The International Underwriting Association (IUA) has formed a Transactional Liability Committee, responding to the increasing demand within the warranty and indemnity insurance sector.
IUA represents entities in London engaged in offering international and wholesale insurance and reinsurance offerings.
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The new committee’s formation comes as warranty and indemnity insurance is the focus for a new London company market forum, which is operated by the IUA.
Warranty and indemnity insurance cover is crucial in mergers and acquisition (M&A) transactions, providing protection against potential losses from warranties stated in acquisition agreements.
Senior underwriters from member companies with expertise in the transactional liability business class have joined the newly formed committee.
The inaugural meeting of the committee saw participation from representatives of 20 different companies.
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By GlobalDataCFC head of transaction liability Angus Marshall will chair the committee, while AXIS Capital head of financial and transactional Calum McPherson is the deputy chair.
IUA director of legal, underwriting and claims Chris Jones said: “In recent years the warranty and indemnity sector in the London company market has grown and there is now a significant community of practitioners providing cover. Our new committee will provide a useful forum for networking opportunities and sharing of best practice.
“The group will also investigate research projects and represent member interests. Some of the issues it may address include the standardisation of non-disclosure agreements, good practice for meeting Know Your Customer rules and thematic loss trends.”
In other transactional liability sector news, last week, Devonshire Underwriting, a UK-based managing general agent, expanded into Europe with approval from Lloyd’s.
Specialising in transactional risk insurance products, Devonshire aims to capitalise on the M&A environment in Europe and the increasing demand for tax and contingent risk solutions.
In addition, in March 2024, Chubb enhanced its international offerings with a global transactional risk platform.
