Markel Insurance has launched a suite of financial institution products with “localised wordings” in Australia.

The insurer says Melbourne-based professional and financial risks senior underwriter Lan Pham will lead the new FI solutions team with senior underwriter Daisy Galvin, who has transferred to Sydney from Markel’s London office.

“We have seen growing demand across Australia for financial lines, particularly for financial institutions,” head of professional and financial risks Australia Kym Beazleigh said.

“This has been driven in part by the growth of the digital economy alongside traditional industries, increased scrutiny on director liability, and a spate of high-profile cyber breaches.”

Australia MD Rory Morison says the launch follows last year’s focus on commercial professional indemnity.

“We see a genuine need for more locally empowered underwriters in Australia, and we’re excited to have Daisy join us from our London office to bolster our expertise in the FI space,” he said.