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XL Catlin expands mergers and acquisitions insurance


XL Group Ltd. said Wednesday that it has expanded its mergers and acquisitions insurance products aimed at supporting deals in the global transactional risk market.

The offerings are for private equity firms and strategic buyers, as well as owners and managers looking to exit a business. The coverages make it possible to maximize deal valuations, enhance the bid process in competitive auctions, and bridge gaps which may otherwise prevent parties from completing a deal, the insurer, which does business as XL Catlin, said in a statement.

The offering has up to $50 million in capacity per transaction and includes buyer-side representation and warranty insurance, seller-side representation and warranty insurance, deal contingent tax insurance, and deal contingent specific no-tax risk insurance, according to the statement. 

In addition, London-based Richard Winborn was named head of mergers and acquisitions insurance, international. Previously, Mr. Winborn was head of specialty products at Liberty Specialty Markets.