Transactional liability
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The Jay Rittberg-led program manager kicked off a strategic process in August. -
Stephan Simon left BMS in June 2024 after almost three years in the role.
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The firm offered W&I cover with capacity of up to £16mn per transaction.
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Other MGAs in the transactional-liability class are also expanding into the US.
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The MGA secured a “significant strategic investment” from Zurich earlier this year.
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Abbas Juma has spent more than seven years at Howden M&A in various senior roles.
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The executive joins from MSIG USA.
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Giles has spent more than five years at Themis Underwriting.
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An M&A senior analyst and M&A underwriter for emerging markets are also set to depart.
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The MGA has set a "new market benchmark" for non-US primary tax risk, it said.
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Plus, the latest people moves and all the top news of the week.
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Sources said that the NY-based TL underwriter has retained Piper Sandler to run the process.
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Paul Jeroen van de Grampel drove Aon's M&A and litigation solutions proposition.
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Submission volume is up 10%-20%, according to sources.
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This publication revealed two years ago that EQT could lodge a $1bn claim.
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Alistair Lester joins from Aon, where he has worked for the past eight years.
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In May, we revealed that Lockton's James Campbell is leaving for a role in HWF’s real estate team.
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In March 2024, Cowen was appointed to lead Chubb’s new international transactional liability platform.
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Rates continue to drop as capacity is ample, the broker said.
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Last month, Combarro announced his exit on LinkedIn after 17 years at Lockton.
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In North America, the median W&I claim payment in 2024 was $5.5mn, the highest on record.
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Henk Bijl joins from Aon, where he has worked for the last 25 years.
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Volante’s syndicate may still support select transactional liability risks, but it will not have an in-house team.
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The trend is expected to be most pronounced in the Middle East, the survey found.
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There have been several personnel moves in the fast-growing tax insurance space recently.
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Last week Neo Combarro, Lockton’s head of TL announced his exit on LinkedIn.
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In January, 32 Acquinex employees resigned, with 22 moving to Howden’s underwriting arm.
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Greg Branagan joined Mosaic in 2023 as AVP, tax underwriter, within TL.
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Michael Brooks, SVP, head of transactional liability, will be taking over temporarily.
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Their next destination remains unknown.
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These resignations come as many former Acquinex employees begin their new roles at Dual this week.
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Alexander von Reuss joins the Hamburg office, while Wilson Hill joins the London team.
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In January, 32 Acquinex transactional liability employees resigned for Howden’s underwriting arm, Dual.
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The strategic investment supports Icen’s international ambitions.
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He expects the operational hygiene of MGAs to be tightened soon.
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The outcome could have a wide-reaching impact on the tax liability market.
