How much has the demand for M&A transaction insurance grown in Canada?
“While we do not have specific statistics, we estimate that demand has grown in the Canadian market at least in line with the broader Americas region at 20% year-on-year,” Richard Angevine, senior public relations consultant with Liberty Mutual Insurance, said Monday.
Angevine was responding a question from Canadian Underwriter following Liberty Mutual’s announcement Oct. 31 that its M&A practice, Liberty Global Transaction Solutions (GTS), had expanded into Canada. Liberty GTS president Rowan Bamford said at the time there is a growing demand for M&A transaction insurance in the Canadian market.
With the expansion, production counsel Jonah Goldberg joined the Liberty team in Toronto as the first Canadian-based member of Liberty GTS. “We plan on building out the Canadian team in short order, with immediate plans to hire a second underwriter in 2020,” Angevine added.
Boston, Mass.-based Liberty Mutual reported its GTS team is one of the most experienced M&A teams within the global insurance market. GTS products include representations & warranties, tax liability insurance and contingent risk insurance.
What prompted Liberty Mutual to decide to expand this offering into Canada?
“Historically, we have written business in the Canadian market under the Ironshore brand with local underwriters in place, too,” Angevine said. “Jonah is our first underwriter hired in Canada since launching Liberty GTS last year. We hope with his joining that we will expand the Liberty GTS team to grow to match the increased demand in the Canadian market for representations & warranties, tax liability and contingency products.”
Liberty Mutual Insurance Company ranked 29th by net premiums written of more than $306 million in Canada last year in Canadian Underwriter’s 2019 Stats Guide.
As part of Liberty Mutual Insurance, Liberty Mutual Canada has access to a wealth of commercial and specialty insurance solutions for mid-size and large companies, noted Garth Pepper, president of Liberty Mutual Canada, in a press release Oct. 31. “We are thrilled to be able to offer Canadian clients and brokers access to Liberty’s global M&A expertise and capabilities.”