Chubb (CB) Introduces Cyber Insurance Solution In Canada

Chubb Limited’s (NYSE:CB) recently announced that its enterprise-wide insurance solution, Integrity+, will now be available in Canada. The latest policy will protect Canadian companies from errors and omissions (E&O) liability customer lawsuits.

The policy will allow companies to shield themselves from privacy and cyber breaches, intellectual property infringements or other financial injuries caused by their own products or services. Integrity+ is available on a claims-made policy or claims-made and reported policy in Canada. The product is available in the United States as well.

The newly launched insurance policy has been developed for the specific risks faced by technology, life science, advanced manufacturing, healthcare information technology companies, to name a few. The extensible insurance policy has been created to meet clients’ needs and preventing the evolving risks associated with their products or services.

The policy offers dedicated First Party Cyber insurance limits, which will enable the companies to safeguard their liability limits in accordance to their contractual obligations.

Integrity+ also offers First Party Cyber insurance protection for expenses associated with privacy data breach, such as costs for Privacy Notification, Forensics, Remediation and Crisis Management and more. The additional First Party coverages have an insurance limit of up to $0.5 million, with flexibility in case of a loss. These coverages will help to dispense insurance dollars where necessary.

The insurance policy will help companies through E&O Liability insurance as well as protection for destructive programming, cyber liability and First Party Expenses, and intellectual property/disclosure and reputation disparagement. Thus, the insured companies will have the option to select any combination of this unique insurance coverage as well as opt for various policy deductibles and limits.

Chubb’s Cyber team remains committed toward helping companies in prevention of cyber risk attacks and preparing them to respond to actual or potential threats. The newly launched insurance policy will allow clients to access Cyber Response Coaching that will enable them to better manage complex regulatory and legal process owing to a privacy data breach.

Chubb is making strategic initiatives and boosting its organic profile by focusing on cyber insurance, which currently has immense room for growth. The initiatives undertaken by the property and casualty (P&C) insurer are likely to drive improvement and boost the company’s overall results in the long run.

Currently, Chubb carries a Zacks Rank #4 (Sell).

Stocks to Consider

Some better-ranked stocks from the same space include National Interstate Corporation (NASDAQ:NATL) , United Insurance Holdings Corp. (NASDAQ:UIHC) and W.R. Berkley Corporation (NYSE:WRB) .

National Interstate, a specialty property and casualty insurer, delivered positive surprises in two of the last four quarters, with an average beat of 7.59%. The company sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

United Insurance, another P&C insurer, delivered positive surprises in two of the last four quarters, with an average beat of 37.97%. The company holds a Zacks Rank #1.

W.R. Berkley, a P&C insurer, delivered positive surprises in all of the last four quarters, with an average beat of 6.13%. The insurer has a Zacks Rank #2 (Buy).

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