JLT Risk Solutions Limited

March 03, 2005 06:23 ET

JLT Risk Solutions Limited: Jardine Lloyd Thompson Secures Lloyd's of London Insurance Protection to Financial and Healthcare Sectors as Identity Theft Grows




MARCH 3, 2005 - 06:23 ET

JLT Risk Solutions Limited: Jardine Lloyd Thompson
Secures Lloyd's of London Insurance Protection to
Financial and Healthcare Sectors as Identity Theft

LONDON, UNITED KINGDOM--(CCNMatthews - March 3, 2005) - JLT Risk
Solutions Ltd and Jardine Lloyd Thompson LLC, part of Jardine Lloyd
Thompson Group plc (LSE:JLT) said today that insurance capacity has been
secured within the Lloyd's of London market to provide new insurance
protection for two of the most heavily regulated U.S. business sectors -
financial and healthcare industries, and their associated vendors and
business associates. These two sectors are facing increasing litigation
and actions as a result of new and existing privacy and security

"Enterprise Privacy Protection", the name of the new insurance
introduced by JLT, has an exceptional range of liability coverages for
privacy and security risks not generally available in the insurance
marketplace. Besides the defense and payment of claims of civil suits of
either third parties or employees, the policy includes legal defense of
regulatory actions arising out of U.S. data protection laws, including
HIPAA, G-L-B, and relevant state laws.

A variety of regulations have been established to increase protection
and use of financial and healthcare information of individuals.
Gramm-Leach-Bliley Act of 1999 (G-L-B) imposes major privacy and
security requirements on financial services companies engaged in
financial transactions and communications. State Attorneys General and
the Federal Trade Commission (FTC) have been active in enforcing G-L-B
and consumer protection laws in this area. Identity theft continues to
be the number one consumer complaint in the United States (2004 FTC

With the implementation of the Health Insurance Portability and
Accountability Act of 1996 (HIPAA) Privacy Rules and the forthcoming 21
April 2005 compliance date for the HIPAA Security Rules, most entities,
health plans, healthcare clearing houses, and healthcare providers are
subject to detailed regulations concerning the rights of patients to
control and protect their healthcare information. These regulations
extend to companies with self-insured medical plans for their employees.

Data protection regulations impact a wide variety of entities that
perform functions for and have contracts with financial services and
HIPAA "covered entities". These entities vary from call centers and
technology firms to third party administrators and claims processors.

Enterprise Privacy Protection offers:

- An exceptional selection of insuring agreements providing liability
protection for regulated financial and healthcare information under

- HIPAA, G-L-B, as well as other data protection laws at a state level.

- Regulatory defense of alleged privacy or security violations under
defined privacy regulations.

- An insuring agreement for the situation where the employees are the
plaintiffs in a civil privacy or security claim.

- Network security liability to address a wide range of computer attacks.

- Currently up to $15 ML in limits through Lloyd's and U.S. excess
markets with a variety of retention options available.

- Accessible to U.S. brokers through JLT Risk Solutions Ltd.

Emily Freeman, Senior Vice President of JLT LLC, said: "Privacy and
security is a boardroom issue. Reputation and business risks are
extensive, particularly for entities subject to G-L-B, HIPAA, and the
accountability and IT control requirements of the Sarbanes-Oxley Act.
Unlike other products, Enterprise Privacy Protection focuses on the high
regulatory compliance industries and their vendors. Coverage overlays on
the privacy/security regulations themselves, not just on the electronic
component and addresses regulatory investigations."

JLT Risk Solutions will be working with NetDiligence, an experienced
privacy and security vendor to provide underwriting support as needed

"We are excited to support Enterprise Privacy Protection. Risks, such as
a data security breach or privacy policy violation, are a growing
concern for many Risk Managers and CFO's. We hope to support this
product by providing an on-line, enterprise-focused questionnaire or by
conducting a telephone interview to reaffirm a security/privacy posture
and further demonstrate that a proper level of management controls
exist," said Mark Greisiger, President, NetDiligence.com.


Jardine Lloyd Thompson

The Jardine Lloyd Thompson group of companies is a leading risk
management adviser and insurance and reinsurance broker. JLT is also a
major provider of employee benefits administration services and related
consultancy advice.

JLT is quoted on the London Stock Exchange and is the largest European-
headquartered company providing these services and is one of the largest
firms of its type in the world. JLT operates out of more than 100
offices in over 30 countries and employs more than 5,000 personnel.


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