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Chubb Expands Insurance Coverage in Canada for Private Equity Firms.

Chubb Expands Insurance Coverage in Canada for Private Equity Firms

Chubb is providing expanded insurance coverage, called "Private Equity+", to address "the unique risks of Canadian private equity firms."

These extended offerings help transfer and mitigate many of the private equity firms' most significant liabilities by combining in one policy four management liability coverages, including management (directors and officers), outside directorship, professional services (errors and omissions), and employment practices liability, the company said in a statement.

"Private equity firms in Canada face a variety of unique and personal liability exposures due to their wide range of responsibilities. As a result, they need a comprehensive insurance product that addresses their ever-evolving activities," said Carol McLellan, vice president, North America Financial Lines, Chubb.

"Chubb understands private equity exposures and has a long history serving the private equity marketplace, which enables us to deliver market-leading coverage enhancements, including the coverage extensions now embedded in this unique new product," added McLellan.

Some of these coverage extensions include:

* Portfolio company pre-acquisition defense costs that may arise from lawsuits brought against the private equity firm as controlling shareholder of a portfolio company, even when the alleged acts of the portfolio company precede the private equity firm's acquisition date

* Crisis costs incurred by the private equity firm, including hiring a public relations firm to mitigate the potential reputational damage resulting from the termination of a key executive

* Defense costs incurred by a private equity firm executive as a result of his or her being interviewed by regulatory enforcement agencies

Chubb said it began offering coverage to private equity firms in 1997, and was one of the first insurers to develop integrated management and professional liability insurance product tailored for this market.

Chubb Insurance Co. of Canada has offices in Toronto, Calgary, Montreal and Vancouver and provides products and services through licensed insurance brokers across Canada.

Source: Chubb

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Publication:Insurance Journal
Date:Apr 10, 2019
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