XL Group today announced it has added a Mergers and Acquisitions (M&A) Insurance division to its Financial Lines business and appointed Tim Allen to head the business line.
The signs for 2014 are that M&A activity is on the rise. And, according to analysts, a more realistic approach to valuations is being adopted by both buyers and sellers.
As a result there is increased opportunity for the M&A insurance market, which provides cover for companies involved in a merger/acquisition.
XL Group’s Louise Dennerståhl, Head of International Financial Lines, who has recognised the opportunity, explains: “There is an expectation that over this year we will see a rise in deal activity and higher profile deals across sectors including retail, real estate, power, telecommunications, technology, pharmaceuticals and biotech.
“We have added an M&A division and appointed Tim, who is hugely experienced in this area, so that we can offer the most relevant solutions, spanning warranties and indemnities and other deal related cover, to clients involved in M&As.”
Ms. Dennerståhl continued: “Warranties and indemnities are an integral part of an M&A deal and the insurance solutions we will offer are often an enabling factor; providing certainty and security to clients, really allowing them to do the deal with confidence.”
As Senior Vice President, Global Head of Mergers & Acquisitions Insurance, Mr. Allen, who is based in London, is responsible for the management, underwriting and development of XL Group’s global M&A insurance offering.
Further commenting Ms. Dennerståhl said: “Tim has very broad experience across the M&A landscape which spans not only risk and insurance but also legal and compliance. This combination means he can design and provide solutions that are holistic in approach and innovative in nature.”
Mr. Allen joins XL Group from Beazley where, since 2010, he held the position of Underwriter on the Transaction Liability team, underwriting Warranty & Indemnity and Tax and Non-Tax Contingent Risk insurance. Between 2007 and 2010 he worked at Marsh Ltd on the Private Equity, Mergers & Acquisitions team.
Mr. Allen, who qualified as a solicitor, started his career practising law at CMS Cameron McKenna LLP in their Corporate and Leveraged Finance Team.
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.