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National Union introduces hedge fund manager insurance policy

National Union Fire Insurance Company has introduced a new policy to protect hedge fund managers and directors against liability exposures and litigation. 

The new Hedge Fund Protector policy from National Union, part of American International Group (AIG), covers directors' and officers' liability, partnership liability, managing member liability and professional liability insurance specifically tailored for hedge funds.
According to the Hedge Fund Association, hedge fund assets have grown at an average rate of 20 per cent each year over the last five years and represent a USD 875 billion industry. Ongoing growth combined with a number of recent high-profile fraud cases involving hedge funds has led to greater industry-wide scrutiny of hedge fund managers. Moreover, in February of 2006, the majority of hedge fund managers will be required to register as investment advisors with the Securities and Exchange Commission.  
'In the past three years, interest in D&O and E&O coverage for hedge funds and fund managers has increased tremendously,' say Scott A Meyer, president, National Union's Financial Institutions Group. 'However, we estimate that less than 30 per cent of hedge funds are protected by this type of coverage. National Union's deep expertise in providing financial institutions with risk management solutions, places us in a unique position to serve the hedge fund market.'

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