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Risk Appetite

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In the first instance we suggest that you contact us to discuss whether we can provide a quote. As a guide, see details below regarding our focus and any restrictions on what we can or can’t offer.

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Focus

From a W&I perspective we specialise in the mid-market private equity space (circa £100m-£600m enterprise value).

Because our Team has more than 50 years of combined transactional insurance experience we are familiar with a very broad range of sectors/industries. This means that unlike some other underwriters we are comfortable with insuring risks in industries like pharmaceuticals, finance, gambling, or tobacco. See our Case Studies for examples.

Brockwell is one of the few W&I underwriters that actively offers both Sell-side Insurance and Synthetic W&I.

Our Tax and Contingent practices complement our M&A insurance offering, but extend beyond M&A to wider risks relating to Institutional Investors / Funds, e.g. from fund or investment structures.

As a result of regularly supporting management sellers in a private equity context, we have developed our Tax offering to include cover for Personal Tax risks relating to high-net-worth individuals, management teams, as well as investment managers.

We will consider a broad range of Contingent Risks, including both contentious and non-contentious legal risks.

Geographically, we are particularly focussed on the United Kingdom, the Nordics, South Africa, and Australasia, but we are also very active in Western Europe, CEE, and the Baltics. However, we have a global appetite and a strong network of top-tier local counsel to help us get deals done.

Our general minimum premium is typically £70,000 for W&I, £85,000 for Tax and £100,000 for Contingent, but this can be lower.

Restrictions

Below are some broad details of restrictions on our appetite, but please see W&I, Tax, and Contingent for product specific details.

We are unable to offer insurance for:

  • financial cover in excess of £45m (or equivalent) – On a case-by-case basis we can access additional risk capital if more cover is required
  • persons located in the USA
  • purely USA transactions or risks
  • Tax or Contingent risks where we would not have conduct (e.g. over a tax assessment or litigation)
  • W&I risks where the underlying business is an insurance company, bank, or deposit-taking entity
  • a policy period of more than seven years – On a case-by-case basis we can explore a longer policy period
  • tax avoidance or evasion schemes (also see Anti-Tax Evasion)

We prefer not to offer insurance for:

  • transactions where the jurisdictions involved do not consistently apply the rule of law (n.b. we consider Russia and mainland China to be outside of appetite)
  • W&I risks where the enterprise value for the M&A transaction is in excess of £1bn (except in the Nordics)
  • Tax risks where the tax authority is already undertaking an audit / investigation or the matter is being litigated

Our Insurance Products

W&I Insurance

Tax Liability Insurance

Contingent Risk Insurance

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