Chubb has created a new Private Equity Practice to provide specialised insurance solutions to US and Canadian private equity firms and their portfolio companies.
Seth Gillston, the Executive Vice President who previously had been named to lead the practice, will manage a team of underwriters with deep industry knowledge and M&A expertise. The team will deliver a broad suite of products and services in the following areas: Primary Casualty (guaranteed cost and loss sensitive); Foreign Casualty; Excess Casualty; Middle Market Package (with global capabilities that can be tailored to industry segments); Property and Specialty; Environmental; Professional Liability; Management Liability; Surety; Transactional Risk; and Loss Portfolio Transfers; Political Risk.
The Private Equity Practice joins a long list of established Chubb industry-specific practices, including Broadcasters, Clean Tech, Educational Institutions, Energy, Entertainment, Financial Institutions, Government Contractors, Healthcare, Law Firms, Information & Network Technology, Life Sciences, Manufacturing, Museum & Cultural Institutions, Non-Profits, Real Estate & Hospitality and Wineries.
The new practice will work in concert with the newly-established Chubb Major Accounts and Commercial Insurance divisions to serve an expanded customer base of buyers of all sizes via Chubb's 48-branch network across the US and Canada. The practice will also coordinate distribution of M&A-specific insurance solutions such as Transactional Risk Products and Loss Portfolio Transfers. These products will afford buyers and sellers more protection against certain unanticipated liabilities associated with mergers and acquisitions.
"More and more of our current and prospective clients attract private equity investments," says Chris Maleno, Division President, Chubb Major Accounts. "We are responding by coordinating our resources and assembling a dedicated team of underwriters who possess experience within this space. Following the recent blending of two legacy insurance organizations with strengths in both the middle market and large account segments, we now are able to leverage our complementary lines of business and commitment to servicing our clients' specialized needs. This expanded industry practice is a tangible expression of our intention to bring more robust insurance solutions to the marketplace."
"Private equity firms and their advisors are involved in deals in multiple industries and geographies,". Gillston says. "These deals present new challenges and require companies to rebalance their priorities, which often add layers of risk. Chubb's underwriting approach leverages broader relationships with private equity firms and their portfolio companies to respond as timely as possible."