Recent risks: Financial institutions

Limit: $1m E&O/D&O
Deductible: $150k

Established in 2021, a start-up venture capital (VC) firm currently has $10m assets under management (AUM). The target fund size is $40m with a focus on female-led technology companies on a pre-seed basis. They are experienced in building companies outside VC hubs, with a diverse team and a strong track record. CFC offered them $1m E&O/D&O on our investment management product which includes cover for the fund.

Limit: $3m E&O/D&O
Deductible: $20k

Established in 2021, a start-up community nonbank lending business offers support to impact organizations and social enterprises. These organizations bring positive social, environmental and cultural benefits to the region. The loans are tailored to the organizations’ projected growth profile and repayment capacity, focusing on shared success. In order to meet the client’s demands and needs, CFC wrote the policy on our FIPI wording.

Limit: $2.5m E&O/D&O/Crime/Cyber
Deductible: $100k

A challenger bank targets SMEs with a product offering of payment, banking, debit and virtual cards services. With an experienced executive team and advisory board, they have gone through significant funding rounds and are forecasting $60m in revenue in the next few years. CFC provided them with the complete package of E&O and D&O, in addition to crime and cyber on our bespoke FinTech product.

Limit: $2.5m E&O/D&O
Deductible: $100k

A fund manager was established in 2018 to help support a local church to provide capital, business advisory and technical assistance for mission-related social businesses. CFC provided $1m E&O/D&O coverage on our tailored
investment management insurance product.