Funding Circle | May 27, 2022
Funding Circle, one of the most popular online small business loan platforms in the United States, has launched a new program for BancAlliance, a network of over 325 community banks, in which participants can buy a diversified pool of interests in small business loans originated on Funding Circle's platform. With this new idea, the community banks that are part of BancAlliance can invest in Main Street businesses in a more efficient and cost-effective way.
“Funding Circle is delighted to launch this program for the BancAlliance network. Leveraging our world-class tech capabilities and small business underwriting expertise to work with traditional financial institutions, namely local and regional banks, is central to our commitment to finding the best ways to meet the funding needs of small businesses.”
-Vipul Chhabra, Managing Director of Funding Circle U.S
They were pleased to announce the launch of the Funding Circle loan program and look forward to providing their member banks with the opportunity to purchase a diverse portfolio of small business loans, demonstrating their commitment to expanding small business access to working capital.
“Community banks have long been powerful supporters of small businesses, and this program with Funding Circle will provide members new ways to grow that core value of community banking.”
-Lori Bettinger, President of BancAlliance
Local and regional banks are invited to attend a BancAlliance webinar on June 6, 2022, to learn more about using Funding Circle's platform to supply crucial finance to small businesses.
Penta | May 30, 2022
Cyber security is becoming a must-have for enterprises of all sizes in today's interconnected world. Both large and small businesses need comprehensive security solutions to protect them from threats that are becoming more complex and widespread.
Businesses are increasingly employing and being exposed to a wide range of apps, networks, devices, and terminals, which increases the complexity and opportunity of security breaches. Cybercrime impact can be felt across data breaches, network and operation interruptions, loss of confidence, and increasing preventative costs, in addition to the financial damage, which reached close to $1 trillion last year.
In this context, cyber security companies are constantly creating new technologies, countermeasures, and defense systems.
"Given the complexity and the opportunity for cybercrime, a robust security management program must be able to mitigate IT risks, anticipate and respond to security incidents, and maintain compliance with rules and regulations. Failure in any of these areas will compromise effectiveness, usually with significant detrimental impact on bottom lines."
-Farhad Khalilnia, CEO of Penta
To introduce Security Information and Event Management (SIEM) systems as part of any effective Security Operation Center, security organizations use a combination of information and event management solutions (SOC). SIEM has been around for a decade, but it has evolved significantly from its original log monitoring function.
It now employs cutting-edge software to continuously monitor and analyze telemetry and logs from IT infrastructure locations in order to spot anomalies and behavioral patterns that could indicate a problem. It collects data from a variety of sources and formats, and it can be handled either internally by IT security teams or externally as a service.
In addition, IT risk solution portfolios must now cover a comprehensive spectrum of services, including governance, regulatory, and compliance requirements, as well as a host of complementary services such as policy development, insurance support, training and awareness, monitoring, and reporting, all based on thorough audits and assessments. The aim is to determine the optimal cost-benefit ratio that aligns with organizational needs in order to address real-world threats. Penta Sentinel, for example, aims to identify this sweet spot.
Aspen | July 21, 2022
Counterpart, the management liability insurtech, announced the launch of its Excess insurance product for small businesses. Backed by Aspen, the Excess policy is another offering to support small businesses in a time of heightened litigation.Counterpart is the first management liability provider to utilize proprietary data and cutting-edge technology in response to the increasing settlement and legal expenses, which can easily bankrupt a small business. Claims expenses have spiked in recent years due to plaintiff friendly legal environments and unrestrained legal fees.
This product was built in response to overwhelming demand from Counterpart’s broker partners, including David Alferez, Director, CRC Group, who commented: Counterpart has been an incredible partner of ours and is once again stepping up to support our team and our clients. We are eager to leverage another one of their best-in-class products.
Counterpart offers Excess insurance on Directors and Officers, Employment Practices and Fiduciary Liability, with a maximum limit of $3 million. Backed by Aspen’s financial strength, the offering will be available for small businesses with less than 250 employees and less than $250 million in revenue and total assets through Counterpart’s wholesale broker partners.
“Counterpart has created a compelling and unique offering for small businesses. We’re pleased to further develop our relationship and are excited to support what we see as a natural extension of an already successful management liability product line,”
-Zac Clammer, Executive Vice President, Management Liability, Aspen Insurance.
We always operate with the best interest of our customers and Excess insurance has been a real pain point for them over the years due to decreasing limits and coverage,” said Mike Levins, Head of Insurance at Counterpart. “Excess insurance is the most requested product from our brokers, and we have worked closely together to design a product that addresses their wants and needs. This is just the beginning of what we are looking to do together with our insurance carrier partners to grow the breadth of our management liability products and services.
Counterpart is a management liability insurance platform for the 21st century workplace. The company applies the most advanced Directors & Officers, Employment Practices, and Fiduciary rating systems in the industry to measure risk more efficiently while requiring less information from the broker and applicant. Counterpart’s underwriting is complemented by a suite of products and services that help brokers and insureds proactively manage exposures throughout the term of the policy. For more information, visit yourcounterpart.com.
About Aspen Insurance Holdings Limited
Aspen provides reinsurance and insurance coverage to clients in various domestic and global markets through wholly-owned subsidiaries and offices in Australia, Bermuda, Canada, Singapore, Switzerland, the United Kingdom and the United States. For the year ended December 31, 2021, Aspen reported $13.8 billion in total assets, $7.6 billion in gross reserves, $2.8 billion in total shareholders’ equity and $3.9 billion in gross written premiums. Aspen's operating subsidiaries have been assigned a rating of “A-” by Standard & Poor’s Financial Services LLC and an “A” (“Excellent”) by A.M. Best Company Inc. For more information about Aspen, please visit www.aspen.co.