Concord Specialty Risk is seeing rising demand for its representations and warranties insurance products and its products and expertise in relation to uncertain tax positions. Dave De Berry, the company’s chief executive officer, explains what is driving this growth to Intelligent Insurer.
Concord Specialty Risk, a transactional risk insurance and loss mitigation specialist which is a series of RSG Underwriting Managers, is enjoying exponential growth in demand for its representations and warranties insurance products in relation to mergers and acquisitions, and also its tax insurance products. Multiple factors underpin the rapid growth of these products.
Concord’s representations and warranties insurance products are designed to insure companies against breaches, unforeseen liabilities and other problems following a merger or acquisition. For this product line, the number of submissions the company saw doubled in 2014 compared to the year before, the number of bound deals finalised also doubled and the gross written premiums it wrote more than tripled.
Dave De Berry, chief executive officer of Concord Specialty Risk, says that one of the biggest driving forces behind this growth was the fact that some of the key corporate law firms in the US, which often play pivotal roles in large acquisitions, have thrown their weight behind the product.
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Concord Specialty Risk, Ryan Specialty, Loss Mitigation, Transactional Insurance