Aiming directly at the North American Market, Lloyd’s announced today that it is launching a new product in association with Lloyd’s broker Prentis Donegan & Partners to provide coverage from damages sustained by companies following a hostile takeover bid.
“By buying an option guaranteeing the right to secure an insurance policy in the event a hostile bid is received, insured companies will be reimbursed for the following direct costs associated with a hostile takeover: investment bankers; public relations/advertising attorneys; proxy solicitation financial institutions; corporate management printing/mail,” the announcement said.
Lloyd’s Chairman Max Taylor commented on the high volume of mergers and acquisitions in the U.S., $42 billion worth last year, and continued, stating, “But one in eight mergers fail and targeted companies are left to count the costs. This is another example of underwriters at Lloyd’s of London responding to the changing business world and developing innovative coverage for North American Industry.”
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