Ulysses Grundey, Senior Underwriter Financial Lines at XL Catlin in Iberia commented: “When it comes to the number of Initial Public Offerings (IPOs), Spain is set to take the number two position globally with a projected increased of activity of 200% between 2015 and 2017. Our new policy brings an insurance response from XL Catlin for our clients involved in this IPO market trend as well as for others issuing debt with equivalent prospectus regulated under Spanish or foreign law.
In 2015, 24 companies went public in Spain. A similarly high number is expected for 2016 driving demand in the market for our new Prospectus Liability solution, which we designed in close consultation with our investment bank and legal advisors.”
The solution protects the entity – as issuers – as well as the acting directors and other employees involved in the offering in respect of any liability in connection to with information which is disclosed or should have been disclosed in the prospectus and offering documents, and/or during presentations to investors (including road shows) as part of the securities offering.
José Ramón Morales, Country Manager at XL Catlin’s insurance operation in Iberia, added: “Standard D&O liability policies are not geared-up to the specific exposures of corporate entities and their management arising out of prospectus liability. In today’s world, companies and their directors & officers operate in a complex regulatory and legal environment and when it comes to public offerings, having specific cover in place is a must. Given the increase of companies going public, having this new product in our portfolio means we are better positioned to help our clients and their directors and officers manage their risks.”
About XL Catlin’s Insurance Operations
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.