Beazley has launched a directors’ and officers’ (D&O) product suite designed specifically for U.S.-domiciled special purpose acquisition companies (SPACs).
Beazley’s new D&O products for SPACs offer dedicated coverage for either the individuals, or the entity and individuals combined from an initial public offering (IPO) to the initial business combination. SPACs have historically needed endorsements to existing D&O coverages for these exposures.
Jim Rizzo, Beazley Executive Risk underwriter who specializes in SPACs and has underwritten these risks for two decades, will lead the initiative supported by a team of underwriters based in the U.S. and London.
The Beazley offering comes at a time when demand for this D&O coverage has spiked. This has prompted some insurers to raise prices and underwrite more carefully.
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