From Fintech to a growing online banking category, to mergers and acquisitions, the financial industry is going through dynamic change. Sophisticated and future-facing risk management programs are needed to meet this new, ever-changing landscape. Gallagher’s Financial Institutions practice is ready to assist, with insurance, risk management and consulting solutions proven to lower your total cost of risk. No matter the challenge, Gallagher will help you be ready to face the future with confidence.

Financial institutions: Stability in a sea of change

Mergers and acquisitions, evolving technology and workforce turnover, the financial industry is constantly facing an unrelenting pace of change. From government oversight and economic headwinds to demographic changes, there are many outside factors that can affect your organization. We can help. Gallagher has cultivated a practice built on a sound understanding of the entire range of financial services from regional banks to fintech companies and global hedge funds. Whether you are looking to conduct an insurance policy review or improve your overall employee retention, our financial institutions industry expertise combined with data and analytics tools help close gaps to minimize your operational risk. A sample of our financial services customers include:

  • Community, regional, super-regional, national and global banks
  • Credit unions
  • Broker-dealers
  • Asset and wealth management firms
  • SPACs and DeSPACs
  • Private equity and portfolio companies
  • Hedge funds, mutual funds, ETFs and other funds
  • Insurance companies/MGAs/MGUs
  • Investment banks and advisors
  • Fintech companies
  • Crypto and digital assets
  • Mortgage banks and brokers
  • Trust companies
  • Other financial services firms

Serving financial industry risk management needs

As members of the insurance community, we are also part of the financial industry. Our underwriters, producers and claims experts are experienced in looking for exposures and risks that may be obscure. This makes us uniquely suited to design customized insurance and risk management programs because we know firsthand how you work and what support you need. Gallagher's financial services risk solutions include:

  • Collateral protection programs
  • Cyber liability
  • Transactional liability, including reps and warranties
  • Mortgage impairment
  • Directors and officers (D&O) liability
  • Professional liability (E&O)
  • Employment practices liability
  • Financial institution bond/crime
  • Fiduciary liability
  • Property and casualty
  • General liability
  • Umbrella /excess liability
  • Lender liability
  • Workers' compensation/employers liability
  • Environmental liability
  • Specialty coverages such as force-placed/foreclosed, plastic card protector, asset-based lending fraud and others.

The best insurance is prevention

Our consultative approach takes into account the kaleidoscope of challenges you face that go beyond risk management. We leverage our global network, benchmarking and thought leadership to ferret out how current trends, regulatory changes and threats can be averted, so you can focus on your institution and servicing your customers. Gallagher supports you with specialized loss control programs, claims advocacy, and a network of expertise that includes:

  • Cyber risk due diligence — an in-depth analysis to assess your cyber risk profile and establish priorities to lower your reputational and cyber risks.
  • Benchmarking analysis — leveraging our best-in-class data and analytics tools we can illustrate how your coverage compares against your peers.
  • Fraud coverage for plastic cards — for our banking customers, this specialized coverage is designed to protect bank cards from fraud, including cyber liability.
  • Claims advocacy — Our claims advocacy team leverages their relationships with carriers for more efficient claims management.

Cultivating a culture of stability and innovation

They say that a good customer experience starts with a positive employee one. At Gallagher, our approach to risk extends beyond simply coverage for liability; we look at your human resources and employee benefits to strengthen your talent as additional protection from loss. With a multi-generational workforce, you are striving to develop a culture that attracts a tech-minded staff who can lead your institution into sustainability. Our dedicated benefits team can provide solutions that help you hire the right people, who can innovate, empathize and inspire. Our services and programs include:

  • Executive health benefits
  • Health and welfare services
  • Healthcare analytics
  • Human resource services
  • Healthcare Reform consulting
  • International benefit services
  • Retirement services
  • Voluntary benefits

The Gallagher Difference

Customized solutions for broker-dealer insurance program

The challenge.

The CEO of an independent securities broker-dealer consisting of approximately 500 registered representatives/financial advisors was concerned about their current E&O program from their generalist broker.

The solution.

We conducted a thorough policy and claims review of this technical placement using Gallagher's CORE360™ approach to evaluating total cost of risk. The team consisted of a claims advocate who is an attorney with technical knowledge of this business.

The result.

The in-depth analysis uncovered overpayments for policies on their two firms, coverage gaps, including selling away coverage, that left them exposed, and assistance with claims completions from the prior policy. We were able to save the client 79% (approx. $300K) on their primary policy. This allowed them to purchase Excess Limits for less than what they paid previously just for primary coverage. Additionally, we worked with underwriters to obtain coverage for the firm which underwriters sometimes do not want to offer. We were also able to obtain additional riders for the Fidelity bond to include issues specific to Broker-dealers.

Financial Institutions Summary

  • Strategies that address current challenges of attraction and cyber attacks
  • Specialized programs for banking institutions
  • Risk management that covers the entire spectrum of financial institutions from payment to hedge funds and Fintech companies

Related Products & Services