Sompo International Holdings Ltd., a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that the company’s European specialty platform has introduced a new transaction risk insurance line of business, expanding its professional lines insurance offerings in Europe.
This new business targets parties on either side of a merger or acquisition transaction, providing coverage against losses arising from warranties and indemnities (W&I) breaches and other risks. The program targets public and private companies domiciled or conducting their core business throughout Europe.
Primary and excess attachments are available for buyer-side W&I, seller-side W&I, seller-induced buyerside W&I and tax liability insurance for European tax risks related to M&A transactions.
“Since the launch of Sompo International’s European platform in March, we’ve focused on delivering market-leading management liability, professional indemnity, financial institutions and cyber liability products to clients across Europe,” commented Thomas Mannsdorfer, executive vice president and head of European Specialty Underwriting at Sompo International.
“Our new M&A products expand these capabilities, further strengthening our ability to help companies manage the broad range of risks associated with their fiduciary and contractual responsibilities,” he added.
Richard Allen, executive vice president, head of Professional Lines, London Market & Europe Insurance, said: “Backed by Sompo International’s ‘A+’ rated underwriting capacity and with the flexibility to service accounts through both our London-based and new European entities, the introduction of these additional professional lines products complement our growing portfolio.”
Source: Sompo International Holdings
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