QBE Europe launches product for warranty and indemnification
The product protects against unknown violations of purpose and seller representations and warranties in a purchase agreement.
Toria Lessman will be responsible for building a dedicated W&I team. She was senior vice president for TLI (transactional liability insurance) in QBE’s North American division, responsible for building the product in the US. The new team will report to Jamie Thompson, Director of Financial Lines.
“This is a great opportunity to support our clients in the M&A market. We are pleased to have Toria join QBE Europe’s finance line team to lead the rollout of our new W&I product. She brings significant specialist expertise to her role, having successfully grown the TLI business for QBE North America,” said Jamie Thompson, Director of Financial Lines, QBE Europe.
QBE said it wants to combine its strong global expertise with locally empowered experts and plans to hire three local experts initially. Initially led from London, the longer term plan for W&I is to build an underwriting team for its existing European footprint.
Miller launches D&O product for the UK construction industry
Miller, the London-based independent specialist reinsurance broker, announced the launch of “D&O Construct”, a new product for the UK construction industry, designed exclusively in conjunction with Howden’s Managing Director, DUAL.
At a time of increasing regulatory pressure in the UK construction industry, Miller has worked with DUAL to design a product that will provide businesses with broader D&O coverage and fill the gaps in standard coverage currently offered. D&O Construct has been created so that businesses can be confident that their policy will cover claims and has been designed specifically for the UK construction industry.
This new product offers no deductible throughout the policy, so businesses are not financially impacted when faced with covered claims that can add up to significant legal and defense costs. The product goes further than others on the market by also covering claims arising from corporate insolvency, manslaughter claims and environmental claims.
The product is designed to support various professions in the construction industry, including architects, developers, contractors and surveyors.
“As the UK construction industry continues to face increasing pressure from regulation and legislation, I am pleased to announce the launch of this new product, which fills the gaps created by the more standard coverage of the market,” said Scott Taylor , Head of Financial Institutions and D&O (International).
Source: UK Time News
