LONDON, May 9, 2016 /PRNewswire/ -- Chubb today announced the launch of a suite of three transactional risk liability insurance products for the UK and London markets and the appointment of Richard Britain as Head of Transactional Risk Insurance Solutions for its Overseas General Insurance division in continuation of Chubb's strategy to expand its global platform and capabilities in this important area.
The launch is designed to respond to increasing client demand for risk protection to help facilitate merger and acquisition (M&A) activity and other transactional risks. For example, overall M&A deal value in Europe was $1.10 trillion in 2015, up 22% compared with 2014, with the UK accounting for $425.3 billion of the total1.
Chubb's products are designed to help companies increase deal value and maximise returns, enhance buyers' bids in competitive auctions and bridge gaps in deals with significant obstacles in closing. Its target market includes dealmakers such as strategic buyers and sellers, private equity sponsors and business owners and their respective advisors and managers. The products are:
Chubb will target buyers and sellers with medium to large size transactions and will offer policy limits of up to US$50m/ £32.5m/ €47.5m.
In his new role, Richard will be responsible for managing the performance and profitable growth of Chubb's international transactional risk portfolio outside North America, acting as the company's underwriter in the London and UK markets and its product and underwriting expert for Asia and other international markets. Richard will be based in London and will report to Timothy O'Donnell, Executive Vice President, Financial Lines, for Overseas General Insurance. His appointment is effective immediately.
A qualified lawyer, Richard has extensive experience in both the insurance and financial services sectors, as well as in UK and international mergers and acquisitions (M&A) and capital markets transactions. He has worked extensively on the use of warranty and indemnity insurance to facilitate transactions, including working alongside underwriting teams for over ten years on the review and underwriting of risks across different sectors and geographies as well as new product development and policy wordings. He joined Chubb from DWF LLP in London where he served as a Partner in the corporate department.
Timothy O'Donnell, Executive Vice President, Financial Lines, for Overseas General Insurance, said:
"This launch marks a step change in Chubb's global transactional risk capabilities in the international markets. Transactional risk is an area that has risen in profile and significance and the launch of these products reflects the increasing demand we are seeing from corporate clients and their brokers across the UK and beyond.
"Richard, with his extensive legal and insurance market knowledge and experience, is strongly placed to ensure we anticipate and cover our clients' evolving needs and we are thrilled to have him on board."
About Chubb
Chubb is the world's largest publicly traded property and casualty insurance company. With operations in 54 countries, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is distinguished by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength, underwriting excellence, superior claims handling expertise and local operations globally.
Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb maintains executive offices in Zurich, New York, London and other locations, and employs approximately 31,000 people worldwide. Additional information can be found at: new.chubb.com
1 MergerMarket, Global and Regional M&A: 2015, January 2016
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