New York, New York – July 20, 2016 – Euclid Transactional, LLC (“Euclid Transactional”), a subsidiary of Euclid Insurance Services, Inc. (“Euclid”), announced today that it has entered into agreements with Swiss Re Corporate Solutions and Allianz Global Corporate & Specialty (“AGCS”) to offer representations & warranties, tax liability, contingent liability and other transactional insurance coverages. Under the program, Euclid Transactional will have underwriting and claims handling authority as a managing general agent for Swiss Re Corporate Solutions and AGCS. The program will focus on both primary and excess insurance opportunities and will cover risks for transactions across all industry sectors.
Jay Rittberg, Managing Principal of Euclid Transactional commented, “We are honored to serve as underwriting and claims handling representative for these outstanding organizations. With the signing of these agreements, our clients will benefit from our carrier partners’ shared appreciation of the execution required to succeed in the world of M&A. This program will allow us to initially offer up to $35 million of limits per deal, and we are actively working with our carrier partners to secure additional capacity from the marketplace.”
John N. Colis, President and CEO of Euclid and Chairman of Euclid Transactional noted, “These A.M. Best rated A+ international carriers will provide our clients with industryleading financial strength for this unique and fast growing area of insurance.”
“With more than 30 years of experience working on M&A transactions, the Euclid Transactional team is made up of proven thought leaders that will allow us to offer best-in-class service and solutions to our clients for their fast-moving M&A deals,” stated Jeff Summerville, Head Financial & Professional Services North America for Swiss Re Corporate Solutions.
Paul Schiavone, Regional Head of Financial Lines North America, AGCS, added, “We are excited to build a long-term partnership with some of the most respected underwriters in the industry and look forward to expanding both our transactional and private equity related offerings.”
“This new partnership represents an exciting step in Euclid Transactional’s overall plan for growth and expansion,” added Mr. Rittberg. “We are so pleased to have Swiss Re Corporate Solutions and Allianz join us as our foundational carrier partners.”
About Euclid Transactional, LLC
Euclid Transactional, LLC is a managing general agency specializing in the underwriting of representations & warranties, tax liability, contingent liability and other transactional insurance coverages. Owned and operated by a team of seasoned underwriters with more than 30 years of M&A and transactional liability experience and a part of Euclid Program Managers, Euclid Transactional has built a reputation for delivering best-in-class service, execution and claims handling on insureds’ most important M&A deals.
For information on the Euclid Transactional, visit euclidtransactional.com. Inquiries can be directed to Jay Rittberg (646-517-8808; jrittberg@euclidtransactional.com), Phil Casper (646-517-8810; pcasper@euclidtransactional.com) or Albert Song (646-517-8809; asong@euclidtransactional.com).
About Euclid Insurance Services, Inc.
Founded in 1952, Euclid Insurance Services, Inc. is a program administrator for specialty property/casualty insurance programs operating under the names Euclid Public Sector Underwriters, Euclid A&E, Euclid Specialty Managers, Euclid Public Sector Alternative Risk, Euclid Executive Liability Managers, Euclid Financial Institution Underwriters and Euclid Transactional and functions as a general agency distributing employee benefit and life products, under the name Euclid Managers. For more information about Euclid Insurance Services, Inc., please visit euclidprograms.com.
About Swiss Re Corporate Solutions
Swiss Re Corporate Solutions offers innovative, high-quality insurance capacity to midsized and large multinational corporations across the globe. Our offerings range from standard risk transfer covers and multi-line programs, to highly customized solutions tailored to the needs of our clients. Swiss Re Corporate Solutions serves customers from over 50 offices worldwide and is backed by the financial strength of the Swiss Re Group. For more information about Swiss Re Corporate Solutions, please visit swissre.com/corporatesolutions or follow us on Twitter @SwissRe_CS.
About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is the Allianz Group’s dedicated carrier for corporate and specialty insurance business. AGCS provides insurance and risk consultancy across the whole spectrum of specialty, alternative risk transfer and corporate business: Marine, Aviation (incl. Space), Energy, Engineering, Entertainment, Financial Lines (incl. D&O), Liability, Mid-Corporate and Property insurance (incl. International Insurance Programs). Worldwide, AGCS operates in 29 countries with own units and in more than 160 countries through the Allianz Group network and partners. In 2015, it employed more than 5,000 people and provided insurance solutions to more than half of the Fortune Global 500 companies, writing a total of €8.1 billion gross premium worldwide annually.
AGCS is rated AA by Standard & Poor’s and A+ by A.M.Best. For more information please visit agcs.allianz.com or follow us on Twitter @AGCS_Insurance and LinkedIn.
The content contained in this release is for informational purposes only and is not an offer to sell, or to solicit, the purchase of any insurance product or service.