Falcon Risk Services, an MGA majority owned by HDI Global Specialty, a wholly owned subsidiary of HDI Global SE, has launched a new insurance solution for real estate developers, Falcon Cornerstone. The new offering from the specialist provider of underwriting and claims solutions for management, professional and cyber liability, covers developers E&O – including lenders and investment fund D&O/E&O. Falcon Cornerstone is available through select appointed brokers only.
Cornerstone has been developed to provide a single, comprehensive insurance solution for the rapidly evolving real-estate development sector, estimated at over 63,000 developers in the US as of 2023. Cornerstone is the twenty-fifth product launched since Falcon’s inception in 2021, further enhancing its reputation as a product driven organization and complementing its suite of real estate focused products which includes Real Estate Agents E&O and Real Estate Developers E&O.
Mike Sacco, SVP Design & Build, Falcon Risk Services commented:
"As the real estate development market continues to evolve, developers are facing a wide array of risks. Many of these risks are treated through a patchwork of insurance products leaving the insured with potential gaps in coverage. Falcon Cornerstone plugs those gaps, providing a single solution for coverage and claims handling.”
Tim Barry, SVP Financial Institutions, Falcon Risk Services added:
"Working in close collaboration with our top wholesale broker partners and our Design and Build team Falcon Cornerstone underscores our commitment to quickly bring innovative and meaningful risk transfer solutions to the marketplace to address the needs of real estate investors and developers."
About Falcon Risk Services
Falcon Risk Services, an HDI Company, is a provider of specialty underwriting and claims solutions to US and multinational corporations. It combines decades of specialty insurance experience with data-driven analysis to address today's emerging risks across a wide range of products and market segments.
Falcon is headquartered in New York City, with operations in Atlanta, Boston, Chicago, Houston, Philadelphia, Phoenix, Portland, and San Francisco.
For more information about Falcon, visit: www.falconriskservices.com
About HDI Global SE (HDI)
As a Commercial and Specialty lines insurer, HDI Global SE (HDI) meets the needs of SMEs, industrial companies, middle market and corporate customers with insurance solutions that are specifically tailored to their requirements. In addition to HDI's prominent position in the German and broader European market, the company has access to its own worldwide HDI Global Network covering more than 175 countries through its own HDI foreign branch offices, subsidiaries, affiliated companies, and network partners. Acting as the Partner in Transformation, HDI Global SE leads more than 5,100 International Programmes and offers its multinational customers compliant coverage worldwide.
HDI Global SE is the Industrial Lines Division of the Talanx Group and has been a leading insurer for several decades. Approximately 5,000 employees in this division generated insurance revenue (gross) of approx. EUR 9.1 billion in the year 2023 (according to IFRS 17).
The rating agency Standard & Poor’s has given the Talanx Primary Group a financial strength rating of A+/stable (strong) and AM Best has assigned the A+ Rating. Talanx AG is listed on the Frankfurt Stock Exchange in the MDAX.
For media enquiries, please contact:
John Merchant, Head of Cyber and Professional Liability
john.merchant@falconriskservices.com