Beazley will underwrite new coverage that helps cover administrative burden and fees involved with processing ticket refunds for attendees who can’t attend an event that is otherwise being held as planned. Ironshore is beefing up its M&A and related tax insurance offerings.
Beazley will partner with Rainprotection Insurance to offer event organizers protection that addresses administrative burden and associated fees of processing ticket refunds for attendees who are no longer able to attend events not cancelled or delayed.
The new Inability to Attend product, sold by Rainprotection Insurance and underwritten by Beazley, is designed to assist event organizers in reimbursing attendees who miss events due to reasons outside their control, such as illness, travel issues or a family bereavement. The cost of the coverage can be incorporated into attendee show registration charges at no additional cost to organizers.
Rainprotection Insurance provides liability coverage to the organizers of thousands of events across the US annually. The Inability to Attend product complements its offerings for the event industry.
Ironshore International’s Mergers & Acquisitions and Tax Insurance unit has beefed up its consortium programs to meet client and broker demand for larger, streamlined limits for this class of dedicated specialty coverage.
Ironshore will increase its Mergers & Acquisitions Consortium capacity to £100 million ($129.4 million), up from its current limit of £78.5 million ($101.6 million), effective immediately. The specialty unit is also announcing a new Tax Consortium with initial capacity of £40 million ($51.8 million).
Both Consortia will be able to write in combination with Ironshore’s Bermudian platform for global risks in order to further increase total available capacity. This will allow Ironshore to provide total M&A capacity of up to £150 million ($194 million) and total Tax Insurance capacity of up to £65 million ($84.1 million) on any one risk.
Ironshore’s Mergers & Acquisitions Consortium underwrites Warranty & Indemnity coverage for non-US complex commercial risks, led by Rowan Bamford, Global head of the M&A team. The Tax Consortium covers Tax Liability exposure for domestic and cross-border risks. It was formed to provide higher limits in response to greater market utilization of tax liability insurance for transactional protection. Tom Cartwright, reporting to Bamford, is head of Ironshore’s Global Tax Insurance division. Bamford reports to Mark Wheeler, Chief Executive Officer of Ironshore International.
Sources: Beazley, Ironshore