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CFC hires AIG UK M&A head Marshall

London-based specialty MGA CFC Underwriting has bolstered its transactional liability team with the hire of AIG’s UK M&A insurance head Angus Marshall, The Insurance Insider understands.

Marshall has worked in AIG’s M&A team for more than six years. He focused on emerging markets before taking on the role of head of M&A for the UK and London market in April 2015.

CFC already has a transactional liability team, headed up by practice leader Matthew Giddings. It is understood Marshall would be working alongside Giddings to expand the book, and that the team is targeting $60mn of new business for the financial year.

The MGA offers a full suite of transaction liability insurance products, including warranty and indemnity (W&I) insurance and insurance for contingent tax and other liabilities arising in the context of M&A. It has traditionally targeted smaller and mid-market deals across multiple regions of the US.

Since a wide-ranging revamp of its capacity arrangements, it is understood that CFC has increased the limits available for its transactional liability products by $25mn to $75mn.

A CFC spokesperson confirmed the hire and said: “Under Matt's leadership, the transactional liability practice has been one of CFC's fastest growing lines of business and in less than three years of trading, CFC has become one of the top five underwriters of transactional insurance in the US.”

They added that Marshall’s hire was “a real coup for CFC and we are absolutely delighted to have him join the business”. 

W&I insurance, also known as representation and warranty insurance in the US, has seen a flood of additional capacity via both new entrants and established players increasing their participation in the rapidly expanding class.

This wave of capacity has changed the market dynamic and positioned the W&I market as one of the few classes that are softening amid a broader London market rating improvement.

The non-renewable nature of the class makes it difficult to establish a risk-adjusted rate change for the business but sources told this publication that premiums on W&I placements are falling.

Meanwhile, coverage is also broadening, with wordings typically found on US W&I policies creeping into international placements, and brokers pushing insurers to be more bespoke in crafting policies for buyers.

AIG declined to comment.

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