ASX-listed insurer CBL has agreed to support a new London-based managing general agency (MGA), according to reports.
CBL Insurance will back the new firm, called Capital Risks, alongside directors of Lloyd’s broker Protean Risk.
Capital Risks will initially offer buyers and sellers warranty and indemnity insurance with a focus on the mergers and acquisitions insurance market.
The new MGA will focus on small and medium-sized deals with their CEO, Nathan Sewell, noting that the business has identified a gap in the market for smaller firms.
“We have designed our insurance products to fill a void in the market,” Sewell said, according to
Private Equity Wire.
“It offers an opportunity for regional and specialist M&A insurance brokers to develop a new revenue stream. At the same time, it solves an issue that often frustrates stakeholders involved in small to mid-market M&A transactions, such as lawyers and corporate financiers.”
Capital Risks was founded by Sewell and Jason Edwards.
In previous roles, Sewell managed the transaction insurance teams at major brokerages
Aon and Willis, and established the first dedicated London broking team for transaction insurance at
Aon in 1998.
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