Chubb expands transactional risk insurance teamReprints
Chubb Ltd. on Thursday said it is adding to its transactional risk leadership team as it increases its focus on offering protection for merger and acquisition activity.
The insurer has selected three executives to lead worldwide teams, Chubb said in a statement.
Based in New York, Edward Markovich and Randy Hein will oversee underwriting, growth and profitability in North America as senior vice presidents, reporting to Steven Goldman, executive vice president of financial lines for Chubb, the statement said. Previously, Mr. Markovich was vice president and head of transactional insurance business at Ace Group, and Mr. Hein was VP & Transactional Risk Practice Leader at Chubb Insurance.
London-based Richard Britain, vice president, will manage underwriting, growth and profitability in Asia and Europe and will report to Tim O'Donnell, executive vice president of financial lines for Chubb. Mr. Britain will be based in London, according to the statement. Previously, he was a corporate partner for DWF.
Chubb's transactional risk product line consists of representations and warranties insurance, tax indemnity insurance and contingent liability insurance. Each coverage has maximum limits of $50 million.
“Strategic buyers are increasingly acquiring businesses from private equity firms; U.S. companies reportedly spent a record $142 billion to buy 252 businesses from private equity investors in 2015 alone,” Mr. Goldman said in the statement. “The demand for transactional risk products continues to rise as deal participants increasingly recognize that these coverages offer the high degree of sophistication and flexibility that complex transactions require.”