Surpassing previous records, demand for transactional risk insurance surged in 2014, according to a new report from Marsh.
In its Annual Transactional Risk Report 2014, the global insurance and risk management leader says that policies grew 36% in 2014 to 341 and limits purchased increased 51% to $7.7 million. Much of that demand is attributable to warranty and indemnity, representations and warranties, and tax and contingent liability insurance.
Most of these policies were placed in the U.S., where deals involving mid-size companies and wider use among law and private equity firms drove demand. Eighty of Marsh's 90 new transactional risk policies occurred stateside, an increase of 108%. Coverage expansions that include exclusions for consequential, special and multiplied damages, as well as damages based on diminution in value, raised premiums.
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