Crossword Genius

Financial institution ruins new queen (7)

Ross

I believe the answer is:

insurer

'financial institution' is the definition.
(I know that insurer is a type of nondepository financial institution)

'ruins new queen' is the wordplay.
'new' indicates anagramming the letters.
'queen' becomes 'ER' (abbreviation for Elizabeth Regina).
'ruins' is an anagram of 'insur'.
'insur'+'er'='INSURER'

(Other definitions for insurer that I've seen before include "One paying out in event of damage" , "Provider of a security policy" , "One providing cover" , "One offering cover" , "Provider of cover" .)

I've seen this clue in The Telegraph.
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