Reps and warranties
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After a period of ups and downs, R&W rates in the mid-market segment are stabilizing around 3.5%-4%, market participants said. -
The private equity-backed broker hired Yem Mai as R&W managing director and senior brokers Ashley Parsa and Michelle Jensen.
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The proportion of notifications reporting high severity ($10mn+) remains unchanged at 9%, according to the report.
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The inflection point comes as the US M&A boom overheated the reps and warranties market in late 2021 and early 2022.
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Euclid will raise its maximum per-deal underwriting limit of liability to $90mn.
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Underwriters are now either declining deals in the region entirely or implementing severe exclusions to mitigate risk.
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Both executives join the family-owned broker as senior vice presidents based in New York.
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CapSpecialty paper will be allocated through its wholly owned subsidiary specialty insurer Capitol Specialty Insurance.
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The US practice will be led by Themis partner Naomi Collins, who has previously worked for CFC Underwriting and Allied World.
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According to a recent M&A risks market report, nearly 70% of US transactions use R&W coverage and four out of five PE deals in North America use M&A insurance.
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