The Travelers Companies, Inc. has partnered with ASQ Underwriting, a managing general underwriter, to offer transactional risk insurance in the United States, as strategic and private equity investors increasingly turn to insurance to mitigate deal risk and compete for acquisition opportunities.
Under the agreement, ASQ Underwriting will underwrite transactional risk policies for Travelers, with an initial gross capacity of $50 million per transaction. Travelers will manage the claims process in close coordination with ASQ Underwriting.
Transactional risk insurance covers risks related to mergers and acquisitions (M&A), including representations and warranties insurance, tax liability insurance and contingent liability insurance. These policies can reduce the funds required to be held in escrow and provide risk transfer options for contingencies identified during due diligence, helping buyers and sellers close deals more efficiently and with more certainty.
ASQ Underwriting has offices in Atlanta and New York and is led by Directors and Co-founders Jeff Anderson and Wayne Datz.
According to Anderson, the partnership will be particularly focused on the active middle market segment.
ASQ is part of Alliant Underwriting Solutions, a program administrator with a growing portfolio of underwriting platforms encompassing more than $1 billion in annual gross written premium.
The Travelers Companies, Inc. is a provider of property casualty insurance for auto, home and business. Travelers has approximately 30,000 employees and generated revenues of approximately $29 billion in 2017.
Was this article valuable?
Here are more articles you may enjoy.