Travelers Cos. Inc. said on Tuesday that it is expanding in the business risk market in Europe by leading a Lloyd risk consortium and setting up a merger and acquisition insurance business.
The traveler's European arm has collaborated with transaction risk and tax manager Robert Brown and Dawn Bhoma, who will provide expertise to the leading risk consortium, the company said in a statement.
The transaction risk consortium currently offers a gross capacity of $ 80 million ($ 105.82 million) per transaction and covers risks related to mergers and acquisitions, including insurance, tax and liability insurance, says the statement.
During the partnership, travelers also create a new management agency to write transaction risk on behalf of the consortium, the company says.
"Transaction risk insurance is a growing segment of the market, as buyers and sellers are increasingly turning to risk transfer solutions to mitigate business risk and release capital quickly," said Matthew Wilson, President of Travel Europe, in the statement.
Mr. Brown and Ms Bhoma had been with Neon Underwriting Ltd., Lloyds of London MGA by Neon Holdings Ltd.