Global insurer
Chubb has launched three transactional risk liability insurance products for the UK and London markets amid the increasing merger and acquisition (M&A) activity and demand for risk protection.
With policy limits of up to £32.5m and €47.5m, the company’s new products include indemnities insurance, contingent tax indemnity insurance and contingent liability insurance.
Chubb is targeting dealmakers such as strategic buyers and sellers with medium to large size transactions, private equity sponsors, business owners and their respective advisors and managers.
The insurer said the products were designed to respond to increasing client demand for risk protection to help facilitate M&A activity and other transactional risks.
The products also aim to help companies increase deal value and maximise returns, enhance buyers' bids in competitive auctions and bridge gaps in deals with significant obstacles in closing.
"This launch marks a step change in Chubb's global transactional risk capabilities in the international markets,” said Timothy O'Donnell, executive vice president, financial lines, for overseas general insurance.
“Transactional risk is an area that has risen in profile and significance and the launch of these products reflects the increasing demand we are seeing from corporate clients and their brokers across the UK and beyond,” O’Donnell added.
Apart from the launch of the new products, Chubb has also appointed lawyer Richard Britain as head of transactional risk insurance solutions for its overseas general insurance division
Based in London, Britain will manage the performance and growth of Chubb's international transactional risk portfolio outside North America.
He will be acting as the company's underwriter in the London and UK markets and its product and underwriting expert for Asia and other international markets.
Britain has extensive experience in both the insurance and financial services sectors, as well as in UK and international M&A and capital markets transactions.
He joined Chubb from DWF LLP in London where he served as a partner in the corporate department.
