Travelers expands in transactional risk market in Europe
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Travelers Cos. Inc. on Tuesday said it is expanding in the transactional risk market in Europe by leading a Lloyd’s risk consortium and setting up a managing general agency focused on mergers and acquisitions insurance.
Travelers’ European arm has partnered with transactional risk and tax liability underwriters Robert Brown and Dawn Bhoma, who will provide expertise to the Travelers-led risk consortium, the company said in a statement.
The transactional risk consortium currently offers gross capacity of £80 million ($105.82 million) per transaction, and will cover risks related to mergers and acquisitions, including representations and warranties insurance, tax liability and contingent liability insurance, the statement said.
Under the partnership, Travelers is also setting up a new managing general agency to write transactional risk on behalf of the consortium, the company said.
“Transactional risk insurance is a growing segment of the market, as buyers and sellers increasingly turn to risk transfer solutions to mitigate deal risk and release capital quickly,” Matthew Wilson, CEO for Travelers Europe, said in the statement.
Mr. Brown and Ms. Bhoma had been with Neon Underwriting Ltd., the Lloyd’s of London MGA of Neon Holdings Ltd.
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