Bermudian re/insurers Sompo International Holdings has announced the launch of a new Transaction Risk Insurance line of business through its European Speciality platform, expanding its current Professional Lines insurance offerings in Europe.
The program targets parties – both public and private – domiciled or conducting its core business throughout Europe, on either side of an M&A transaction, and provides coverage against losses arising from Warranties and Indemnities (W&I) breaches and other risks.
Executive Vice President (VP) and Head of European Specialty Underwriting at Sompo International, Thomas Mannsdorfer, commented, “Since the launch of Sompo International’s European platform in March, we’ve focused on delivering market-leading management liability, professional indemnity, financial institutions and cyber liability products to clients across Europe.”
“Our new M&A products expand these capabilities, further strengthening our ability to help companies manage the broad range of risks associated with their fiduciary and contractual responsibilities.”
Richard Allen, Executive VP, Head of Professional Lines, London Market & Europe Insurance, added, “Backed by Sompo International’s A+ rated underwriting capacity and with the flexibility to service accounts through both our London based and new European entities, the introduction of these additional professional lines products complement our growing portfolio.”
“Thomas’ in-depth knowledge in this area along with new underwriting talent recruited to our European Specialty team will enhance Sompo International’s presence in this important market.”