XL forms unit in anticipation of more M&A
Re/insurer XL Group has added a mergers and acquisitions (M&A) insurance division to its financial lines business in anticipation of a rise in M&A activity.
Tim Allen, who was previously a transaction liability underwriter at Beazley, will head the business line.
As senior vice president, global head of mergers & acquisitions insurance, Allen, who is based in London, is responsible for the management, underwriting and development of XL Group’s global M&A insurance offering.
XL’s move into the M&A market is designed to profit from the expected increase in deal activity with a surge in higher profile deals.
XL Group’s Louise Dennerståhl, 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, 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.
“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.
“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.”
