One80 Intermediaries, a US-based insurance broker, has launched a new liability insurance solution specifically designed for chief restructuring officers (CROs).
The newly launched product is aimed at addressing the unique risks associated with the restructuring of distressed companies.
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CROs are key in the restructuring process, allowing the existing management to concentrate on the daily operations of the business.
The new insurance product provides crucial protection for CROs and their teams, who may otherwise face inadequate coverage or high deductibles.
This is particularly critical because limits of directors and officers policies for distressed companies are often exhausted, leaving CROs without coverage.
The policy offers liability limits up to $30m and includes the restructuring firm as an additional insured.
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By GlobalDataThe policy is a collaborative effort between One80’s private equity and transactional liability practice and its carrier partners.
The private equity and transactional liability insurance serves as a specialised financial protection tool for private equity firms and businesses involved in significant transactions such as mergers and acquisitions.
One80 Intermediaries president Matthew Power said: “I am very proud of our private equity and transactional liability practice as they remain at the forefront of market intelligence and innovation, allowing us to provide our brokers and clients with best-in-class solutions.”
One80 Intermediaries senior managing director Jonathan Legge said: “The role of the CRO is not without significant risk given that by definition, the CRO is hired when a company is in distress. At One80 we understand the risks associated with this role and are excited to provide comprehensive coverage to address this gap in the market.”
In October 2023, Risk Strategies and One80 Intermediaries underwent an internal restructuring and now operate under the new brand name Accession Risk Management Group, owned by Kelso & Company.
