Travelers Partners With ASQ Underwriting to Provide Transactional Risk Insurance in the United States
January 15 2019 - 8:00AM
Business Wire
Travelers enters transactional risk insurance
market as demand for M&A risk mitigation tools continues to
grow
The Travelers Companies, Inc. (NYSE: TRV) today announced it has
partnered with ASQ Underwriting, a managing general underwriter, to
offer transactional risk insurance in the United States, as
strategic and private equity investors increasingly turn to
insurance to mitigate deal risk and compete for acquisition
opportunities.
Under the agreement, ASQ Underwriting will underwrite
transactional risk policies for Travelers, with an initial gross
capacity of $50 million per transaction. Travelers will manage the
claims process in close coordination with ASQ Underwriting.
Transactional risk insurance covers risks related to mergers and
acquisitions (M&A), including representations and warranties
insurance, tax liability insurance and contingent liability
insurance. These policies can reduce the funds required to be held
in escrow and provide risk transfer options for contingencies
identified during due diligence, helping buyers and sellers close
deals more efficiently and with more certainty.
“Transactional risk is an exciting segment of the insurance
market that has seen significant growth over the past several
years, and it’s a natural extension of our current suite of
specialty offerings,” said Tom Kunkel, Executive Vice President and
President of Bond & Specialty Insurance at Travelers. “We are
pleased to have an exceptional partner in ASQ Underwriting. Their
market-leading experience and expertise in this area will help our
customers manage the unique and significant risks that come with
M&A.”
ASQ Underwriting has offices in Atlanta and New York and is led
by Directors and Co-founders Jeff Anderson and Wayne Datz.
According to Anderson, “Our partnership will enable us to combine
the ASQ Underwriting team’s M&A insurance experience with
Travelers’ financial strength and expansive distribution network to
offer competitive transactional risk insurance, with a particular
focus on the active middle market segment.”
About ASQ Underwriting
ASQ Underwriting is a managing general underwriter providing
unique transactional risk insurance products to clients in the
mergers and acquisitions market. The ASQ team is a skilled group of
attorneys with over 65 years of combined M&A, legal and
insurance experience who have collectively underwritten hundreds of
transactional risk policies. ASQ is part of Alliant Underwriting
Solutions, a program administrator with a growing portfolio of
underwriting platforms encompassing more than $1 billion in annual
gross written premium. For more information, visit
www.asqinsure.com.
About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider
of property casualty insurance for auto, home and business. A
component of the Dow Jones Industrial Average, Travelers has
approximately 30,000 employees and generated revenues of
approximately $29 billion in 2017. For more information, visit
www.travelers.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190115005450/en/
Media:Patrick Linehan,
917.778.6267plinehan@travelers.com
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