Liberty Global Transaction Solutions (Liberty GTS), a standalone business of Liberty Mutual Insurance that provides M&A insurance, has launched a new contingent legal risk insurance product.
The company has also named Aude Bonnemaison, a representations and warranties (R&W)/warranty and indemnity (W&I) insurance underwriter with Liberty GTS, as its first underwriter dedicated to the new product. She will report to Liberty GTS chief underwriting officer Gareth Rees, who will also lead the new division.
Liberty GTS’s contingent legal risk insurance product features capacity up to $165 million per policy, a release said.
The contingent legal risk insurance policies can cover a range of known liability risks, which can be legally evaluated and analyzed. These types of risks may arise in the context of an M&A transaction, but they may also be standalone risks without any connection to a deal. The product can be used with R&W/W&I policies to cover a known risk that has been excluded from cover through the R&W/W&I policy.
Liberty GTS noted that contingent legal risk insurance policies cover for known legal risks, while R&W/W&I policies cover unknown risks.
“The contingent legal risk insurance product is a natural fit within our portfolio, reflecting our commitment to provide a comprehensive suite of solutions to the M&A market,” commented Liberty GTS president Rowan Bamford. “Our team of seasoned underwriters will focus on the specific facts that shape and inform the contingent risk in order to provide bespoke insurance policy coverage meeting our clients’ needs.”