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Insurance for asset managers / asset managers / liability umbrellas:
Everything you need from a specialist broker

In a world characterized by geopolitical tensions, volatile markets and technological upheaval, asset managers are under immense pressure. Not only do they have to invest wisely and with foresight - they also have to meet complex regulatory requirements and protect their organization against a growing number of threats.

While investors' expectations are becoming more stringent and traditional investment approaches are being questioned, legislators are creating regulations such as the German Securities Institutions Act (WpIG),MiFID II, ESG requirements or - if structured accordingly - international reporting obligations such as FATCA/CRS. In addition, the attack surface for cyber criminals is growing - especially for financial companies with a high level of digital dependency and confidential customer data. We are also seeing an increasing number of liability and performance risks in complex transactions, for example in the area of illiquid assets or buy-out structures.

As one of the dynamically growing specialist brokers in the DACH region, we at Risk Partners support asset managers/investment firms/liability umbrellas with a deep understanding of the industry and tailor-made insurance solutions. We advise both independent asset managers and subsidiaries of banks or insurance companies - always with a view to their individual risk landscape and regulatory requirements.

Our products are specifically tailored to the requirements of e.g. the WpIG and cover the specific risks - from classic financial loss (D&O/E&O through our Risk Partners D&O/E&O Asset Manager Protect) to modern cyber and crime solutions or supplementary criminal law protection for managing directors. Our claim as a quality provider: Insurance at eye level - not off the shelf, but with real strategic relevance. For all those who want to concentrate on what really counts in asset management: Performance, trust and stability.

Our insurers

In order to insure even complex fund constructs, we are in personal contact with all leading risk carriers in continental Europe and the UK insurance market to find innovative solutions that suit your needs.

 
We also benefit from the high quality standards (admission criteria, code of honor) of the VuV - Verband unabhängiger Vermögensverwalter Deutschland e.V. This has enabled us to negotiate special conditions with special insurers for our VuV clients, which take account of the high standards of professional risk management through special cover extensions and premium reductions. If you are a member of VuV, please do not hesitate to contact us about these special conditions.

Structured risk dialog according to four fields:

In a holistic dialog with our clients from the asset manager sector, we cluster the strategic risk dialog according to four subject areas, for which we then discuss potential risk transfer.

The answers to key risk questions in asset management are often very individual, but we would like to provide an initial overview. 

Do you also have a German or Luxembourg KVG in the group of companies?

In addition to asset managers and liability umbrellas, we also specialize in capital management companies - as you can see in the Venture Capital and Private Equity sections. We are familiar with the specific liability bases and have also developed our own customized conditions for their particular risk profiles (e.g. Risk Partners D&O/E&O Private Equity Protect 2026). On this basis, we combine the appropriate cover concepts to create insurance protection that is precisely tailored to the needs of your corporate group - asset manager & capital management company. Talk to us - as both cover concepts are unique on the market, we are guaranteed to be able to insure you better in terms of content. 

In this context, you have probably already experienced that it is challenging to obtain suitable insurance cover - especially on the basis of high-performance broker terms and conditions that really deal with your specific liability bases. This is exactly where we come in: With our many years of experience in advising liability umbrellas, we provide you with targeted support in developing tailor-made solutions.

As a placement agent, you know the challenge all too well: getting the right insurance cover to meet the specific requirements of your work. Standard solutions often fall short here - especially when it comes to covering complex liability issues and regulatory framework conditions. Our expertise lies in closing precisely these gaps: With sound advice and specially developed broker terms and conditions, we ensure that placement agents also have a resilient and future-proof insurance concept.

D&O / E&O insurance as a central component

Less controversial is the risk transfer of civil law claims - for example from investors, business partners or supervisory authorities. Regardless of whether an asset manager operates in the form of a German GmbH & Co. KG, as a securities institution or, for example, via a Luxembourg public limited company (Société Anonyme, S.A.) or limited liability company (Société à Responsabilité Limitée, S.à r.l.): The targeted transfer of these risks via specialized E&O and D&O insurance policies is now widespread among risk-conscious companies.

E&O (Errors & Omissions)insurance primarily serves to protect against errors in the context of professional activities - for example in investment advice, portfolio management or communication with investors. This typically includes claims in connection with sales documents, declarations of suitability or investment conditions. The policy examines such claims, defends against unjustified claims and pays out in justified cases.

D&O insurance (Directors & Officers), on the other hand, protects the personal liability of managers, board members or directors, both internally (towards their own institution) and externally (e.g. towards investors or BaFin). In practice, we particularly see cases in connection with breaches of fiduciary duty, breaches of regulatory requirements (e.g. WpIG, MiFID II), errors in risk management or misleading investor reporting.

We also recommend that asset managers keep an eye on the aspect of third-party mandate clauses and accumulation clauses. It can make sense to work with different insurers or D&O consortia in order to avoid possible accumulation effects - for example through reciprocal exclusions or deductible sublimits in the event of a claim ("don't put all your eggs in one basket").

To meet these requirements, we offer Risk Partners D&O/E&O Asset Management Protect, a modular solution tailored to your structure and risk profile - developed specifically for modern asset managers.

Sidekick: The DORA Regulation came into force on January 17, 2025. This is likely to make it necessary for fully regulated capital management companies to optimize contracts with service providers, for example. Is your D&O/E&O insurance ready for this? We would be happy to check this for you.

Guidelines: How do asset managers and their managing directors protect themselves against liability risks?

Read our VC guide to find out what insurance asset managers and their management need for personal risk management in order to avoid falling into liability traps and what else is relevant for protecting the company. You will also receive our anonymized evaluation from our benchmark database for more transparency and comparability with your peers:

  • Sums insured
  • Limit structure (maximization and "shared limits" vs. "separate limits")
  • Premium benchmark
 

We compare these parameters on the basis of fund volume, investment focus and year in which the D&O / E&O was first placed.

Selected references

We let our work and our clients speak for us.

"The high professional quality and customer orientation in the advice and cooperation with Mr. Eckstein and his team ensure that we always feel that we are in good hands with the special requirements as a globally active SDAX company, for example in complex questions of capital market liability. As a listed investment company, Risk Partners' structured and professional support is decisive for us when choosing our broker."

Mark FriedrichCFO
Mutares Management SE

"As a venture capital company, we were very satisfied with the advice provided by Björn and his team. We were impressed by their in-depth understanding of the industry and their innovative strength, which is why we are happy to recommend Risk Partners."

Raphael MukomilovPartner
Picus Capital

"Risk Partners supports us very reliably with comprehensive expertise, both in the area of the special risks of a venture capital fund and with a sound understanding of the life sciences industry. We greatly appreciate the cooperation with Mr. Eckstein and his team and especially the professional and forward-looking advice, which is optimally tailored to our needs. We can highly recommend the choice of Risk Partners' specialists to other VC funds and life sciences companies."

Josef Moosholzer Partner Finance
TVM Life Science Management GmbH

"Risk Partners immediately recognized our risks as an asset manager immediately - and with the own product development D&O/E&O Asset Manager Prime Protect perfectly. Fast, competent and precisely tailored to our needs."

Hubertus ClausiusPortfolio Manager & General Partner @Seahawk Investments GmbH

"Our collaboration with Risk Partners was consistently positive. We were particularly impressed by their in-depth industry knowledge in the venture capital and life sciences sectors and their innovative strength with their own solutions. We are therefore happy to recommend Risk Partners and feel very well looked after."

Dr. Martha Smets Investment Manager
Life Science Valley Ventures Management GmbH
hacker_mind

Cyber insurance / crime insurance for asset managers

Asset managers - a worthwhile target for cyber criminals

Asset managers have been targeted by cyber criminals for years. Renowned companies such as Warburg Invest, ACATIS and DJE have been targeted - not because of their own IT weaknesses, but because of the trust they have built up over the years. This trust serves criminals as a basis for fake investments, in which investors are lured into fraudulent investments through deceptively genuine communication. The companies concerned are generally not at fault - but the resulting reputational damage can be considerable.

From an insurance perspective, however, the worst-case scenarios come to the fore: for example, if a successful hack enables access to sensitive data and this is misused for targeted attacks or criminal activities, or if large sums of money can be diverted. 

Why asset managers are particularly at risk

  • Data sovereignty & financial volume: Extensive customer data, strategic information and, in some cases, large transactions.

  • Relatively weak cyber defense: Compared to banks or insurance companies, asset managers often invest less in IT security - a decisive disadvantage.

  • Insider risks & inadequate access controls: Over-privileging, lack of control and lack of clear monitoring tools open additional doors.

  • AI blackmail & deepfake scam: Phishing emails are made deceptively real by AI; deepfake technologies open up new attack vectors.

We are therefore happy to work with you to analyze your individual cyber risks in depth. It often turns out that traditional cyber insurance does not offer the greatest added value, but that operational protection measures - such as comprehensive MXDR protection - are more important. However, if insurable risks are identified, we can provide targeted cover for these via our proprietary and market-leading Risk Partner Cyber Protect 2026 and Crime Protect 2026 concepts.

In the event of a #cyberattack, the company affected initially bears the main responsibility. However, managers can still be held liable if they do not take sufficient steps to ensure #cybersecurity.

Webinar agenda :

  • What is the basis of liability for managing directors?
  • What are the main personal liability traps for directors and officers?
  • In focus: We show you how managers can avoid liability traps in the event of cyber incidents
    Q&A: Space and time for your questions to us

Our Managing Director Florian and Reiner Wetzel (Account Manager at Control Risks) discuss this in #29 Minutes. 

Blog / News

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December 29, 2024

"Digital Operational Resilience Act" (DORA regulation) from the perspective of venture capital and private equity funds

DORA regulation applies from January 2025. Significance for our private equity and venture capital clients The somewhat unwieldy name "Digital Operational Resilience Act" (DORA for short) has a very serious background and is fundamentally to be welcomed. Because when we evaluate our claims in the context of cybercrime, PE and VC funds and their KVGs are those with the highest frequency of claims. This can be safely assumed,

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December 27, 2024

Digital and effective prevention of directors' and officers' liability by Risk Partners & Fides Technology

Innovation by Risk Partners & Fides Technology Now on Vimeo and Soundcloud: get practical tips from experts with high relevance for avoiding liability for business managers. Question unanswered? Content: Personal liability is a constant sword of Damocles hovering over managing directors in everyday life. The standard of care is strict and directors bear the burden of proof. In cooperation with the distinguished corporate lawyer Eva Homborg (Esche Schümann Commichau) and the governance expert Philippa Peters (Fides Technology GmbH)

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January 12, 2024
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