independent specialist Reputation Risk Insurance Intermediary. We believe Reputation Risk Insurance is a high growth market. We offer bespoke Reputation Risk Insurance policy wordings. We bring together expertise from the insurance broking, specialist legal and corporate communications fields The market for Reputation Risk Insurance and related service products is estimated to grow dramatically over the next few years and could reach over a 1billion in premium and fees in the UK alone. However, the market is currently highly underdeveloped with only a handful of underwriters involved. In what is a complex and constantly developing arena, there are no specialised intermediaries who are properly able to assess, understand and provide solutions for clients. This is about to change with the launch this week of Reputation Risk Solutions Limited (RRSL). RRSL is an independent specialist Reputation Risk Insurance Intermediary that trades under the COBRA Group as an Appointed Representative allowing Brokers, who have COBRA agencies, access to its placing services and expertise. RRSL s market offer is unique in three ways: 1) RRSL brings together expertise from the insurance broking, specialist legal and corporate communications fields. This combined expertise means that the quality of the assessment and understanding of the reputation protection and insurances required by any given client is unrivalled benefitting the client, the client s Broker and, ultimately, underwriters as well. This means that the premiums for the Reputation Risk Insurance product can be fairly priced and that the cover provided is tailored to the client s specific risk profile.

2 2) Once a Reputation Risk Insurance Policy is incepted, RRSL provides immediate 24/7 access to best of breed reputation risk management advice and access to the reputation mitigation services provided by underwriters if a crisis event occurs. 3) RRSL is independent, which means we work with the most suitable specialist insurance providers to provide the most competitive insurance products. This includes those in related areas for the protection of intangible assets such as Intellectual Property (IP), Cyber Liability and Technology & Media. Companies that we believe will particularly benefit from RRSL s expertise and services include: Fast growth companies lacking the internal capability and capacity to assess and respond to a reputational crisis. International companies with complex supply chains (often operating in emerging economies). Companies facing challenging environmental issues. High growth companies expanding into new international markets. Private equity backed, venture capital, and pension fund backed companies with direct and indirect reputation risk. RRSL aims to become market leader in this profitable sector offering unique expertise and the best Reputation Risk Insurance products available in the market. I would be delighted to talk to you if you are interested in finding out more. Kind regards Paul Wishart Director of Broking

3 Founder Biographies Paul Baverstock, Director; Business Development Paul is co-founder and partner at Fortitude Partners Limited, an advisory firm at the cutting edge of sustainable business communication strategy and reputation risk management. He is a widely known reputation risk management strategist, adviser and campaigner with deep experience of helping global private sector clients and international governments manage complex and often controversial global reputation challenges. His work has spanned advising the International Oil & Gas Producers in the wake of the Gulf of Mexico disaster, to advising a Big 6 energy company on the reputation risk of biofuels, to guiding the late King and Prime Minister of Tonga through a transition to democratic government. Paul holds a Bachelor of Arts from Harvard University and a Master s in Public and Private Management from the Yale University School of Management. Robert Nuttall, Director: Marketing & Service Provision Robert is co-founder and partner at Fortitude Partners Limited, an advisory firm at the cutting edge of sustainable business communication strategy and reputation risk management. He is a Corporate Responsibility and Sustainability reputation risk management pioneer. He s built his career helping leaders and companies recognise and leverage the value of corporate responsibility and sustainability activity to drive reputational and commercial advantage, deliver meaningful stakeholder engagement and manage reputation risk. Robert holds an MBA from Cranfield School of Management and is a Fellow of The Royal Society for the encouragement of Arts, Manufactures and Commerce. Darren Hanison, Director; Legal and Claims Darren is a Partner and Head of Cyber, Technology, Media & Entertainment at Goldberg Segalla Global LLP, the international corporate and insurance law firm. With more than two decades of experience, Darren is recognized as an industry leader in managing specialty claims including those involving all aspects of professional liability, directors and officers liability, errors and omissions and all other financial lines. He has extensive knowledge of the London Market and the global reinsurance market, and acts on behalf of some of the world s largest insurers and purchasers and providers of reinsurance. Darren has considerable experience of defending claims made against IT, Media and Entertainment professionals relating to the supply of services and issues surrounding Intellectual Property, Data and other Security Breaches, and advising insurers on the coverage issues that arise. He also has a strong track record of providing specialist and commercially focused advice to technology, media and entertainment related clients ranging from artists, writers, producers, media and technology enterprises, to established industry organisations. This

4 expertise covers all contractual and intellectual property rights, reputational risks, data protection contingency covers and recovery related issues. Paul Wishart, Director; Risk Placement, Broker Relations and Compliance Paul is Managing Director, COBRA Special Risks. He has many years of experience working in the London Market, placing business with Lloyd's Syndicates and Company Insurers, and also handling claims. His background has been predominately in professional indemnity insurance, but he also arranges Directors and Officers (D&O) cover, crime (including computer crime), packages for financial institutions (PI, D&O, and Crime), cyber insurance and tech E&O. Additionally, Paul places intellectual property (IP) risks.

5 Additional Information 1.Levels of Indemnity Available Standard Annual Aggregate Limit of Indemnity up to 10m. Bespoke Annual Aggregate Limit of Indemnity up to 100m. Co-insurance to help lower the premium. Full worldwide cover for UK domiciled clients. 2. Insurance Triggers Reputation Risk Insurance policies can be fully tailored, reflecting specific named events or critical scenarios pre-agreed between the underwriter and the client. Therefore the cover provided can be tailored to the client s individual risk profile. Reputation Risk Insurance policies can also be activated by an event triggering one of the client s other insurance policies. 3. Pre Crisis Event Preparedness Risk assessment Issues and Crisis Audits Crisis planning and training 4. Post Crisis Event Marketing communications Global media management including print, radio and TV Advertising (i.e. for a product recall) Public Affairs and government relations counsel Social media campaigning Insight Polling and market research Online reputations Intelligence Other specialist services Risk Management and compliance Media law Security Scientific testing 5. Crisis Management Consultant The client selects the crisis response partner they wish to work with in the happening of a crisis event and this is written into the Reputation Risk Insurance policy. This partner can either be the communications

6 consultant/agency currently retained by the client (subject to the approval of the insurer) or one selected from a list provided by the insurer.