CNA Global Specialty Lines, a unit of Chicago’s CNA, based in New York, announced an alliance with London’s Ambridge Partners LLC, described as “a highly specialized managing general underwriter for Transaction Facilitation Insurance (TFI) products.”
“The agreement calls for Ambridge to act as managing general underwriter for the unit’s loss mitigation insurance and TFI products outside of North America” said the announcement. “In addition, Ambridge will act as managing general underwriter for all North American TFI products based on a separate strategic alliance between CNA Global Specialty, Syndicate 1007 at Lloyd’s of London and Ambridge.”
The announcement described TFI products as including: “representations & warranties insurance, tax opinion insurance, tax issue insurance, loss mitigation insurance, legislative and administrative contingency insurance and similar custom insurance products designed to address known potential contingencies which have caused an impasse in negotiations relating to a business transaction; or create economic uncertainty for a potential transaction counter-party such that the transaction consideration is significantly reduced or the deal cannot be consummated.”
CNA indicated that the alliance will significantly expand the availability of this highly specialized type of coverage outside of the U.S.
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