First product for start-up Protean
Start-up Protean Investment Risks (PIR) is targeting hedge fund investors with the launch of its first product.
The product is designed to protect hedge fund investors from losses resulting as a direct consequence of a fraud perpetrated by a manager or other employee of a hedge fund.
It is claimed the product, which will be distributed through brokers, is the first of its kind.
Catlin and Great Lakes Reinsurance, part of Munich Re, are the lead underwriters.
Potential clients include fund of funds, family offices, pension funds, educational establishments and high net worth individuals. Protean is able to cover funds wherever they are located globally.
Protean Investment Risks was formed last year by former Dual Corporate Risks director Nathan Sewell.
Protean was developed over an 18-month period, following in-depth discussions with hedge fund investors and advisors.
Sewell, Protean Investment Risk's managing director said: “Discussions with a variety of hedge fund investors led to the genesis of this product and we have encountered a strong appetite for a policy of this kind – particularly as currently nothing like it is available in the industry.”
“Today we have a product which I truly believe to be unique and unrivalled, making the culmination of the 18-month build period worthwhile. We look forward to establishing the product in the coming year as an essential policy for all hedge fund investors.”
