Bermuda-based XL Group has appointed Rowley Higgs as mergers & acquisitions (M&A) underwriter to support the expansion of the business.
Higgs will join Tim Allen, global head of the M&A insurance unit. Commenting on the appointment, Allen said: “Since we launched the M&A division in May this year, we have seen significant volumes of submissions and interest from brokers.”
This interest in deal related insurance products has increased recently, and M&A activity is on the rise as a more realistic approach to valuations is being adopted by both buyers and sellers.
Added to that, there is increasing pressure to put excess cash to work. XL said that it recognised the confluence of factors driving the M&A insurance market and is building out its team and products to address the increase in demand.
Higgs joins XL Group from CMS Cameron McKenna where he spent the past seven years. He has advised a number of underwriters in relation to warranties and indemnities as well as working on a range of corporate transactions.
Since joining XL Group in May and with a maximum line size of €45 million (£30 million, $45 million) Allen has been focused on leveraging the firm’s strong global network to provide the most relevant solutions to clients. These solutions span warranties and indemnities and other deal related cover on a primary and excess basis and are available to clients involved in M&A transactions internationally.
Commenting further on Higgs’ appointment, Allen said: “We have appointed Rowley because as a leading practitioner in the M&A industry, he has not only worked client side, advising on the legal aspect of global transactions, but he has also advised insurers on the issuance of M&A insurance policies.
“With this dual perspective, Rowley is ideally positioned to lead growth by identifying future opportunities and development of the insurance product in order to meet the needs of an increasingly active M&A market.”
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