The practice will combine both specific underwriting expertise and insurance product capabilities including primary and excess casualty, foreign casualty, property and specialty, environmental, professional liability, management liability, surety, transactional risk, and political risk insurance. Heading the new practice will be Executive Vice President Seth Gillston.
“Private equity firms and their advisors are involved in deals in multiple industries and geographies,” said Mr. Gillston. “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.”
The formation of a practice to serve a specific industry is a standard strategy of Chubb. Other sectors where the company has done this include broadcasting, clean technology, educational institutions, energy, government contractors, healthcare, life sciences, manufacturing, and museum & cultural institutions.
“More and more of our current and prospective clients attract private equity investments,” said 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.”
The private equity practice will also coordinate distribution of M&A-specific insurance solutions such as Transactional Risk Products and Loss Portfolio Transfers. These products provide buyers and sellers protection against unanticipated liabilities associated with mergers and acquisitions.
Chubb (NYSE: CB) is the world’s largest publicly traded property and casualty insurance company with operations in 54 countries. The company’s main executive offices are located in Zurich, New York, and London (www.chubb.com).
© 2016 PEPD • Private Equity’s Leading News Magazine • 2-2-16