HCC Global Financial Products (HCC) has launch a new line of business focusing on merger and acquisition transaction risk insurance, namely Warranty & Indemnity, Tax Indemnity, and Contingent Risk Transfer Insurance.
The financial lines specialist says it has noted a significant upturn in mergers and acquisitions activity in the first quarter of 2010.
According to underwriting director, Thibaud Hervy: Recent trends suggest that a greater proportion of transactions will require some form of risk solution to facilitate the deal.
Mr Hervy is heading the new team, which is operating out of the groups Barcelona headquarters and London office.
Commenting on develops, HCC chief executive officer, R Matthew Fairfield, says: This move reflects our growing reputation and success in the financial lines that require high quality, sophisticated underwriting.
In related news, Torus UK has this week entered the London financial lines market with the formation of underwriting agency, Torus Executive Risks Limited, a joint venture with Nexus Underwriting.
The new unit will underwrite on behalf of Torus Insurance (UK) providing policy limits up to 10 million per risk in the following product lines: Directors and Officers Liability; Bankers Blanket Bond; Professional Indemnity; Pension Trustee Liability; Employment Practices Liability; and Public Offering of Securities Insurance.