CROWN JEWEL® INSURANCE SECURES ADDITIONAL REINSURERS FOR TRADE SECRET POLICY, RAISING CAPACITY TO $16 MILLION

Apollo Syndicate Management Limited, Tokio Marine Kiln Syndicates Ltd, and Greenlight Reinsurance Ltd. join Chaucer in backing new insurance program.

MIAMI, November 28, 2023 – Crown Jewel® Insurance, an insurtech and Lloyd’s Coverholder focusing on trade secret asset risk management, today announced it has secured three additional (re)insurance companies to support its breakthrough trade secret insurance policy known as Crown Jewel Protector.

The (re)insurers, Apollo Syndicate Management Limited, Tokio Marine Kiln Syndicates Ltd, Greenlight Reinsurance Ltd., will provide insurance capacity alongside Chaucer, the lead underwriter, for clients who qualify for the coverage.

Launched this year, Crown Jewel Protector is the first in the market to offer protection for the potentially huge loss in value a business can suffer if its trade secrets are stolen and made public or leaked to a competitor. Brokered by Acrisure London Wholesale, the policy currently offers up to $16 million in capacity with the opportunity for retail brokerages to leverage their market relationships to obtain excess limits for qualified clients.

“With evolving regulations, including new 8-K disclosures required by the U.S. Securities and Exchange Commission, along with the roll-back of protections available under non-compete agreements and accelerating cyber threats, more businesses are focusing on understanding, valuing and protecting their trade secrets,” said Mary Guzman, CEO and founder, Crown Jewel. “The participation of these three prominent reinsurers along with Chaucer will help Crown Jewel Protector meet the needs of the growing number of firms now seeking this coverage.”

"We are pleased to support Crown Jewel as one of the first risks we have written under the Apollo ICX Innovation Consortium. IP-rich companies need to protect their most valuable assets, including their trade secrets, to maintain their competitive advantage," said Hayley Budd, Class Lead Innovation, ibott 1971. "Crown Jewel are not only plugging a protection gap with their innovative product, but an education gap, too."

Rob Jarvis, head of Innovation, Tokio Marine Kiln, added: "As a market leader in IP insurance, TMK is delighted to partner with Crown Jewel, another company at the forefront of developing protection for intangible assets."

“As a dedicated innovation syndicate at Lloyd’s, Greenlight have continuously supported innovative products; we are pleased to be working with Crown Jewel and collaborating with other market-leading syndicates at Lloyd’s,” said Laure Kearns, Active Underwriter, Greenlight Re.

Craig Curtiss, senior class underwriter, Chaucer, stated: “Chaucer is delighted to be joined by a number of prestigious markets in this insurance industry first. Crown Jewel Protector fills a real gap in the market which we are confident will be highly sought after by listed companies and mid-market enterprises alike. This will be a huge benefit for all businesses, but for those that would not be able to afford litigation should their trade secrets be misappropriated, it has the potential to be transformational.”

Besides the threat of industrial espionage or disclosure by a trusted insider, trade secrets are increasingly at risk of being misappropriated through cyber-attacks. Should theft occur, Crown Jewel will supply forensic and legal experts to guide the policyholder through the disaster response and pursue either recovery of the asset, injunctive relief, or both.

Under the insurance policy, should damages, including a loss of market share or income, result from the misappropriation of an insured’s trade secret, the pre-agreed fair market value of the trade secret is payable.

Trade secrets, such as proprietary algorithms, designs, software code, formulas, and unique workflows and industrial processes, are the unique know-how that provides a company with its competitive advantage. They make up a significant proportion of the value of most modern businesses. Without insurance, if risk mitigation such as non-disclosure agreements and data security fail, the victim’s only recourse is litigation which can be extremely costly, time-consuming and has an uncertain outcome.

Crown Jewel Protector helps secure a business’ trade secrets, which can prevent or minimize the loss and reduce the likelihood of protracted litigation.

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About Crown Jewel

Crown Jewel® Insurance (CJI), an InsureTech and Lloyd’s Coverholder, focuses on Trade Secret Asset Risk Management (TSARM). Founded in 2021 to fill a void in the commercial insurance market of trillions of dollars in uninsured assets, CJI helps companies value, protect, insure, and monetize their intellectual property assets, specifically trade secrets. CJI’s ecosystem also helps protect lenders and investors against threats to the intangible assets of their investments, whose value typically far exceeds that of their tangible assets. CJI’s solution, Crown Jewel® Protector is the world’s first trade secret insurance policy. Visit: www.crownjewelinsurance.com or www.tradesecretinsurance.com.