Beazley has appointed John McNally as head of a new team in London focusing on insuring the contingent risks that can 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 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.
Neal Wilkinson, head of global management liability at Beazley, 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.
Beazley is the parent company of insurance businesses with operations in Europe, the US, Asia and Australia. It is in professional indemnity, property, marine, reinsurance, accident and life, and political risks and contingency business.