Crown Jewel Insurance, an insurtech and Lloyd’s Coverholder, has secured three additional re/insurance organisations to support its breakthrough trade secret insurance policy known as Crown Jewel Protector.
The re/insurers, Apollo Syndicate Management Limited, Tokio Marine Kiln Syndicates Ltd, and Greenlight Reinsurance Ltd., will each provide insurance capacity alongside Chaucer for clients who qualify for the coverage.
Launched earlier this year, Crown Jewel Protector is the first in the market to offer protection for the potentially huge loss in value that a company can suffer if its trade secrets were to be stolen and made public or leaked to a competitor.
Brokered by Acrisure London Wholesale, the policy offers up to $16 million in capacity, and also gives retail brokerages the opportunity to leverage their market relationships to obtain excess limits for qualified clients.
Mary Guzman, CEO and founder, Crown Jewel, commented: “With evolving regulations, including new 8-K disclosures required by the U.S. Securities and Exchange Commission, along with the roll-back of protections available under non-compete agreements and accelerating cyber threats, more businesses are focusing on understanding, valuing and protecting their trade secrets. The participation of these three prominent reinsurers along with Chaucer will help Crown Jewel Protector meet the needs of the growing number of firms now seeking this coverage.”
Hayley Budd, Class Lead Innovation, ibott 1971, said: “We are pleased to support Crown Jewel as one of the first risks we have written under the Apollo ICX Innovation Consortium. IP-rich companies need to protect their most valuable assets, including their trade secrets, to maintain their competitive advantage. Crown Jewel are not only plugging a protection gap with their innovative product, but an education gap, too.”
Rob Jarvis, head of Innovation, Tokio Marine Kiln, added: “As a market leader in IP insurance, TMK is delighted to partner with Crown Jewel, another company at the forefront of developing protection for intangible assets.”
Laure Kearns, Active Underwriter, Greenlight Re, stated: “As a dedicated innovation syndicate at Lloyd’s, Greenlight have continuously supported innovative products; we are pleased to be working with Crown Jewel and collaborating with other market-leading syndicates at Lloyd’s.”
Craig Curtiss, senior class underwriter, Chaucer, commented: “Chaucer is delighted to be joined by a number of prestigious markets in this insurance industry first. Crown Jewel Protector fills a real gap in the market which we are confident will be highly sought after by listed companies and mid-market enterprises alike. This will be a huge benefit for all businesses, but for those that would not be able to afford litigation should their trade secrets be misappropriated, it has the potential to be transformational.”
