Beazley rolls out specialised D&O product suite for SPACs
Specialist insurer Beazley has launched a directors’ and officers’ (D&O) product suite designed specifically for US-domiciled Special Purpose Acquisition Companies (SPACs) as it seeks to address the need for capacity in this growing market segment.
Jim Rizzo, Beazley executive risk underwriter and a SPAC specialist who has underwritten these risks for two decades, will lead the initiative supported by a team of underwriters based in the US and London.
The new D&O products for SPACs will offer dedicated coverage for either the individuals, or the entity and individuals combined, to provide greater transparency and clarity about insurance coverage, from the initial public offering (IPO) to the initial business combination.
The specialised needs of SPACs have traditionally been met through endorsements to existing D&O coverages.
Rizzo said: “These streamlined products are specifically designed for SPACs and their officers and directors at a time when heightened regulatory scrutiny, media attention and an increasingly active plaintiffs’ bar make it critical that they have appropriate coverage and fully understand what that coverage is.”
Jeremie Saada, head of US executive risk, added: “Beazley is stepping in to address a dramatic need for capacity in the D&O insurance market for SPACs. This specialised product suite for SPACs adds to Beazley’s balanced portfolio of offerings and positions us to be a valuable business partner to this growing market segment.”
Wayne Imrie, head of London Market D&O, concluded: “Our focus as always remains squarely on meeting the needs of our clients in progressive and innovative ways. Our experience in this field coupled with our dual platform capabilities has positioned us favourably to streamline and enhance the way coverage has been traditionally offered, ensuring greater peace of mind and a superior experience for those who choose to do business with us.”
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