Ironshore Raises Capacity for M&A Cover, Tax Consortium Launched

May 24, 2017

Ironshore International’s Mergers & Acquisitions and Tax Insurance unit has enhanced its consortium programs to meet client and broker demand for larger, streamlined limits.

Ironshore will increase the capacity for its Mergers & Acquisitions Consortium to £100 million ($129.8 million), from its current limit of £78.5 million ($101.9 million), effective immediately.

The specialty unit also announced a new Tax Consortium with initial capacity of £40 million ($51.9 million).

Both Consortia will be able to write in combination with Ironshore’s Bermudian platform for global risks in order to further increase total available capacity.

This will allow Ironshore to provide total M&A capacity of up to £150 million ($194.7 million) and total tax insurance capacity of up to £65 million ($84.4 million) on any one risk.

Ironshore’s Mergers & Acquisitions Consortium underwrites warranty & indemnity coverage for non-U.S. complex commercial risks, led by Rowan Bamford, global head of the M&A team.

The Tax Consortium covers tax liability exposure for domestic and cross-border risks. It was formed to provide higher limits in response to greater market utilization of tax liability insurance for transactional protection.

Tom Cartwright, reporting to Bamford, is head of Ironshore’s Global Tax Insurance division. Bamford reports to Mark Wheeler, chief executive officer of Ironshore International.

“Ironshore recognized heightened M&A activities impacting virtually every sector throughout our global platform demanded an increase in available capacity to satisfy clients’ appetite for larger coverage limits and structured protection for tax liability risks,” commented Wheeler.

“Our consortia offerings allow for consistent underwriting, assurance of transactional confidentiality as well as streamlined claims management,” he added.

Ironshore, which is a subsidiary of Liberty Mutual Co., said it provides comprehensive, specialty M&A and tax cover for complex transactional risks throughout its global platform. Ironshore’s M&A lines include warranty & indemnity as well as tax liability insurance programs.

Ironshore’s production teams are located in New York, Miami, Toronto, London, Frankfurt, Dubai, Hong Kong, Sydney, Singapore and Tokyo.

Source: Ironshore

Was this article valuable?

Here are more articles you may enjoy.