From fintech and a growing online banking category to mergers and acquisitions, the financial industry continues to go 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.

Helping financial institutions offer stability in a sea of change

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The financial industry constantly faces an unrelenting pace of change. From government oversight and economic headwinds to evolving technology and workforce turnover, many outside factors and trends 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're looking to conduct an insurance policy review or improve your organization's overall employee retention, our financial institutions industry experience and knowledge — combined with our data and analytics tools — helps close gaps to minimize your operational risk.

Serving a diverse range of financial services companies

We believe in establishing deep, personalized and relevant partnerships with our clients, embracing the varied perspectives and challenges wherever they operate. We work with companies of all shapes, sizes and risk appetite, including:

Banking and lending

  • Community, regional, super-regional, national and global banks
  • Credit unions
  • Mortgage banks and brokers
  • Trust companies
  • And like companies

Investment and asset management

  • Broker-dealers
  • Asset and wealth management firms
  • Hedge funds, mutual funds, exchange-traded funds (ETFs) and other funds
  • Investment banks and advisors
  • Private equity firms
  • And like companies

Insurance and risk management

  • Insurance companies
  • Managing general agents (MGAs)
  • Managing general underwriters (MGUs)
  • Insurance agents and brokers
  • And like companies

Innovative and emerging financial services

  • Special purpose acquisition companies (SPACs) and DeSPACs
  • Crypto and digital assets
  • Fintech companies
  • Insurtech companies
  • And like companies

Customized solutions for the financial industry's risk management needs

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As members of the insurance community, we are also part of the financial industry. Our underwriters, producers and claims professionals 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:

  • Cyber liability
  • Directors and officers liability (D&O)
  • Professional liability/errors and omissions (E&O)
  • Financial Institution bond/crime
  • Employment practices liability
  • Fiduciary liability
  • And more
  • Property
  • General liability
  • Commercial auto liability
  • Umbrella/excess liability
  • Inland marine
  • Workers' compensation
  • Environmental liability
  • And more
  • Transactional liability/representations and warranties
  • Mortgage impairment
  • Force-placed/foreclosed
  • Plastic card protector
  • Asset-based lending fraud
  • And more
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Global resources for innovative, comprehensive solutions and support

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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 discover how current trends, regulatory changes and threats can be averted, so you can focus on your institution and servicing your customers.

That leverage includes maximizing the resources of our London-based Specialty team to gain access to the London insurance market (including Lloyd's of London), Bermudian and international insurance markets. These markets allow clients access to coverage that might not be available in the US. Clients also can take advantage of the London team's advice, design and execution services for a wide range of standard and tailored financial lines products, addressing the broad range of crime, professional liability and managerial liability risks faced by financial services businesses from around the world.

The combination of capabilities and tools means Gallagher supports you with specialized loss control programs, claims advocacy and a broad network of resources that includes:

Success story: 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 included 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 saved the client 79% (approximately $300K) on their primary policy, allowing them to purchase excess limits for less than they paid previously for primary coverage only.
Additionally, we worked with underwriters to secure coverage for the firm, which underwriters sometimes don't want to offer. We also obtained additional riders for the fidelity bond to include issues specific to broker-dealers.

HR and benefits solutions to cultivate a culture of stability and innovation

People around table

The widespread sentiment in business and management circles is that a good customer experience starts with a positive employee experience. This sentiment also holds true for the financial services industry.

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're striving to develop a culture that attracts a tech-minded staff who can lead your financial institution into sustainability.

Our dedicated benefits team can provide solutions that help you hire people who can innovate, empathize and inspire. Services and programs we offer include:

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

Supporting financial institutions with risk management for your needs

As your partner, Gallagher's Financial Institutions team is here to help assess and mitigate the risks that affect your business, both directly and indirectly. Our team collaborates with you, analyzing your business as well as your insurance program to develop strategic options that lower your total cost of risk. No matter what challenge you're facing, we'll help you be ready to face the future with confidence.

Meet the Financial Institutions leaders

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

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