costerobrokstg, Author at Costero Brokers

London, UK – September 27, 2021. Costero Brokers Ltd., a privately held London-based brokerage, recently hires Tom Hughes as Chief Financial Officer. Hughes responsibilities include full oversight of the finance function as well as playing at active role in the planned growth strategy for Costero Brokers.

Hughes trained as a Chartered Accountant at Mazars before holding a number of senior finance roles in the insurance broking space. Most recently he was the CFO of Lloyd’s broker Alston Gayler (2010 to 2019) where after a period of significant growth helped lead the business to a successful sale and integration into Miller Insurance (part of the Willis Group). Between his time at Alston Gayler and joining Costero Brokers, Hughes worked as an interim finance consultant.

“I am excited to be joining Costero Brokers which, with the backing of Heffernan Insurance Brokers, is extremely well placed to embark upon an ambitious growth strategy,” said Tom Hughes, Chief Financial Officer of Costero Brokers.

“We are elated to welcome Tom Hughes to the Costero team, who will play a major role in helping us continue to achieve our financial metrics and help us accelerate our growth trajectory as we navigate through the various challenges of operating in today’s hard market,” said Jamie Webb, Executive Vice President of Costero Brokers.

About Costero Brokers Ltd.

Costero Brokers Ltd., formed in 2017, initially focused on property and professional lines. Costero Brokers Ltd. is now a multi-class focused Lloyd’s of London broker and is looking to expand into additional specialist areas with the hiring of individuals and teams.

Costero Brokers Ltd., a privately held London-based brokerage, is delighted to announce that Bob Beamish has joined as a broker effective September 1, 2021.

For over a number of years, Bob has specialized in Canadian liability and Property business either direct or reinsurance and runs a lineslip for open market Canadian Liability business. He has operated in the Lloyd’s market for many years and is a trusted broker, previously working with a well-respected Lloyd’s Broker.

“I am pleased to be joining a new Broking house and working with a dynamic team of specialists who will complement my areas of expertise and enable cross selling amongst my client base,” said Bob Beamish, Broker at Costero Brokers.

“I am delighted to be able to welcome Bob to Costero and am looking forward to his contribution and working with him,” said Nick Murrell, Managing Director of Costero Brokers. “Bob brings with him broad experience across a number of Insurance disciplines – his main specialism being Canadian Liability business. I am confident he will play a valuable part in the future development of our Canadian portfolio and with our future expansion plans within the Territory and classes of business we intend to offer clients.”

About Costero Brokers Ltd.

Costero Brokers Ltd., formed in 2017, initially focused on property and professional lines. Costero Brokers Ltd. is now a multi-class Lloyd’s of London broker and is looking to expand into additional specialist areas with the hiring of individuals and teams.

London, UK – July 8, 2021. Costero Brokers Ltd., a privately held London-based brokerage, is delighted to announce that Rob Withers has joined as a Divisional Director. Rob will run Costero’s in-house commercial property binder business in the USA effective July 1, 2021.

Rob’s focus is to build out and expand the in-house binding authorities for Coastal Properties which he manages and has specialist knowledge of. He will be assisted by Jack Waskett who has also recently joined the team and will assist with our future expansion.

“I am delighted to join Costero. This will be an excellent fit for all concerned, both in London and throughout the United States,” said Rob Withers, Vice President of Costero Brokers. “I have no doubt going forward this will allow for us to grow together and offer more products to our existing client base whilst continuing to offer our first-class service.”

“Rob has over 20 plus years’ industry experience and I am pleased to welcome him into the team,” said Nick Murrell, Managing Director of Costero Brokers. “His vision and passion in working in the specialist area, which we are looking to expand further and cross sell the Costero client base.”

About Costero Brokers Ltd.

Cyberattacks are on the rise. A report from Deep Instinct shows that malware attacks increased by 358% in 2020. PC Magazine says that phishing attacks also increased around 350%. Hackers are going after businesses, but they’re also going after individuals and families.

Businesses have understood the importance of cyber protection for a while. Now it’s time for individuals to embrace personal cyber protection.

Your Personal Devices Are Under Attack

In 2020, the average household had 10 connected devices, according to Tech Jury.

It’s not just phones, tablets, laptops and TVs. People also have smart security systems, smart thermostats and even smart refrigerators. While all of these internet-connected devices can provide benefits, they can also create security weaknesses. According to Business Insider, a couple in the United States experienced this first-hand when a hacker accessed their smart home system to crank up the heat, play “vulgar” music and talk to them through a camera. Other smart-home users have experienced similar attacks.

As the number of smart devices increases, the need for personal cyber protection also increases.

Your Data and Identity Could Be Stolen

Being terrorized by a hacker sounds bad enough, but it’s not the only way a cyberattack could impact you. Many hackers are after money. They’re looking for financial information and other personal details that could be used to carry out identity theft.

According to the Office for National Statistics, social media and email hacking attacks increased 26% in 2020, while computer virus and malware attacks increased 30%. UK Finance has reported 2.9 million cases of fraud, an increase of 4%. With these increases, people need to be especially vigilant about cybersecurity.

Personal Cyber Insurance and Risk Management Can Help

To stay safe in a world of rising cyberattacks, individuals need to embrace a multipronged approach.

Prevention – Weak passwords, vulnerable networks, outdated applications and a tendency to click on suspicious links open the door for cyberattacks. Strong cybersecurity practices can help prevent cyberattacks.
Monitoring – A hack could expose your data to criminals, putting you at risk for identity theft. Credit monitoring can help you spot any issues as soon as the arise.
Response – If an attack occurs, you’ll need to respond quickly to minimize the damage to your computer systems and financial accounts.

The PerCy Policy

PerCy is the first Personal Cyber Insurance of its type available in the UK. Policyholders gain access to a free personal cyber risk assessment, as well as credit monitoring, data loss recovery, and replacement or repair for personal devices after a cyberattack. The policy also provides mobile banking protection in case unauthorized transactions occur after a mobile phone is lost or stolen, and network extortion protection in case data is held for ransom.

This is a great opportunity for individuals and families to take control. It’s also a good option for affinity groups and employers to consider in their benefits packages.

Interested in presenting this smart option to your clients? Contact us to learn more.

Waiting for a claims payout can be a problem. Parametric insurance can provide the solution. This unique insurance model simplifies the claims process to provide immediate payout.

The Gap in Traditional Coverage

After a loss, insurance helps policyholders recover. Unfortunately, this recovery can take a while. With traditional policies, the adjusting process must occur before the claim can be paid. With minor claims, this may happen quickly, but with more complex claims, the process can drag on. After a disaster, it can take three to four months before the claim is finally paid. That’s three to four months of waiting to get your life back on track.

With parametric insurance, this adjusting process is not needed. In fact, claims can be paid out immediately when a covered event occurs.

How Parametric Insurance Works

In traditional insurance, the claims payout is based on the value of the loss. This means that the claims adjustor has to calculate the loss before the amount of the claim can be determined and the claim can be paid.

Parametric insurance is different. The payout is for a fixed amount. If a triggering event occurs, based on the definitions and parameters of the policy, the fixed amount will be paid out irrespective of the costs of the losses that occurred.

Parametric insurance is best used as an addition to traditional coverage. While it does not replace the need for conventional insurance coverage, it does provide a way to fill in the protection gaps that conventional policies can leave.

A Growing Need and Capacity for Parametric Insurance

Parametric insurance isn’t exactly new. It’s been around for a while now, but its popularity is growing.

Part of the reason may be because major disasters are on the rise. According to the European Environment Agency, disasters in Europe have become more frequent, and they’re causing more damage. Storms and flooding have been the costliest hazards, but extreme temperatures, earthquakes and other geophysical hazards and technological accidents have also taken their toll.

At the same time, data and analytics are improving. For parametric insurance to work effectively, we need reliable models and risk indices. We have those now.

This means that just as the need for new insurance products rises, we have the tools needed to develop these products.

Fill in Your Protection Gaps

Parametric insurance policies are well-suited to a variety of personal and commercial lines, and policies may provide coverage for certain natural disasters as well as agricultural losses and terrorism and cyber events.

At Costero, we have placed parametric products in a wide range of classes, including terrorism and cyber, hurricane, tornado, and dairy farm agricultural. Contact us to learn more.

London, UK – March 3, 2021. Costero Holdings, a privately held London-based brokerage, has acquired Mar Risk Services Ltd. (MarRS) located in London, effective March 1, 2021. Executive Clive Freeman and his team have all joined Costero’s operation, expanding its expertise in the fields of insurance, reinsurance, and claims handling.

MarRS offers insurance advice and access to leading insurance providers both in Lloyd’s and International Markets. The company provides niche and bespoke services including risk management, placement, and a 24/7 claims service.

Clive Freeman will continue with Costero as non-executive director with Stuart Freeman and Seema Pandey heading their respective divisions of energy and marine. James Wright will continue as head of claims and Meg Williamson will coordinate with the Costero accounts division, but focused on the energy and marine customers.

Jack Nicholson, Michael Pomroy, Matthew Martin, and William Freeman will support the broking and production of marine, cargo, liabilities and energy both onshore and offshore plus renewables.

“We are very excited about the new opportunities and additional products that we will be able to offer our clients with a continued emphasis on cost, coverage and most importantly, claims service,” said Clive Freeman, CEO of Mar Risk Services Ltd.

“We are pleased to welcome the team from Mar Risk. Their deep subject matter expertise in the fields of marine and energy will add further to the strength of the Costero team,” said Nick Murrell, Executive Vice President of Costero Holdings. “We look forward to partnering with their existing global client base and providing new solutions across the combined group.”

For more information, contact:

Nick Murrell, Executive Vice President
Phone: +44 (0)207 337 6561
nick.murrell@costerobrokers.com

Jamie Webb, Executive Vice President
Phone: +44 (0)20 8051 5150
jwebb@costerobrokers.com

About Costero Holdings

Costero Holdings, formed in 2017, initially focused on property and professional lines. Costero Holdings is now a multi-class focused Lloyd’s of London broker and is looking to expand into additional specialist areas with the hiring of individuals and teams.

A missed deadline. An unforeseen complication. A miscalculation. One small mistake can snowball into a bigger problem. If this mistake arises in the course of professional services, and if it causes financial loss for the client, a lawsuit might result. For this reason, Professional Indemnity insurance provides essential coverage.

An Insurance Broker’s Perspective

As an insurance broker, you understand how important diligence is. Your clients count on you to provide the information they need to make sound financial decisions. If you fail to advise them of a key issue, they may blame your omission for subsequent losses. Problems can also arise if an error is made on your part. You forget to file an application on time, or you send it to the wrong place. These things happen – but if they result in problems for your clients, these things may lead to lawsuits.

In reality, however, a lawsuit doesn’t even require an error or omission on your part. It just requires the client to perceive that an error or omission has occurred. Hopefully, your diligent recordkeeping will prevent unfounded lawsuits from getting very far, but the defense costs may still be significant.

This is why Professional Indemnity insurance is important. It’s not just important for insurance brokers, however; it’s also important for many of your clients.

Professionals Who Need Professional Indemnity Coverage

Professional Indemnity insurance is appropriate for professionals working in many fields. The following list contains a few examples of professionals who may need Professional Indemnity insurance:

People who manage financial accounts, sell financial products or provide financial advice, such as accountants and insurance brokers.
People who offer expert advice as consultants.
People who offer services in the architectural, engineering, design or construction industries.

This list is by no means exhaustive. If your clients provide professional services or advice to clients of their own, and if an error or omission could result in financial loss for those clients, Professional Indemnity is likely appropriate.

Key Considerations When Purchasing Professional Indemnity Coverage

Professional Indemnity insurance covers a wide range of industry types, and the coverage needed will likely vary from profession to profession. It’s important to look at what’s covered, what’s excluded, and what the limits are.

It’s also important to consider issues of geography and jurisdiction. Today, work is rarely limited to national borders. You might not think twice before accepting an international client outside of the EU. If a lawsuit arises, however, being in a different country – and being subject to a different legal code – can become an issue.

Professional Indemnity insurance may provide coverage for business dealings involving clients in other countries, but there will likely be restrictions. For example, even policies that offer global coverage may exclude certain countries, most notably Canada and the United States. It’s important to read the policy details regarding this carefully and to consider whether additional coverage is needed.

The Insurance Climate

The E&O line is growing rapidly. If you have not been offering this coverage to your clients, now is a good time to start.

“The E&O market is maintaining rate in a number of areas and we are seeing an increase in submissions across multiple disciplines,” says Costero Vice President, Danny Cooper. “The E&O sector has been a key area of growth for Costero over the past year, as we are able to utilise our E&O facility and strong open market relationships to provide solutions to our clients,” he adds.

For guidance and to access coverage from a variety of insurers, contact the Professional Indemnity professionals at Costero Brokers.

London, UK – January 4, 2021.

Costero Brokers Ltd., a privately held London-based brokerage, recently hired Freddie Tyler as Vice President effective January 4, 2021. Tyler’s responsibilities include growing the crisis management offerings including facultative, binder, treaty, and TRIA-wrap products.

Tyler received his bachelor’s degree in Economics and Politics from the School of Oriental & African Studies, University of London, and his master’s degree in International Security and Global Governance from Birkbeck College, University of London, as well as several diplomas. Tyler has an extensive background in insurance, working in the industry for 7 years. Most recently he was an Associate Director at Tysers Insurance Brokers (2017 to 2020).

“I am thrilled to be joining Costero at such a pivotal moment, and building-out the crisis management offering on a global scale,” said Freddie Tyler, Vice President of Costero Brokers. “I very much look forward to working with the team, both in London and the wider Heffernan network.”

“We are delighted with Freddie joining Costero and believe his expertise, experience, and market knowledge will provide clients with a much needed service into today’s market place,” said Nick Murrell, Executive Vice President of Costero Brokers. “As we continue to expand and grow we look to offer a bespoke service globally by making strategic hires.”

About Costero Brokers Ltd.

Acts of terrorism and political violence can occur anywhere. In addition to the toll on the people who live in the region, these events can disrupt businesses and result in major financial loss. Political violence and terrorism coverage exists to mitigate these commercial risks.

The Changing Face of Political Violence and Terrorism

According to the United Nations, we have entered a new era of conflict and violence. The number of war deaths has gone down. That’s the good news. The bad news is that conflict and violence are actually on the rise. Modern conflicts tend to be less deadly, and they often occur between domestic groups instead of occurring between states.

Technological developments have also changed the risks. Biological weapons are easier to obtain, increasing the threat of a biological attack. Drones, 3D printing, artificial intelligence and ransomware all add to the known risks.

The political environment is changing, as well. According to the Insurance Journal, a report from Aon found that “a lack of political consensus” is creating a difficult environment and impacting businesses. Businesses in Europe are having to navigate an increasingly complex security landscape that includes threats to employees, property, investments and supply chains.

In the future, we can expect political violence and terrorism to continue to change as new technologies emerge, the political landscape shifts, and counter-terrorism efforts evolve.

Defining Political Violence and Terrorism

The terms “political violence” and “terrorism” can encompass a wide range of destructive acts, including war, terrorism, sabotage, strikes, riots, biological attacks, chemical attacks, radiological attacks, nuclear attacks, active assailants and more. Political violence and terrorism insurance can provide coverage for both property damage and business interruption associated with these threats. Liability coverage is also available.

To determine exactly what is and is not covered in a specific political violence and terrorism insurance policy, however, it’s important to look at the details of the coverage. Check for exclusions and requirements within the policy and verify that the coverage is sufficient to meet the exposures of the policyholder. For companies with unique needs, look for bespoke coverage options.

Identifying Clients for Political Violence and Terrorism Coverage

In today’s environment, all companies should consider buying political violence and terrorism cover – not just those operating in terrorism hot zones. Multinational companies operating in regions with known exposures are especially likely to need coverage. We also cover residential homes with political violence and terrorism coverage, which are also equally exposed.

Companies that may benefits from political violence and terrorism coverage include, but are not limited to, those operating in hospitality, entertainment, real estate, retail, telecommunications, energy, utilities, finances, construction, transportation and infrastructure.

Protect Your Clients

Just as it’s important to protect your clients from natural disasters like floods and fires, it’s important to protect them from acts of political violence and terrorism. Talk to your clients about their risks and about suitable coverage.

Costero Brokers is here to help you source and deliver the protection your clients need. Contact us to learn more.

In 2017, 72 people died in a fire at the Grenfell Tower in North Kensington, West London. According to the BBC, the fire started in a kitchen on the fourth floor before spreading and destroying the 23-storey tower block. Three years later, the tragedy has resulted in an ongoing legal battle as well as growing insurance challenges.

The Grenfell Tragedy

The BBC says the Grenfell Tower fire occurred after cladding – which turned out to be highly flammable – was added to the walls of the tower to make the building warmer and drier for the residents who lived there. It is possible that no one understood how dangerous the cladding could be before the fire claimed 72 lives, but the Grenfell Tower inquiry has concluded that the cladding was mostly to blame.

Survivors of the Grenfell Tower fire filed a lawsuit in the US against US manufactures over the flammable building materials, alleging that the materials turned the tower into a “flaming coffin”. However, according to Building, a US judge recently dismissed the case, saying it should be handled in the UK. It seems likely that the legal battle will continue.

The Insurance Implications

The Grenfell Tower fire was a massive tragedy for all involved. It has also had wide-reaching implications on property insurance. The Grenfell Tower was not the only building with potentially flammable cladding, and many property owners are now having difficulty securing affordable coverage.

According to Insurance Business, some apartment owners have seen their insurance premiums jump almost 800%. In Peckham, premiums went from £34,000 to £300,000, and in Paddington Walk, premiums went from £130,00 to £690,000. Some insurers are trying to split the risk with other insurers, while others are simply refusing to provide cover.

According to the Independent.ie, some commercial property owners have been denied coverage – possibly even when the cladding products in question are being used in ways that have been approved for safety. One business owner called the issue a bigger threat than COVID.

The insurance implications go beyond property insurance. The Grenfell Tower tragedy has also impacted professional liability insurance in the UK market. Insurance Business reports that many professionals, including architects, surveyors and contractors, have faced rising premiums that could jeopardize future projects, and some professional indemnity policies now have exclusions related to cladding.

This occurs at a time when commercial insurance rates are rising in general. According to XPRIMM, the Global Insurance Market Index shows that global insurance prices increased 20% in the third quarter of 2020. In the UK, the increase was even higher at 34%.

Be Prepared

If you’re working to place a client’s commercial property coverage, start early and let them know what to expect. Costero Brokers can help you overcome many of the challenges you may encounter. Contact us to discover how our tailor-made solutions, steadfast underwriter relationships and passion for “finding a way” can help you succeed.