Chubb strengthens risk leadership team

Insurer Chubb has strengthened its transactional risk leadership team in response to what it called increasing demand for risk protection.

The team with also help facilitate merger and acquisition (M&A) activity and other transactional deals throughout North America and abroad.

Edward Markovich, senior vice president (SVP), and Randy Hein, SVP, will be responsible for managing underwriting, growth and profitability in North America. Markovich and Hein will report to Goldman and will be based in New York. Hein was previously vice president (VP) and transactional risk practice leader at Chubb, whilst Markovich has been SVP of transactional risk insurance at the firm since October 2014.

Richard Britain, VP, will be responsible for managing underwriting, growth and profitability in Asia and Europe. Britain will report to Tim O'Donnell, executive vice president, financial lines, and will be based in London. Britain joined Chubb in February this year from DWF, where he was a partner.

Chubb's transactional risk product line is comprised of three key offerings, each with maximum limits of $50 million. These are representations & warranties insurance, tax indemnity insurance and contingent liability insurance.

Steven Goldman, executive vice president, financial lines, said: "Strategic buyers are increasingly acquiring businesses from private equity firms; US companies reportedly spent a record $142 billion to buy 252 businesses from private equity investors in 2015 alone.

"The demand for transactional risk products continues to rise as deal participants increasingly recognise that these coverages offer the high degree of sophistication and flexibility that complex transactions require. To meet the increasing demand for this coverage, we are growing our team, and plan to add several additional M&A attorneys with significant experience in this area to our high-calibre staff."

Goldman added: "Ed, Randy and Richard have extensive experience in both the insurance and financial services sectors, providing a deep understanding of how transactional risk coverage can help deal principals and their advisors resolve difficult negotiations and execute upon the deal.”