The company's new MGA with IP liability solution will feature a primary limit of indemnity of up to $100m (€100m)
UK-based insurance services provider Aon has announced the launch of a new managing general agent (MGA) to underwrite intellectual property liability risks.
Aon stated that the new MGA is expected to meet the changing needs of intellectual property (IP) exposures, especially in a distressed economic environment.
The company has recently appointed Ian Lewis to lead the development of a strong underwriting team and to create a portfolio of innovative risk transfer solutions for IP and other intangible asset risks, which will be offered by the MGA.
Lewis previously worked with Tokio Marine Kiln which supported the IP liability product of Aon
Aon IP Solutions CEO Lewis Lee said: “We are investing aggressively to bring together market-leading experts from the IP world to best serve our client needs.
“Considering the current economic environment, the importance of managing the value creation opportunity afforded by IP and the downside risk mitigation of IP has never been higher, and the timing of Aon’s IP MGA could not be better for our clients.”
The company’s new MGA with IP liability solution will feature a primary limit of indemnity of up to $100m (€100m).
It will include coverage options for third-party infringement defence, including certain litigation costs, damages and loss mitigation. It will offer the coverage that can be underwritten on a comprehensive portfolio or selected products/IP basis inclusive of patents.
The coverage will automatically include suits from competitors, Patent Assertion Entities (PAEs), Non-Practicing Entities (NPEs) and copyright trolls.
The coverage will be available across the world, with territorial and jurisdictional limits. There is also an option for trade secret misappropriation.
In 2018, Aon developed an insurance facility to offer up to $100m for IP infringement liability exposures. The product was backed by Lloyd’s syndicates and led by Tokio Marine Kiln (TMK). Lewis previously worked for TMK.
Aon IP Underwriting Solutions global head Ian Lewis said: “Having worked with Aon’s IP Solutions data analytics, risk modelling and due-diligence teams over the past few years from the insurer side,
“I know that our ability to provide enhanced product solutions, with improved rating supported by robust underwriting, is unrivalled.”