Specialist insurer Beazley has launched a directors’ and officers’ (D&O) product suite designed specifically for Special Purpose Acquisition Companies (SPACs).
The new D&O products for US-domiciled SPACs offer dedicated coverage for either the individuals, or the entity and individuals combined, from the initial public offering (IPO) to the initial business combination.
Jim Rizzo, Beazley Executive Risk underwriter and a SPAC expert, is leading the initiative supported by a team of underwriters based in the US and London.
“These streamlined products are specifically designed for SPACs and their officers and directors at a time when heightened regulatory scrutiny, media attention and an increasingly active plaintiffs’ bar make it critical that they have appropriate coverage and fully understand what that coverage is,” said Rizzo.
Jeremie Saada, Head of US Executive Risk, also commented: “Beazley is stepping in to address a dramatic need for capacity in the D&O insurance market for SPACs. This specialized product suite for SPACs adds to Beazley’s balanced portfolio of offerings and positions us to be a valuable business partner to this growing market segment.”
“Our focus as always remains squarely on meeting the needs of our clients in progressive and innovative ways,” added Wayne Imrie, Head of London Market D&O.
“Our experience in this field coupled with our dual platform capabilities has positioned us favourably to streamline and enhance the way coverage has been traditionally offered, ensuring greater peace of mind and a superior experience for those who choose to do business with us.”