XL Group announced it has added a Mergers and Acquisitions (M&A) Insurance division to its Financial Lines business and appointed Tim Allen to head the business line as Sr. VP, Global Head of Mergers & Acquisitions Insurance.
XL responded to signs for 2014 “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.”
XL Group’s Louise Dennerståhl, Head of International Financial Lines, who has recognized the opportunity, explained: “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.
“We have added an M&A division and appointed Tim, who is hugely experienced in this area, so that we can offer the most relevant solutions, spanning warranties and indemnities and other deal related cover, to clients involved in M&A’s.”
“Warranties and indemnities are an integral part of an M&A deal and the insurance solutions we will offer are often an enabling factor; providing certainty and security to clients, really allowing them to do the deal with confidence,” she added.
Allen is based in London, and is responsible for the management, underwriting and development of XL Group’s global M&A insurance offering.
Dennerståhl noted his “very broad experience across the M&A landscape which spans not only risk and insurance but also legal and compliance. This combination means he can design and provide solutions that are holistic in approach and innovative in nature.”
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. He is a solicitor, and started his career practicing law at CMS Cameron McKenna LLP in their Corporate and Leveraged Finance Team.
Source: XL Group