Our History
In 1986, the Institute of Certified Financial Planners ("ICFP") endorsed an E&O Program offered through the Fireman's Fund. In 1988, Fireman's Fund withdrew abruptly. Fireman's Fund was the third large national carrier to withdraw from this line of business after having been endorsed by the ICFP.
As a consequence of the abrupt withdrawal of Fireman's Fund, the ICFP formed a captive insurance company, hoping to avoid what had happened with each of the three previously endorsed carriers. As a result, Financial Services Mutual Insurance Company ("FSM") was formed in Vermont and began writing coverage for ICFP members in 1989. In 1992, Mr. Bayard "Bud" Bigelow became President of FSM after running similar E&O programs for Orion Corporation.
In 1995 both Mr. Bigelow and the FSM Board of Directors concurred in the decision to move the program to a large national carrier, one chosen based on the objective needs of the market, the prospects, and the policyholders.
Since then, the program has continued to provide uninterrupted coverage to members of several financial associations as well as unaffiliated financial planners and other financial professionals.
In June of 2007, The Cambridge Alliance was acquired by Markel Corporation, a marketer and underwriter of specialty insurance programs. Since 2007, Markel Cambridge Alliance has provided a stable, "A" rated market for financial advisor coverage. Markel Corporation is listed on the New York Stock Exchange under the symbol "MKL".
*Markel Cambridge Alliance can write coverage for any broker that has a surplus lines license.