Markel launches InsurtechRisk+ product for insurtech businesses

Rhea-AI Summary

Markel Insurance (NYSE:MKL) has launched InsurtechRisk+, a comprehensive insurance product designed for insurtech businesses. The package offers four key coverage areas with limits up to £10 million: insurance services and technology liability, directors and officers liability, crime, and cyber liability. Available for businesses in UK, Europe, Australia, Asia and Canada, the product includes valuable complementary services like 24/7 business advice, R&D tax advisory, debt recovery support, grant assistance, contract reviews, and a cyber risk toolkit. This all-in-one solution aims to eliminate coverage gaps that could occur with multiple insurers while providing cost-effective protection. The launch responds to evolving cyber threats, particularly those leveraging AI technology, and reflects Markel's commitment to offering proactive risk management solutions beyond traditional post-loss assistance.

Positive

• Comprehensive coverage package combining four essential insurance areas with limits up to £10 million
• Includes valuable complementary services like 24/7 business advice, R&D tax advisory, and cyber risk toolkit
• Eliminates coverage gaps by providing a single-insurer solution
• Addresses modern cyber threats including AI-related risks

Negative

• None.

News Market Reaction – MKL

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+0.14% News Effect

On the day this news was published, MKL gained 0.14%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

LONDON, June 11, 2025 /PRNewswire/ -- Markel Insurance, the insurance operations within Markel Group Inc. (NYSE:MKL), today announced the launch of its InsurtechRisk+ product for insurtech businesses.

The InsurtechRisk+ package contains four insuring clauses – insurance services and technology liability, directors and officers (D&O) liability, crime, and cyber liability and loss cover, which offer protection for UK, Europe, Australia, Asia and Canada domiciled businesses with limits up to GBP £10 million. 

Akin to the organisation's existing FintechRisk+ product, insureds taking out InsurtechRisk+ will have access to various value-add services, including: 24/7 business, legal and employment advice; R&D tax advisory; debt recovery support; grant and funding assistance; contract reviews and a cyber risk toolkit, which are free to use anytime during the policy. 

The four insuring clauses, combined with these value-add risk management services, will help insurtech businesses navigate the complex landscape of cyber threats, crime and financial liabilities. Markel's offering avoids the risk of having gaps in cover through having different policies with multiple insurers, providing a cost-effective, 'one-stop-shop' solution for clients so that they can concentrate on growing their businesses.

Nick Rugg, Head of Fintech and Investment Management Insurance at Markel, commented: "The cyber risk landscape has evolved since we launched our first Insurtech policy, with the emergence of more advanced attacks from threat actors utilising AI tools/technology to infiltrate company networks, impersonate senior personnel and steal confidential data and funds."

He expands: "Our newly created InsurtechRisk+ policy provides superior cover, reflecting the many cyber exposures that insurtech companies face today and our continued dedication to providing bespoke risk management and transfer solutions for our insurtech/fintech insureds, backed by an award-winning claims team.

"Another key goal in launching InsurtechRisk+ is to offer best-in-class cover alongside risk management solutions that go beyond typical post-loss assistance for policyholders. We want to disrupt traditional insurance products as well as how customers view the role of the insurer as only helping clients after an incident has taken place."

Rugg concludes: "I'm looking forward to rolling out this cover for our insurtech businesses, together with the value-add services that have been tailored with their needs in mind."

About Markel Insurance
We are Markel Insurance, a leading global specialty insurer with a truly people-first approach. As the insurance operations within the Markel Group Inc. (NYSE: MKL), we leverage a broad array of capabilities and expertise to create intelligent solutions for the most complex specialty insurance needs. However, it is our people – and the deep, valued relationships they develop with colleagues, brokers and clients – that differentiates us worldwide. 

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SOURCE Markel

FAQ

What is Markel's new InsurtechRisk+ product and what does it cover?

InsurtechRisk+ is a comprehensive insurance package offering four types of coverage: insurance services and technology liability, D&O liability, crime, and cyber liability, with limits up to £10 million for insurtech businesses.

What complementary services are included with Markel's InsurtechRisk+ policy?

The policy includes 24/7 business, legal and employment advice, R&D tax advisory, debt recovery support, grant and funding assistance, contract reviews, and a cyber risk toolkit.

Which regions are eligible for Markel's InsurtechRisk+ coverage?

The coverage is available for businesses domiciled in the UK, Europe, Australia, Asia, and Canada.

How does Markel's InsurtechRisk+ address modern cyber threats?

The policy provides enhanced coverage against advanced cyber attacks, including those using AI tools to infiltrate networks, impersonate senior personnel, and steal confidential data and funds.

What makes Markel's InsurtechRisk+ different from traditional insurance products?

It offers a 'one-stop-shop' solution that combines multiple coverage types with proactive risk management services, eliminating gaps that could occur with multiple insurers.