Beazley to Insure Risks Relating to Mergers and Acquisitions
John McNally joins company to lead growth of business
LONDON, Feb. 11 /PRNewswire-FirstCall/ -- Beazley has appointed John McNally to head a new team in London focusing on insuring the contingent risks that can otherwise impede merger and acquisition (M&A) transactions.
Mr McNally joins Beazley from AIG where he managed the M&A insurance practice for nearly six years. He will underwrite a variety of M&A-related risks for transacting parties worldwide, including warranty and indemnity, tax, and contingent liability cover. He will report to Neal Wilkinson, head of Beazley's global management liability team.
Mr Wilkinson said:
"M&A activity contracted significantly around the world in 2008, but is now beginning to recover. We are also seeing evidence that buyers are adopting a more cautious approach and are more likely to require that contingent risks be transferred via insurance before a transaction can be closed. John is extremely experienced in these specialist lines of insurance and is well equipped to help us realise the opportunities that current market conditions present."
Mr McNally said:
"I am delighted to be joining Beazley. The keys to success in this market are flexible underwriting and flawless execution. Brokers and clients are used to receiving both from Beazley."
For further information, please contact: |
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Beazley Group |
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Neal Wilkinson |
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Tel: +44 (0)20 7674 7239 |
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Note to editors:
Beazley plc (BEZ.L), is the parent company of specialist insurance businesses with operations in Europe, the US, Asia and Australia. Beazley manages five Lloyd's syndicates and, in 2009, underwrote gross premiums worldwide of 1,115.5 million pounds Sterling. All Lloyd's syndicates are rated A by A.M. Best.
Beazley's underwriters in the United States focus on writing a range of specialist insurance products. In the admitted market, coverage is provided by Beazley Insurance Company, Inc., an A.M. Best A rated carrier licensed in all 50 states. In the surplus lines market, coverage is provided by the Beazley syndicates at Lloyd's.
Beazley is a market leader in many of its chosen lines, which include professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.
For more information please go to: www.beazley.com.
SOURCE Beazley plc
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