This year’s PLUS conference will feature a Reps and Warranties panel, a topic that has not been at the PLUS conference since 2013.
Jeffery Cowhey will moderate the panel, titled “Reps & Warranties Coverage: An Insurer and Reinsurer’s Perspective.”
Cowhey is the president and co-founder of Ambridge Partners, a managing general underwriter of transactional insurance which underwrites on behalf of major insurance companies around the world.
Representative and warranties insurance, commonly referred to as reps and warranties insurance, is used to protect against breaches of the representatives and warranties in purchase agreements. Cowhey said it’s often provided by the seller as an inducement to a buyer, and also lowers the seller’s risk of paying indemnities.
The panel will give insights into representations and warranties insurance through a reinsurer’s perspective, which Cowhey hopes will give panel attendees a new perspective and new information on the topic.
The representations and warranties industry has been growing in recent years, but according to Cowhey, there is a need to understand it from a reinsurer’s perspective in order to get a better sense of the market as a whole.
“What I don’t think has been growing is the awareness of the product from a reinsurer’s perspective- a broader viewed perspective on how the product is performing,” Cowhey said.
Cowhey hopes that people who attend the panel get a better sense of who the market players are and a behind-the-scenes look into the pricing and underwriting of risks. Lawyers and brokers might benefit the most from attending the panel and will get a better sense of what niches they could best serve in the transactional insurance space.
Cowhey called the panelists extraordinarily experienced and said they can all give information on reps and warranties insurance from a reinsurer’s vantage point.
“We have an outstanding transactional lawyer in Jeremy Liss from Kirkland & Ellis, we have a top-flight reinsurance broker in Sean Whelan from Willis Re, we have an active, in-the-market-everyday retail broker in John McNally, and he’s from JLT, and he places these policies daily. We have a reinsurer from Munich Re named Rainer Schadel, whose firm is possibly the largest reinsurer in the transactional insurance market space. And as the moderator, I’m an underwriter from Ambridge with one of the larger providers of this insurance product in the world, so I think we have an outstanding panel of smart, energized people who are excited to explore the topic a little bit and help people better understand some of the drivers behind the growth and future growth of the transactional insurance products.