ACE Group has expanded its mergers and acquisitions (M&A) practice into a private equity practice concentrating on insurance solutions for private equity firms, their portfolio companies as well as their M&A transactions.
Seth Gillston, based in New York City, has been named executive vice president to lead the expanded practice. He will coordinate a team of underwriters who will address the specialised needs of the private equity industry and the M&A process.
ACE’s M&A practice has been enhanced to broaden its suite of risk management solutions, insurance products across all North American business units, and claims coordination to respond to the needs of the private equity industry and their portfolio companies. It will also work in concert globally with ACE’s newly established global accounts division headed by Joe Clabby, division president.
“Private equity transactions and M&A deal flow continue to pick up pace,” says John Lupica, chairman, insurance – North America. “We are responding by coordinating the ACE resources on these transactions and dedicating a team of experienced underwriters. Our insurance professionals apply their knowledge of specialised underwriting products and services while developing creative solutions.”
“Private equity firms and their advisors are moving towards a more coordinated approach as it relates to the risk management needs of their global portfolio of companies,” Gillston says. “With M&A on the rise, companies are balancing multiple and shifting priorities that add layers of risk. ACE’s underwriting approach has evolved, as we consider this broader relationship with private equity firms and their portfolio companies. A global carrier needs to coordinate their response with tailored property, casualty, management liability, and transactional insurance products. These products can help facilitate a merger, acquisition, or divestiture as well as respond to a new insurance program for a carve-out division.”
Gillston adds this responsibility to his current role within ACE Risk Management, ACE’s primary casualty business, as well as underwriting transactional-specific products done through ACE Financial Solutions, such as loss portfolio transfers that can help facilitate M&A transactions. He will continue to report to Matt Merna, division president, ACE Risk Management.
