Chubb announced changes in its leadership team for its transactional risk protection products that help facilitate merger and acquisition (M&A) activity and other transactional deals.
Edward Markovich, senior vice president, and Randy Hein, senior vice president, will be responsible for managing underwriting, growth and profitability in North America. Markovich and Hein will be based in New York and report to Steven Goldman, executive vice president, Financial Lines.
Richard Britain, vice president, will be responsible for managing underwriting, growth and profitability in Asia and Europe. Britain will report to Tim O’Donnell, executive vice president, Financial Lines, and will be based in London.
Goldman said demand for transactional risk products continues to rise and Chubb expects to add additional M&A attorneys with experience in this area to its staff.
Chubb’s transactional risk product line is comprised of three key offerings, each with maximum limits of $50 million: Representations & Warranties Insurance protects the insured for financial losses in the event of unknown breaches of a seller’s representations and warranties made in connection with the sale or merger of a business; Tax Indemnity Insurance protects the insured against known contingent tax exposures resulting from the tax treatment of a transaction, investment or other legitimate business activity; and Contingent Liability Insurance protects the insured against known exposures that may arise after the close of a transaction, such as successor liability, open-ended indemnities and/or other potential risks.
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