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Allianz offers transactional liability coverage in North America

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Allianz Global Corporate & Specialty S.E. has launched a transactional liability unit in North America to cover risks posed by mergers and acquisitions.

New York-based Euclid Transactional L.L.C., which specializes in underwriting representations and warranties, tax liability, contingent liability and other transaction insurance coverages, will serve as AGCS’ managing general agent, the unit of German insurer Allianz S.E. said Tuesday in a statement.

“The appetite for transactional liability has increased tremendously over the past couple of years with a global market penetration of 20%,” Munich-based Bernard Poncin, global head of financial lines for AGCS, said in the statement. “This business introduction is timely and a perfect fit for us, particularly in the U.S.”