The International Underwriting Association (IUA) has established a Transactional Liability Committee with senior underwriters from member firms active in this business class. The committee has already convened its first meeting, with representatives from 20 different companies in attendance.
Warranty and indemnity insurance has become the focus of a new forum in the London company market, organised by the International Underwriting Association (IUA). This type of insurance is utilised in mergers and acquisitions to protect against losses from warranties made in the acquisition agreement.
“In recent years, the warranty and indemnity sector in the London company market has grown and there is now a significant community of practitioners providing cover,” IUA director of legal, underwriting and claims Chris Jones said.
Jones noted that the new committee would serve as a forum for networking and sharing best practices. It will also explore research projects and represent member interests.
“Some of the issues it may address include the standardisation of non-disclosure agreements, good practice for meeting Know Your Customer rules and thematic loss trends,” Jones said.
Angus Marshall (pictured above, left), head of transaction liability at CFC, will chair the committee, with Calum McPherson (pictured above, right), head of financial and transactional at Axis Capital, appointed as deputy chair.
The IUA represents companies in London that provide international and wholesale insurance and reinsurance coverage. Its mission is to secure an optimal trading environment for London insurance companies.
Elsewhere, the IUA has also established a new London Market committee to oversee the progress of adopting new digital services.
Under the Blueprint Two programme, a single digital platform is being created for processing premiums and claims, with a target cut-over date of October 2024 for phase one of these services.
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