June 14, 2018
Sompo International has expanded into transaction risk business through its European Specialty platform.
The (re)insurer will now provide warranties and indemnities (W&I) coverage for parties on either side of an M&A transaction in Europe, targeting public and private companies domiciled or conducting their core business throughout the continent.
Sompo said that primary and excess attachments are available for buyer-side W&I, seller-side W&I, seller-induced buyer-side W&I and tax liability insurance for European tax risks related to M&A transactions.
Thomas Mannsdorfer, Sompo International’s head of European specialty underwriting, remarked: “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, head of professional lines, London Market and 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.”