Sompo International unveils transaction risk insurance in Europe

Bermuda-based Sompo International Holdings' European specialty platform has introduced a new transaction risk insurance line of business, expanding its professional lines insurance offerings in Europe.

The new business targets parties on either side of a merger or acquisition (M&A) transaction, providing coverage against losses arising from warranties and indemnities (W&I) breaches and other risks. The programme targets public and private companies domiciled or conducting their core business throughout Europe. 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, executive vice president and head of European specialty underwriting at Sompo International, 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, EVP, 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.”