QBE North America launches transactional liability practice

QBE North America, a unit of Sydney-based QBE Insurance Group Ltd., has created a transactional liability practice to protect directors, officers and companies against financial losses from a merger or acquisition.

The practice will underwrite representations and warranties insurance and tax liability insurance on a primary and an excess basis, New York-based QBE North America said Friday in a statement.

Both products offer limits of up to $50 million, a spokeswoman for the insurer said.

Representations and warranties insurance covers losses derived from inaccurate representations and warranties made during a transaction, while tax liability insurance helps to ensure the validity of tax opinions and protects against losses from contingent tax exposures.

Dennis Kearns, New York-based QBE senior vice president and underwriting counsel, will lead the practice, according to the statement.