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Specialist insurance broker to fund industry expands into Ireland


Baronsmead Partners, a specialist insurance broker to the fund industry, has opened an Irish division of its business in Dublin. Baronsmead Partners Ireland is the first Irish insurance brokerage to be solely focused on the country's fund industry, working with insurers in the Dublin and London insurance markets.

Although Ireland is a leading provider of services to the traditional mutual fund and hedge fund industries, specialist insurance has not, until now, been fully supported from Dublin. Baronsmead Partners Ireland plans to offer its services to funds, fund managers and the service provider community in Dublin, including law firms, consultants, fund administrators, custodians, and the growing number of independent directors serving on fund boards.

The firm's range of professional risks insurance products includes directors and officers liability, professional indemnity, general partner liability, fund corporate liability, errors and omissions insurance and employee and third party crime insurance.

Managing director Andrew Dillon has 10 years of experience in fund administration for both traditional and alternative fund clients. During his career, he has held senior roles in operations, client services and business development, most recently as a client relationship manager with Northern Trust (formerly Barings Financial Services Group).

Baronsmead is looking to build a significant share of the fund insurance market in Ireland, while also working in partnership with local insurers to develop proprietary wordings to provide clients with the best cover available for their particular business area.

'The ever-increasing complexity and sophistication of funds bring increased risk,' says Baronsmead managing partner Robert Kelly. 'As a specialist insurance broker that understands the nature of these risks, it is Baronsmead's aim to ensure that fund directors, managers and their service providers get the right cover for these risks.

'The Irish market is of great significance to the fund industry as a whole, with more than 7,000 funds with assets in excess of EUR1.3trn being serviced out of Dublin. With this in mind, now is the right time for Baronsmead Partners to establish a dedicated business in Ireland.'

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