Marsh taps own SPAC gurus to co-lead financial & professional lines

Insurance broker  Marsh has selected two insiders heavily involved in SPAC deals to-date to co-lead the group's US financial and professional liability (FINPRO) practice.

Andrew Fiscella (pictured) and John Umbach will co-lead the specialty division with a SPAC-focused assignment to "identify risks, customize programs, and secure directors and officers liability (D&O) insurance policies throughout the life cycle of the SPAC, including the ultimate merger.

Fiscella and Umbach have been senior vice presidents within the FINPRO practice in offices in Denver and New York "completing hundreds of SPAC IPOs and de-SPAC transactions since 2019."

Marsh's FINPRO practice leader James Beatty commented: “With the proliferation of SPAC formations and de-SPAC transactions over the last three years,  Marsh has assembled a world-class team of risk specialists who understand the nuances of these transactions and how best to mitigate risk. Clients and colleagues will benefit from Andrew’s and John’s knowledge and experience as we continue to develop solutions that provide SPACs with the protection they need to operate successfully in today’s ever-evolving risk environment.”

Fiscella said: “Given the steady rise in SPAC- and de-SPAC- related litigation as well as increased Securities and Exchange Commission oversight, it is vitally important that our clients have robust D&O coverage in place.”

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