What You Need to Know About Financial Institutions Insurance in 2026

By Rebecca Harvey, AG London

4 Minute Read

Part 1 of a 5-Part ProFin Series

Ask most people to picture a financial institution and what springs to mind is a bank, a venture capital firm, or an investment fund.  They aren’t wrong, however, it is just a fraction of the story. A financial institution is any organization that moves money for a living: deposits, loans, investments, or the countless services built on top of them. That definition now stretches from century-old asset managers to venture capital firms, FinTech platforms with no physical branch, and funds that invest entirely in crypto. And the insurance that protects all of them is going through one of its most interesting stretches in years.

Rebecca Harvey, Executive Vice President and Head of ProFin at AG London, sits at the center of that shift. In this first installment of our five-part ProFin series, she walks us through what financial institutions coverage actually protects, why London has quietly become the market to watch, and how a single endorsement is reshaping the way the industry thinks about AI.

Where Financial Institutions Fit Inside ProFin

Financial institutions liability is one of its core verticals within the ProFin division at AG London: a dedicated line of protection for any financial institution. 

That protection is rarely a single line of coverage. It is a stack of coverages that work together. Directors and officers liability provides the board-level protection. Errors and omissions, known outside North America as professional indemnity, covers the institution itself for any mistake it might make, from a trade error to advice on how a fund is valued. Employment practices liability handles claims that arise from wrongful dismissal and fiduciary liability protects against problems with the management of assets (trust, pension, employee benefit plan) . A newer addition to the market is crime and cyber can be bolted on to build an all singing, all dancing policy.

The London Market Today: Stable, Competitive, and Evolving

Different to the commercial market, which can swing hard and react on instinct, financial institutions tend to move at a glacial pace in comparison. “It is a stable market,” Rebecca notes. Rates drift up or down by a few points rather than lurching. That stability is a feature, not a limitation and is driven by the regulation financial institutions embody at the core of their business.

What has changed is the energy underneath it. A wave of new entrants within London has come into the space, and many of them are focused on FinTech platforms , crypto-exposed funds, and blockchain exposure, eager to innovate. The result is competitive pricing and coverage that sits at a high-water mark: broad and constantly evolving  

The through-line is that many of the risks arriving in London now carry AI exposure, so the coverage has to keep evolving. That, Rebecca points out, is exactly what keeps London relevant.

What Belongs in London

Not every risk needs to cross the Atlantic, and Rebecca is candid about that. Run-of-the-mill asset managers and banks usually stay in the domestic market, where they are competitively priced and every carrier wants to write them.

Where London earns its reputation is on the risks that make other insurers hesitate: VC firms, FinTech, funds that invest in crypto. The crypto space in particular has seen real turmoil, and the collapse of FTX left a mark. But many of these funds are heavily regulated, with solid governance behind them, and when a policy is underwritten properly they genuinely belong in the London market. The catch, as Rebecca puts it, is awareness: unless the conversation happens, a risk that would thrive in London often stays put in the domestic market by default.

For agents, that is the opening. A financial institution risk sitting with an American market today may be a much better fit in London than anyone realizes.

What Makes a Great Broker-Partner Relationship

Ask Rebecca what she looks for in a partnership and the answer starts in one place. “Communication is key. Without it, everything falls apart.”

From there, the philosophy is about posture. AG London works as an extension of the retail partner rather than a separate party inserting itself into the deal. When the team brings a risk to underwriters, they lead with the producer behind it, which lets insurers build real rapport over time: this agent again, our second deal together, someone we know.

That approach runs on what the ProFin division calls its three C’s: communication, client first, and consistency. By client, the team means the retail partner. It is backed by concrete service standards. Submissions get a response within 24 to 48 hours, a deadline set with the time difference in mind, and the team pushes its own insurers to turn work around quickly because they want to win the business too. The goal, in Rebecca’s words, is to leave no reason not to use London.

A First Look at What’s Coming

AG London is in the process of launching its own financial institution crime form. Without getting ahead of the launch, the shape of it speaks to where the market is heading: full-limit social engineering coverage, often sub-limited in the domestic market, plus specific digital asset coverage built for an evolving landscape, broad extensions, and very few exclusions. The unique pieces, Rebecca notes with a smile, will have to wait until it is live.

This is the first article in a five-part ProFin series. In the next installment, we take a much closer look at the coverage that sits at the heart of nearly every financial institutions program: Directors and Officers liability, what it protects, and why it is rarely as simple as it sounds.

Financial Institutions We Serve

• Banks
• Asset Managers
• Funds
• Venture Capital Firms
• FinTech Platforms
• Online / Digital Banks
• Crypto-Exposed Funds
• Mortgage Brokers
• Insurance Companies

For a full overview of AG London’s Financial Institution capabilities, please click here.

If you have a risk you’d like to talk through, reach out directly. That’s what we’re here for.