XL Group has added a mergers and acquisitions insurance division to its financial lines business. According to the company, the signs for 2014 are that M&A activity is on the rise. As a result, it believes, there is increased opportunity for the M&A insurance market, which provides cover for companies involved in a merger/acquisition.
XL Group's Louise Dennerståhl, the head of international financial lines, said, “There is an expectation that over this year we will see a rise in deal activity and higher profile deals across sectors including retail, real estate, power, telecommunications, technology, pharmaceuticals, and biotech.
“We have added an M&A division and appointed Tim Allen, who is hugely experienced in this area, so that we can offer the most relevant solutions, spanning warranties and indemnities and other deal related cover, to clients involved in M&As.”
Ms. Dennerståhl continued: “Warranties and indemnities are an integral part of an M&A deal and the insurance solutions we will offer are often an enabling factor, providing certainty and security to clients, really allowing them to do the deal with confidence.”
As senior vice president and global head of M&A insurance, Mr. Allen, who is based in London, is responsible for the management, underwriting, and development of XL Group's global M&A insurance offering.
Further commenting Ms. Dennerståhl said, “Tim has very broad experience across the M&A landscape which spans not only risk and insurance but also legal and compliance. This combination means he can design and provide solutions that are holistic in approach and innovative in nature.”
Mr. Allen joined XL Group from Beazley where, since 2010, he held the position of underwriter on the transaction liability team, underwriting warranty and indemnity and tax and non-tax contingent risk insurance. Between 2007 and 2010, he worked at Marsh Ltd.
Mr. Allen, who qualified as a solicitor, started his career practicing law at CMS Cameron McKenna LLP in the firm's corporate and leveraged finance team.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].