Tokio Marine Kiln, a global provider of specialist and corporate re/insurance, has partnered with Aon and several other Lloyd’s syndicates in establishing a new $100 million intellectual property facility.
Led by TMK the facility is to offer tailored cover for businesses of all sizes and will help protect against a wide range of infringement liability risks, initially in the U.S., the UK and Europe.
Ian Lewis, Intellectual Property underwriter at TMK commented, “Growing recognition that IP is not only an important asset but, for many businesses, their most valuable one, is driving demand for IP protection.”
The initiative is one of the first for IP in the London market and one of several unveiled by TMK so far this year to meet a rising global demand.
“The market has reached a turning point, with strong demand being further propelled by recent high-profile court settlements, companies being acquired solely for their IP and impending legislative changes to IP enforcement,” added Lewis.
“As the world changes, so our clients’ risks evolve. It is critically important that insurers develop products which mitigate the new risks our clients are facing.”
Lewis Lee, Chief Executive Officer (CEO) of Intellectual Property Solutions at Aon, said, “Managing both the value creation opportunity afforded by IP and the downside risk mitigation is critical. Yet, capacity restraints, coverage limitations, high retention and co-insurance requirements mean clients often struggle to obtain adequate protection.”
“This latest offering in our suite of integrated IP capabilities brings a holistic approach to IP. It utilizes patent litigation analytics, predictive modelling techniques, risk mitigation and innovative distribution strategies to help clients build and protect a valuable IP portfolio while minimizing risks.”