-
Edward Markovich Appointed to Lead Global Initiative
PHILADELPHIA--(BUSINESS WIRE)--
ACE Group today announced the introduction of three new transactional
risk insurance products that offer protection to buyers and sellers
participating in Mergers and Acquisitions (M&A) and other transactional
deals throughout North America and in international markets. These
products -- Representations and Warranty Insurance, Tax Indemnity
Insurance and Contingent Liability Insurance -- enable parties to
efficiently transfer transactional risk, increase deal value and
maximize returns, thus strategically enhancing a party’s position in
competitive auctions and bridging gaps in deals that might not otherwise
close.
The demand for transactional risk coverage has risen significantly in
recent years, and has rapidly become a critical tool for both buyers and
sellers. Deal participants’ appreciation and understanding of the risk
transfer elements provided by these products, as well as their ability
to use this coverage strategically to facilitate the negotiation and
execution of transactions, is largely responsible for driving this
growth.
ACE recently appointed Edward Markovich as Vice President, Transactional
Risk, to lead this new global ACE initiative. Based in New York, Mr.
Markovich reports to Steven Goldman, Senior Vice President, Professional
Risk, ACE USA, and will focus on underwriting transactional risk in
North America. Mr. Markovich has extensive experience in both the
insurance and financial services sectors, and he brings to this position
a deep understanding of how this coverage can be useful to deal
principals and their advisors in today’s transactional environment. As
ACE expands its transactional risk capabilities overseas, Mr. Markovich
will coordinate with colleagues worldwide to set policy and execute
ACE’s global strategy in the transactional space.
“We have seen a significant increase in placement requests for
transactional risk products over the past couple of years. In some
instances, these have doubled from one year to the next,” said Mr.
Goldman. “Deal participants recognize that these coverages offer the
high degree of sophistication that complex transactions require.”
“ACE’s clients will further benefit from our financial strength and
global presence, as these policies typically extend coverage for several
years and oftentimes encompass risks on a worldwide basis. I’m excited
to lead this initiative at ACE, where we can immediately support our
clients in North America and, ultimately, in many jurisdictions around
the world,” said Mr. Markovich.
ACE’s transactional risk product line is comprised of three key
offerings:
-
Representations
& Warranties Insurance protects the insured for financial
losses in the event of unknown breaches of a seller’s representations
and warranties made in connection with an acquisition or merger.
-
Tax
Indemnity Insurance protects the insured against known contingent
tax exposures resulting from the tax treatment of a past transaction,
investment or other legitimate business activity.
-
Contingent
Liability Insurance protects the insured against known exposures
that may arise after the close of a transaction, such as successor
liability, open-ended indemnities and/or potential litigation.
Transactional risk products are offered within ACE’s Professional
Risk group, through a specialized unit focused on the unique and
complex challenges that financial institutions, including dealmakers
such as strategic buyers and sellers, private equity sponsors and
business owners and their respective advisors and managers, face in
today’s ever-changing economic environment.
Product highlights are summaries only; please see the actual policy for
terms and conditions. Product offerings may vary by ACE location.
About ACE Group
ACE Group is one of the world’s largest multiline property and casualty
insurers. With operations in 54 countries, ACE provides commercial and
personal property and casualty insurance, personal accident and
supplemental health insurance, reinsurance, and life insurance to a
diverse group of clients. ACE Limited, the parent company of ACE Group,
is listed on the New York Stock Exchange (NYSE: ACE) and is a component
of the S&P 500 index. Additional information can be found at www.acegroup.com,
or follow ACE on Twitter, https://twitter.com/ACEGroupNA.
Source: ACE Group