QBE Europe expands financial lines to tap opportunity in M&A market
Re/insurer QBE has launched warranty and indemnity (W&I) insurance in Europe for the first time, reflecting an “increased need for capacity and technical expertise” to respond to customer demand and increased levels of M&A activity in the region.
The product will offer protection for unknown breaches of target and seller representations and warranties in a purchase agreement.
Toria Lessman will be responsible for the build out of a dedicated W&I team. She has been senior vice president for transactional liability insurance (TLI) in QBE’s North American division, responsible for building up the product in the US. The new team will report to Jamie Thompson, director of financial lines.
QBE is looking to combine its global expertise with locally empowered experts and is planning to initially hire three local experts. Initially led out of London, the longer-term plan for W&I is to establish an underwriting team across the existing European footprint utilising QBE’s strength in coverage, execution and claims experience.
Thompson said: “This is an exciting opportunity to support our customers in the M&A market. We are delighted that Toria will be joining QBE Europe’s financial lines team to spearhead the roll out of our new W&I product. She brings considerable specialist expertise to the role, having successfully grown the TLI business for QBE North America.”
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