XL Group has added a mergers and acquisitions (M&A) insurance division to its Financial Lines business and appointed Tim Allen to head the business line.
The signs for 2014 are that M&A activity is on the rise. And, according to analysts, a more realistic approach to valuations is being adopted by both buyers and sellers. As a result there is increased opportunity for the M&A insurance market, which provides cover for companies involved in a merger/acquisition.
“There is an expectation that over this year we will see a rise in deal activity and higher profile deals across sectors including retail, real estate, power, telecommunications, technology, pharmaceuticals and biotech,” said XL Group’s Louise Dennerståhl, head of International Financial Lines.
As senior vice president, global head of Mergers & Acquisitions Insurance, Allen, who is based in London, is responsible for the management, underwriting and development of XL Group’s global M&A insurance offering.
Allen joins XL Group from Beazley where, since 2010, he held the position of underwriter on the Transaction Liability team, underwriting warranty & indemnity and tax and non-tax contingent risk insurance. Between 2007 and 2010 he worked at Marsh Ltd on the Private Equity, Mergers & Acquisitions team.
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally.