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Iron Cove Partners – Best Global Insurance Provider

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Iron Cove Partners (ICP) is a leading full-service national insurance brokerage firm serving the financial services industry. Headquartered in Garden City, Long Island, ICP is a trusted advisor with decades of experience and over 150 Hedge Funds as clients. ICP provides cutting edge brokerage and consulting services to some of the globes largest financial institutions.

The company provides the full spectrum of insurance products and services including Employee Benefits, Commercial Property and Casualty, Transactional Insurance as well as Private Client, Life Insurance and Estate Planning.

It specialises in meeting the unique insurance demands across all areas of the financial services industry including: investment advisers; hedge funds; private equity funds; mutual funds; broker-dealers, and investment banks.

Decades of experience in placing and negotiating complex financial institution risks, coupled with a vast array of benchmarking data enables ICP clients to make educated decisions around adequacy as well as select a programme that is in line with their peers.

“Our Hedge Fund Insurance Services team is constantly looking to find ways to improve and increase the level protection for our clients,” comments Louis D’Agostino (pictured), Senior Vice President. “On a continual basis we survey the markets in an effort to determine how the market is addressing some key and pivotal coverage issues. This market intelligence, coupled with our long-standing relationships, enables us to negotiate the most competitive terms and pricing available for our clients at time of initial placement or to expand coverage annually at renewal.”

The firm employs a proprietary 4-step Iron Cove Process: Learn, Educate, Empower and Protect. 

The first step involves determining what is unique about each client’s organisation and learning about its intricacies. “It is imperative that we ask the pertinent and relative questions that are specific to their business. In doing so, we identify all of the risks specific to their business and are well positioned to provide a robust risk management solution,” states D’Agostino.

Secondly, ICP provides all clients and prospects with a high level of advice and consultation around the various insurance contracts specific to the asset management industry. 

“Thirdly, by educating our clients we empower them to make well-informed decisions regarding the various liability exposures and risks their organisations face. Lastly, our proposals and advisory work provided during the process allow our clients to make informed and educated decisions regarding insurance protection.”

The level of coverage that a hedge fund might look to put in place will very much depend on where it is in its business cycle i.e. a start-up/emerging manager versus an established manager. That said, all firms must carry the standard business lines of coverage such as Employee Benefits (or PEO Solution) and/or Office Insurance. 

“The more established managers or larger start-up funds would carry Management & Professional Liability (D&O/E&O), Executive Benefits such as Key Person Life and Disability as well as Fidelity and Cyber protection,” explains D’Agostino. “In order of greatest concern to least concern, hedge funds are most interested in insurance products that address the transfer of regulatory risk, investor risk, the ever-increasing cyber risk and general business risk. The policies we procure on behalf of our clients address all of the above and the uptake is specific to their circumstance and risk appetite.”

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