Sompo International, a Bermuda-based property and casualty re/insurer, has launched a new transaction risk insurance line of business, to expand its professional lines insurance offerings in Europe.
The new business, launched by the company’s European Specialty platform, will target parties on either side of a merger or acquisition (M&A) transaction, and offers coverage against losses arising from warranties and indemnities (W&I) breaches and other risks.
The programme is suitable for public and private companies domiciled or carrying out their core business across Europe.
Primary and excess attachments have been made available for buyer-side W&I, seller-side W&I, seller-induced buyer-side W&I and tax liability insurance for European tax risks related to M&A transactions.
Sompo International head of European specialty underwriting Thomas Mannsdorfer said: “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.
“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.”
Sompo International executive vice president and head of professional lines of London Market and Europe insurance Richard Allen stated: “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.
“Thomas’ in-depth knowledge in this area along with new underwriting talent recruited to our European Specialty team will enhance Sompo International’s presence in this important market.”