XL Group today announced that it has appointed Rowley Higgs as Mergers & Acquisitions (M&A) underwriter to join Tim Allen, Global Head of the M&A insurance unit, to support the expansion of the business.
Commenting Mr. Allen said: “Since we launched the M&A division in May this year, we have seen significant volumes of submissions and interest from brokers.”
This interest in deal related insurance products has increased in recent time and M&A activity is on the rise as a more realistic approach to valuations is being adopted by both buyers and sellers. Added to that, there is increasing pressure to put excess cash to work.
XL Group recognized the confluence of factors driving the M&A insurance market and is building out its team and products to address the increase in demand. Since joining XL Group in May and with a maximum line size of €45 million (£30 million, USD 45 million) Mr. Allen has been focused on leveraging XL Group’s strong global network to provide the most relevant solutions to clients. These solutions span warranties and indemnities and other deal related cover on a primary and excess basis and are available to clients involved in M&A transactions internationally.
Mr. Higgs joins XL Group from CMS Cameron McKenna where he spent the past seven years. He has advised a number of underwriters in relation to warranties and indemnities as well as working on a range of corporate transactions.
Commenting further on Mr. Higgs’ appointment, Mr. Allen said: “We have appointed Rowley because as a leading practitioner in the M&A industry, he has not only worked client side, advising on the legal aspect of global transactions, but he has also advised insurers on the issuance of M&A insurance policies.
“With this dual perspective, Rowley is ideally positioned to lead growth by identifying future opportunities and development of the insurance product in order to meet the needs of an increasingly active M&A market.”
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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 www.xlgroup.com
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