Aon helps to establish $100m IP facility
Global insurance broker Aon has partnered with insurance company Tokio Marine Kiln (TMK) and Lloyd’s subsidiaries in efforts to build a $100 million IP facility in London.
TMK, the underwriting division within Lloyd’s China, will lead the facility. It is set to be one of the first for IP in the London market, according to the release.
The new facility is intended to offer tailored IP cover for businesses, from SMEs to large corporations, and “will help protect against a wide range of infringement liability risks”.
Initially, the facility will look to meet clients’ needs in the US, the UK and Europe.
Ian Lewis, IP underwriter at TMK, said: “The market has reached a turning point, with strong demand being further propelled by recent high-profile court settlements, companies being acquired solely for their IP and impending legislative changes to IP enforcement.”
Lewis Lee, CEO of IP solutions at Aon, added that “the importance of managing the value creation opportunity afforded by IP and the downside risk mitigation of IP has never been higher”.
He said by “utilising patent litigation analytics, predictive modelling techniques, and innovative distributive strategies”, Aon has developed a “meaningful IP liability insurance capacity”.
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