Author: jon.ob

London: 12 December, 2024 – Devonshire Underwriting, the Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) solutions, is pleased to announce it has appointed Kate Nolan as Associate – Tax, effective immediately. 

Kate joins as an experienced Tax Solicitor, where she previously worked at Matheson LLP advising on all aspects of corporate taxation, with a particular focus on mergers and  acquisitions, complex restructurings and related tax issues. 

Kate will primarily work alongside Devonshire Founding Partner Natasha Attray, whose core focus is on Devonshire’s Tax Insurance offering. Her role will include underwriting Tax Insurance risks and assisting on the tax aspects of our Warranty & Indemnity Insurance risks. 

Natasha Attray, Partner and co-Founder, Devonshire Underwriting, said: “I’m absolutely delighted that Kate has come on board. She is a highly experienced, detail focussed and tenacious individual who we know will fit the Devonshire culture and ethos with perfection. My primary focus is on our innovative and agile Tax Insurance offering and, as we scale and mature as a business, and I am confident that we will benefit from Kate’s expertise as we work to develop bespoke solutions for our clients.  Kate will play an integral role in ensuring we continue to deliver exceptional service, which we very much pride ourselves on.”

Kate Nolan, Associate – Tax, Devonshire Underwriting, added: “This is an exciting opportunity to embrace creativity and innovation in the complex world of tax risk transfer. Joining the forward-thinking team at Devonshire allows me to work closely on end-to-end solutions in a dynamic environment, tackling challenges and identifying opportunities that come with operating in a specialised MGA. I’m eager to contribute to the company’s growth while continuing to develop my expertise in this area.”

– ENDS –

Notes to Editors:

About Devonshire

Devonshire is a Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) (or transactional liability) insurance products, operating in the UK and underwriting transactions in the UK, Europe, Middle East, Africa, Asia, South America, Central America, Australasia and beyond.

Devonshire was founded in 2024 by four experts in the TR underwriting sector, bringing together over 30 years of experience.

For more information please visit www.devonshire-underwriting.co.uk 

PR Contacts:

Helen Wright
Lysander PR
helen@lysanderpr.com
07842 729 579

Joe Malone
Lysander PR
joe@lysanderpr.com
07988758779

Devonshire Underwriting Partner, James Dodd, talks to Mark Geoghegan for The Voice of Insurance podcast

Devonshire Underwriting Partner, James Dodd, sat down with the Voice of Insurance podcast host, Mark Geoghegan, to talk about Devonshire’s operations to-date, why James and his three fellow partners – Natasha Attray, Charles Turnham and James Fletcher – saw an opportunity in the market, and a little about his career so far, which has led him to the world of insurance.

On how things are going at Devonshire, and its quick but sustainable rise from four original founders to eight people – and a ninth on the way – James said: “We’re now eight people. We started with the four founders, then brought in an Underwriting Manager, Sam Jeater. We then hired another Underwriting Manager, Mike Grant, and we have two excellent analysts, Ellie and Henry. We do have another joiner in December on the Tax side. We’re looking to grow but we want to make sure we’re maintaining quality in our products and our offering, and not growing too quickly.”

James also talked in depth about W&I insurance, citing its evolution in recent years: “Brokers have become more sophisticated and lawyers are using this more and more, and that’s really driven coverage to be expanded.”

James later goes on to offer an outlook on the M&A market in 2025, describing where Devonshire is unique and can offer bespoke services to clients and what makes a good underwriter: “The critical thing for any underwriter in this space is is is having the ability to be able to step back and look at the bigger picture, to have flexibility and also have appetite for risk. We obviously are providing an insurance product here. We do have to be willing to take on that risk.”  

Listen to the full episode on Podbean here.

Following a soft market in early 2024, the Warranty and Indemnity Insurance market is bubbling under the surface, waiting to boil.

Warranty and Indemnity (W&I) insurance is a specialised product designed to protect parties involved in mergers and acquisitions (M&A) from financial losses that may arise from breaches of representations and warranties in the transaction agreement. By transferring certain risks to insurance providers, W&I insurance plays a critical role in providing security to buyers and sellers, facilitating smoother deal negotiations, and ultimately increasing confidence in M&A deals.

As the global M&A market continues to grow, the importance of W&I insurance has only increased. In recent years, this product has evolved to become more accessible, affordable, and tailored to the needs of specific sectors. Its flexibility has made it an essential tool for mitigating risks and ensuring deal certainty.

Market conditions for W&I insurance were best described as ‘soft’ during the early months of 2024, a continuing trend since the 2021 post-lockdown boom.

However, with easing economic conditions and lots of competitive insurance providers looking to make their mark, a stronger W&I insurance market is on the horizon. 

As a product, W&I insurance has come a long way over the years. Where once it was a single layered, generic product that could be purchased from a number of brokers and insurance providers, it’s now becoming more personalised, with underwriters and carriers offering enhancements to the product. 

“W&I Insurance as a product isn’t necessarily changing, it’s just becoming more sought after and is being taken out more often – so the biggest change is its popularity,” says James Fletcher, Co-Founder, Devonshire Underwriting.

“Over the last five years, premiums have lowered and policy coverage is now broader and more accessible. This is in large part due to the improved awareness of the product and the realisation of its importance, thanks largely to strong support from a sophisticated market of brokers, advisors and insurance providers, hence the growth in popularity and improved coverage.”

The decrease in premiums over the last five years has seen the average premium for a typical UK W&I deal drop from around 1.1% to 0.7%.

James added: “Deal dynamics in Q4 2024 will be very telling as to how markets will fare over 2025, there is plenty to be optimistic about should macro economic factors continue to improve.”

Direct to the decision makers

One key USP for Devonshire Underwriting is its lean team, which has a collective experience of over 35 years in the market. 

“Given we’re a lean but hugely experienced team we can make decisions quickly. Things don’t get pushed down layers and we are at the forefront of decisions direct to the client,” adds James. 

“We are able to give brokering partners certainty at the earliest possible stage. We know the most likely deal hurdles that may arise, due to years in the market, and we’re transparents about those up front. We don’t want to let brokers down and want to ensure openness and honesty across all parties.”

Trust and Confidence 

Looking ahead, James urges anyone looking to take out W&I insurance to have confidence in the insurer they deal with.

“It’s imperative you work with insurance providers who can give you confidence and the ability to deliver. Reliability is key.”

“New enhancements to the market are crucial too – make sure you’re aware of what is available to you and don’t be afraid to ask, most insurance providers welcome opportunities to find solutions.”

For companies considering W&I insurance, the emphasis on partnering with experienced brokers and insurance providers cannot be overstated. Navigating the complexities of M&A transactions requires not only a robust insurance solution but also a trusted relationship with knowledgeable professionals who can provide guidance and support. As James Fletcher emphasises, understanding the intended coverage and being transparent about potential challenges are vital steps in ensuring long-term success.

Ultimately, with the continued demand in 2024 for transactional liability solutions, the W&I insurance market will continue to thrive even in a challenging albeit improving market, offering essential coverage that enhances deal confidence and fosters a more resilient M&A landscape.

Devonshire has made a strong start to life offering W&I Insurance. With policies placed and terms written, we are well placed to offer a product we know provides all the necessary support the client needs.

Since our launch in early April 2024, Devonshire Underwriting has made significant strides in the transactional risk insurance sector. Today, we are thrilled to celebrate a notable milestone: doubling the size of our team. This growth underscores our commitment to excellence and our ability to attract top talent in the industry.

Welcoming New Talent

In the past few months, we have welcomed several exceptional professionals to our team, each bringing unique expertise and enthusiasm to our dynamic environment.

• Michael Grant, who joined us in July as an Underwriting Manager, brings a wealth of experience and market connections, enhancing our underwriting capabilities and senior team.
• Sam Jeater, who came on board in April as an Underwriting Manager, adds strategic insight, financial expertise and a deep understanding of the industry, strengthening our leadership.
• Our new Analysts, Henry Denegri and Ellie Jackson, represent the future of our industry. They join us with impressive academic credentials and a passion for finance, law, mergers & acquisitions, and insurance.

A Compelling Market Offering

Founded by our quartet of Partners – Natasha Attray, James Dodd, James Fletcher, and Charles Turnham – Devonshire Underwriting has quickly carved out a compelling offering in the market. 

Our team of eight stands out now for its expertise and focus, providing specialised transactional insurance products (including Warranty & Indemnity, Tax, and Contingent), to a global clientele, with an agile and partner-led service proposition. July marked another significant achievement for Devonshire Underwriting. We received approval from Lloyd’s to write business in Europe and officially launched into the European market. This expansion allows us to serve key markets, including the Nordics, Germany, France, Spain, Benelux, Poland, Italy, and CEE countries. These regions are known for their robust M&A environments and substantial transactional risk activity.

Fostering New Talent

We are particularly proud of our commitment to fostering new talent in the industry. By welcoming graduate-level analysts like Henry and Ellie, we are providing a platform for individuals passionate about our field to launch their careers. Our knowledge-sharing culture ensures that all team members, from seasoned professionals to newcomers, continuously learn and grow.

At Devonshire, our culture is built on the pillars of agility, proactivity, and expertise. These values are not mere buzzwords; they are the foundation of our approach. In the fast-paced world of transactional liability insurance, we pride ourselves on our ability to adapt swiftly and provide precise, bespoke solutions tailored to each client’s needs.

Meeting Market Demands

The M&A landscape in the remainder of 2024 is expected to be vibrant, driven by a broad trend towards more stability in interest rates, as well as pent-up demand, and industry-specific pressures,  which are increasing demand for transactional risk insurance.

As we expand, we are well-positioned to meet the growing demand across Europe. Our expertise in handling complex risks enables us to support large transactions in sectors such as infrastructure, technology, logistics, healthcare, and financial services. We anticipate a number of significant deals emerging throughout the year and are already involved in early discussions to support these transactions.

Commitment to Excellence

At the heart of Devonshire’s approach is a commitment to technical excellence, innovation, and premium service levels. Our underwriting process is characterised by meticulous attention to detail and a deep understanding of the nuances inherent in transactional risk insurance. 

We extend our heartfelt thanks to our clients, brokers, partners, and team members who are supporting us on our journey so far. As we look to the future, we remain committed to upholding our values of excellence, innovation, and agility – and are proud to be doubling down on our expertise with our talented team. 

Get in touch.

London: 17 June, 2024 – Devonshire Underwriting, the Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) solutions, is pleased to announce it has appointed Sam Jeater as its new Underwriting Manager.

Sam joins as an experienced underwriting professional having worked in the industry for two years prior to joining Devonshire. Sam began his career as a Chartered Accountant with WMT Chartered Accountants, gaining his ACA qualification, before moving into the insurance industry in 2021 as an M&A Underwriter.

His role will be mainly focused on enhancing Devonshire’s Warranties & Indemnities (W&I) product offering from a financial perspective, including product development and production management.

James Fletcher, Partner and co-Founder, Devonshire Underwriting, said: “I’m thrilled to welcome Sam to the growing Devonshire team. We are excited to have attracted an underwriter of Sam’s calibre at this pivotal moment in our journey. Sam has a real blend of experience from underwriting to accountancy, and we believe this role is a perfect fit for him. With experienced, dynamic experts on board, and a business model poised for growth, I’m excited about the prospects for our expanding team as we navigate the dynamic landscape of transactional risk solutions.

Sam Jeater, Underwriting Manager, Devonshire Underwriting, added: “Devonshire’s commitment to fostering a culture of trust and innovation is palpable, and I’m thrilled to be a part of this exciting venture. As we embark on this journey of growth, I’m confident to work with the market to optimise our W&I product offerings. With our agile business model and wealth of specialist expertise, the possibilities are extremely encouraging.”

– ENDS –

Notes to Editors:

About Devonshire

Devonshire is a Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) (or transactional liability) insurance products, operating in the UK and underwriting transactions in the UK, Europe, Middle East, Africa, Asia, South America, Central America, Australasia and beyond.

Devonshire was founded in 2024 by four experts in the TR underwriting sector, bringing together over 30 years of experience.

For more information please visit www.devonshire-underwriting.co.uk 

PR Contacts:

Helen Wright
Lysander PR
helen@lysanderpr.com
07842 729 579

Joe Malone
Lysander PR 
joe@lysanderpr.com
07988758779