DALLAS, May 3, 2019 – MarketScout, the national electronic insurance exchange and specialty MGA, headquartered in Dallas, Texas, today announced it has partnered with Capital Shield Insurance Services and Berkley FinSecure on a new embezzlement product called Capital Shield®. The product was developed by Capital Shield Insurance Services and is underwritten by Berkley FinSecure. MarketScout will facilitate national distribution by deploying its MGA Incubator and adding Capital Shield Insurance Services to the MarketScout Exchange.
The Capital Shield® embezzlement product provides insurance protection for victims of investment advisor or fund manager fraud. This unique product has never been offered to insurance consumers until now.
“Capital Shield provides coverage for a heretofore uninsured exposure,” noted MarketScout CEO Richard Kerr. “We are impressed with the policy format and creativity in the development of this coverage. Every retail agent in the country should include Capital Shield in the coverage offerings made available to all of their clients.”
Capital Shield was developed in partnership between Capital Shield Inc and Berkley FinSecure. Together, they bring deep experience in the insurance, investment and technology sectors to offer a solution to help investors protect their money and securities from embezzlement and fraud from registered financial advisors and fund managers.
“Our Capital Shield product helps protect your nest egg in the event of embezzlement by a registered investment advisor or asset manager,” said Sean Missel Senior Vice President and Chief Underwriting Officer of Berkley FinSecure.
“In addition to a fast, defined path to financial recovery, Capital Shield gives our clients peace of mind in protecting their invested assets,” added Berkley FinSecure President Michael Connor. “An individual can purchase insurance to cover most of what they own – with one exception – their investments. We are filling a significant gap in an individual’s risk transfer program – with Capital Shield; one now has an option to protect their most important asset – their money.”
“A few of us have personally experienced embezzlement without the benefit of any of the stolen funds being available for recovery,” said Jim Foglio, President of Capital Shield. “The scammers absconded with everything. We realized as victims, that there is a serious exposure which affluent people have no way of protecting themselves – until now.”
The financial protection of Capital Shield® can cover a portion of or all the risk to individual investors, who typically do not know they are exposed or have a strategy in place to recover stolen funds. With limits available up to $10,000,000, Capital Shield protects one’s money, protects one’s retirement and protects one’s future.
MarketScout is an insurance distribution and underwriting company headquartered in Dallas, Texas. The firm is a Lloyd’s Coverholder and MGA for U.S. insurers. MarketScout owns and operates the MarketScout Exchange as well as over 40 other online and traditional underwriting and distribution venues. MarketScout founded the Entrepreneurial Insurance Alliance (EIA) in 2007 and presents the Entrepreneurial Insurance Symposium (EIS) every September. MarketScout founded the Council for Insuring Private Clients (CIPC) in 2012 and administers the Certified Personal Risk Manager (CPRM) designation in partnership with The National Alliance for Insurance Education and Research. In 2017, MarketScout funded the MarketScout InsurTech (MIT) venture fund to invest in firms utilizing technology to improve insurance distribution and underwriting. In 2018, MarketScout launched its MGA Incubator that provides operational, financial, and accelerated marketing support to existing or new MGAs and Program Managers. MarketScout has offices in Arizona, Arkansas, California, Florida, Illinois, Nebraska, Pennsylvania, South Carolina, Tennessee, Texas, and Washington, DC. For more information, please visit us at MarketScout.com MarketScout.com. California license #0D60423.
About Berkley FinSecure
Berkley FinSecure, a Berkley Company, is dedicated to providing customized, comprehensive insurance solutions and outstanding personalized service to financial institutions. We offer bond, management liability, property-casualty and specialty products for mortgage lenders and trust managers. Our Crime division provides products to commercial organizations, financial institutions and governmental entities. All products are underwritten on behalf of Berkley member insurance companies which carry A.M. Best and S&P “A+” ratings and A.M Best Financial Size Category XV. Products and services are provided by one or more insurance company subsidiaries of W.R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies issued.
About Capital Shield®
Capital Shield Insurance Services, owned by Capital Shield Inc, is based in Fort Myers, Florida, launched Capital Shield in February 2019 as an insurance product underwritten by Berkley FinSecure to cover individuals for embezzlement of their invested assets by registered investment advisors, asset managers or other registered security industry professionals.