IVCA Preview: Moderator Curtis Young of Thompson Flanagan, Sponsors of May 25th IVCA Webinar, ‘Rep & Warranty Insurance Update’

IVCA Preview: Moderator Curtis Young of Thompson Flanagan, Sponsors of May 25th IVCA Webinar, ‘Rep & Warranty Insurance Update’

May 12, 2021

Despite our continued separations, the IVCA is reaching out to the membership again as the insurance brokerage firm of Thompson Flanagan sponsors our next webcast, “Rep & Warranty Insurance Update PLUS … What Really Happens When There is a Claim” on May 25th, 2021, from 9am-10:30am. The moderator of the event will be Curtis Young, Partner of Thompson Flanagan, and he will welcome the expert panel …
  • Steve Kaye,  Counsel in Ropes & Gray’s Liability Risk Management Group
  • Meg Gardiner, General Counsel and Claims Officer at Euclid Transactional
  • Toria Lessman,  SVP, Underwriting Leader, Transactional Liability
  • Bill O’Neill, Litigation Partner, Winston & Strawn
To preview the Webinar, moderator Curtis Young was interviewed by the IVCA.
 
IVCA: What is a brief summary for attendees of ‘Rep & Warranty (R&W) Insurance Update’ event and what information do you want to emphasize the most?
 
Curtis Young: Our goal for the R&W Webinar is to provide an update overview on the market, the product itself and claim activity within the sector. In particular, we want to get into the specifics on One: What types of claims are being filed? Two: Are they being paid? And if so, Three: What is the best way to approach the process to be successful?
 
IVCA: What kinds of knowledge will your panel of experts contribute to the discussion, and what criteria did you use to gather their collective force?
 
Young: We wanted to include specialists for each side of the process and product. On the panel we have included underwriting, policy/coverage counsel, insurer claims counsel and outside claims counsel. Our hope is this group will bring various perspectives which will result in a robust educational discussion.
 
IVCA:How does the history in the development of the Rep & Warranty Insurance product play into its relative use or value to its customers?
 
Young: While many in the financial sponsor community saw value in the product since its inception in the late 1990’s, it has been the involvement and support of the product by the legal community in the past several years that has driven it to be what it is today. The product and its usefulness continue to be refined to the benefit of policyholders.
 
IVCA: Since this product involves persons on the opposite side of each M&A – buyers and sellers – how closely is Rep & Warranty Insurance aligned with the legal negotiations and protections in a contract?
 
Young: While the majority of the work in obtaining a R&W policy is born by the buyer, because the policy ultimately insures the purchase agreement, there is involvement by both the buyer and seller as part of those negotiations. So in that way, there is close involvement from both sides.
 
IVCA: Since the product was introduced, what has been the evolution of the insurers that provide it, regarding what deals they will accept or reject?
 
Young: The evolution of the insurers involved in the R&W product have changed greatly in both number and scope since its inception. Currently there are 23 domestic insurers, while only a few years ago the number was closer to 15. Appetite for the size of deals and industry focus has changed over the years as well. Healthcare in particular is an area that has grown considerably in both the number of markets that play in the space, as well as the coverages they are willing to provide.
 
IVCA: Your firm profile lists you as an avid golfer. What golf term is the perfect metaphor for the importance of your seminar event and why?
 
Young: The more we practice the luckier we get … which translates into the more we know and learn, the better we will be prepared.
 
The Webinar “Rep & Warranty Insurance Update, PLUS … What Really Happens When There is a Claim,” sponsored by Thompson Flanagan, will take place online on May 25th, 2021, from 9am-10:30am. For more information and a link to register, click here.