Posted on: 19 June 2024
Warranty and indemnity insurance is the focus for a new London company market forum operated by the International Underwriting Association (IUA). Such cover is applied in mergers and acquisitions to protect against losses arising due to warranties made in the acquisition agreement.
Now, a Transactional Liability Committee has been established with senior underwriting participants from IUA member firms active in the class of business. The group has already held its first meeting at which 20 different companies were represented.
Chris Jones, IUA Director of Legal, Underwriting and Claims, 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.”
The committee will be chaired by Angus Marshall, Head of Transaction Liability at CFC with Calum McPherson, Head of Financial and Transactional at Axis Capital appointed the group’s Deputy Chair.
