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London: 29 January, 2025 – Devonshire Underwriting, the Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) solutions, is pleased to welcome Robin Muir to the business as Head of Contingent Risks, effective immediately. 

Robin’s arrival will enhance Devonshire’s Contingent Risk Insurance offering with a greater focus on corporate restructuring activity, following his years of experience at law firm Jones Day, where he trained as a solicitor and served as an Associate working primarily in restructuring and litigation matters, for more than seven years. 

Robin becomes the 10th employee at the fast-growing start-up Devonshire Underwriting, joining as the business continues to expand its team of specialists to evolve its product lines. Robin will play a key role in enhancing the company’s Contingent Risk Insurance product and ensuring seamless collaboration with clients to meet their needs.

James Dodd, Partner at Devonshire Underwriting, said: “We’re delighted to welcome Robin to the team. Appointing a dedicated Head of Contingent Risks will enable us to better serve our clients, streamline response times, and deliver tailored quotes more efficiently. Our Contingent Risk Insurance product has seen an excellent start in its first nine months, with five significant deals already underwritten. Robin’s extensive experience in restructuring positions us perfectly to adapt to the rapidly evolving landscape of Contingent Risk insurance.”

Robin Muir, Head of Contingent Risks at Devonshire Underwriting, added: “What an exciting time to join Devonshire Underwriting as it approaches its first anniversary. The expertise of the team, combined with the agility of the business, makes it the perfect environment to deliver the tailored solutions the market is increasingly demanding. During my time in private practice, I often wondered why insurance products weren’t deployed to address contingent risks commonly emerging from restructuring situations. Seeing Contingent Risk Insurance evolve to fill this gap will be a game-changer, and Devonshire is at the forefront of this innovation. We have a unique opportunity to shape the future of Contingent Risk Insurance, and I’m confident underwriters will welcome the product’s evolution in this space.”

– 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

Sam, Underwriting Manager, became Devonshire Underwriting’s Partners first hire in June 2024

When Devonshire Underwriting’s four Partners founded the business, there were many first steps to take. From formalising company operations to securing its first client, each ‘first’ brought about a milestone for the business.

But one milestone that stands out for the Founding quartet behind the firm is their first hire: Step forward Sam Jeater.

Sam joined Devonshire in April 2024 on the launch of the business. An experienced Underwriter and financial professional, Sam checked in as the company’s first official Underwriting Manager by name, and has quickly hit the ground running. But what does his daily role of Underwriting Manager entail?

“As Underwriting Manager, I’m essentially in charge of the team that tries to win new business,” says Sam. “That involves quoting for new business with brokers in our market and maintaining relationships with them. Once we win business my main focus is making sure we’re underwriting that business sensibly and maintaining commerciality throughout. Given the nature of our business, it’s very much an end-to-end role, which you might not get if you work for a large business with hundreds, or thousands of employees. It’s all encompassing, and I love it.”

Qualifying as an Accountant in 2021, Sam gained two years of experience in the insurance industry before setting out on a personal mission with his partner, to travel the world as far as they could reach.

“It all started during the Covid-19 lockdown. My partner and I have always had a dream to go travelling, and we figured now was a good time before life took over and, before we knew it, 20 years had passed. We went to all continents other than Africa, simply because our resources couldn’t quite stretch. The best place we went, by far, was Antarctica. If you ever get the opportunity to go, don’t pass it up!”

New Zealand was also high up on his list of recommended places too.

Joining a start-up naturally comes with a mixture of excitement and trepidation. But Sam knew that the four Partners, Natasha Attray, James Dodd, Charles Turnham and James Fletcher were onto a good thing, and had the experience and execution to deliver a successful business.

“It was an easy decision to join Devonshire, to be honest, despite the unknowns that come with joining a fresh start-up. I know the partners well and see them as friends as well as colleagues. They’re all supremely talented individuals so it didn’t feel like a risk.

“Ultimately, we’ve all done this before and aren’t new to the industry.”

As for Devonshire’s biggest challenges, Sam believes the company is well-placed to succeed and adapt to changing market conditions. “The demand for fresh ideas and more agile underwriting has never been greater, and Devonshire truly stands out from the crowd by being ready, willing, and able to meet this need. In a market that has seen uncertainty throughout the last year or so, with a hesitant pace in mergers and acquisitions and gradual price stabilisation, Devonshire’s ability to adapt and innovate positions us perfectly to capitalise on the opportunities ahead. We’re primed to lead the way as the market gears up for its next big shift.”

As Devonshire looks ahead to its second calendar year in business, there’s no denying that Sam, the company’s first official hire, will play a pivotal role in decision-making, bringing in and maintaining business. It’s a role that Sam relishes, and the opportunities ahead are ready to be won.

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, UK: 8 July, 2024 – Devonshire Underwriting, the Managing General Agent (“MGA”) specialising in underwriting transactional risk (“TR”) solutions, is pleased to announce the further expansion of its team with the appointment of Michael Grant as Underwriting Manager.

Michael joins Devonshire with a wealth of experience as a leading underwriter, having most recently served as Vice President at Euclid Transactional UK Limited. He is renowned for his expertise in legal and transactional risk, particularly in premium transactions, complex carve-outs, and emerging markets, including Europe, MENA and sub-Saharan Africa. 

In his new role, Michael will initially focus on enhancing Devonshire’s Warranty & Indemnity (W&I) product offering. His extensive experience across the transactional risk space, combined with his strong relationships in the sector, will be instrumental in driving Devonshire’s growth and competitiveness in key jurisdictions.

James Dodd, Partner at Devonshire Underwriting, commented: “We are delighted to welcome Michael to the Devonshire team. His deep expertise and trusted reputation in the transactional risk market are invaluable assets as we continue to expand our W&I product offerings. Michael’s experience in Europe, MENA and sub-Saharan Africa complements our existing team perfectly, and we are excited about the opportunities his appointment brings.”

Michael Grant, Underwriting Manager, Devonshire Underwriting, added: “I am thrilled to join Devonshire at this exciting time in its growth journey. The company’s commitment to innovation and excellence in the transactional risk market is evident, and I look forward to contributing to its continued success. Enhancing our W&I product offerings and expanding our reach in emerging markets will be my key focus areas, and I am confident that we will achieve great things together.”

– 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

The last few years have seen a shift in legal contingent risk insurance. There’s an improved quality and quantity of products, and Devonshire is well placed to be at the forefront of the market, writes Charles Turnham, Partner, Devonshire Underwriting

What trends are you currently seeing in contingent risk insurance and how is capacity appetite developing?

It’s an exciting time for contingent risk insurance, which is the youngest of our products. The last two to three years has seen Underwriters and Brokers investing in talented specialists with litigation backgrounds that have come from other parts of industry, who have really developed and evolved contingent solutions to align with modern challenges and requirements. There’s been a lot more creative and granular thinking around the product. So, to my mind, expert resourcing has been a key factor in the improvements made as, in the past, products would have been developed with something of a one size fits all approach, and lacked a bespoke and progressive lens.  

Over the past decade, the concept of contingent risk insurance has evolved from a narrow focus on litigation-based risks (sometimes referred to as “Judgment Preservation Insurance”) to encompass a broader spectrum of risks, including M&A-driven opportunities, insolvency scenarios, and capital protection structures.

How do you see your own contingent insurance product developing to meet client demand?

Devonshire is, I believe, very well placed to be responsive and innovative with our approach to this complex class. James Dodd (Founder, Devonshire Underwriting) and I are very experienced in this area, having seen the market evolve over many years, and we are positioning Devonshire at the forefront, pushing the horizon forward for this product line. Our approach is to assess each situation on merit, rather than labelling it in predefined categories. There are, of course, certain predetermined considerations to make (for example, we will need to be satisfied as to the legal risk analysis, the applicable governing law and forum, and the commercial alignment between Insured and Insurers), but we want to be flexible in our thinking. By doing so, we can tailor our solutions to the unique needs of each client, ensuring that we address specific risks with precision and creativity. This flexibility allows us to stay ahead of emerging trends and continuously refine our strategies to meet the evolving demands of the market and the nature of contingent risk. We believe that the product has particular potential to be more widely applied to address issues arising in M&A and restructuring-driven scenarios.

What are the biggest challenges in the European contingent market, and how are insurers responding to the evolving risk landscape?

Often there can be a process challenge here. The market has faced a scenario where the products are complex and assessing insurability hasn’t been straightforward – it often requires a significant time commitment upfront from all parties to appropriately assess and price risks. We’re well placed to meet that head on. Devonshire has an agile structure and we’ll pivot to the opportunity if we see it, and can harness our collective experience and insight to assess each risk on an independent basis.  

We’ve seen recent adverse litigation developments in the US on insured deals that will provide an ongoing challenge to underwriters and brokers in the space, but our view remains that with careful risk selection and strong underwriting discipline, there’s very significant potential for these products. By maintaining rigorous underwriting standards and leveraging our deep industry knowledge, we can effectively navigate these challenges and capitalise on emerging opportunities. Our disciplined approach ensures that we thoroughly assess risks, make informed risk-selection decisions, and continue to provide valuable and highly relevant solutions to our clients.

What is the state of play with M&A in the market at present?

The wider M&A market is choppy at the moment and, with general elections in various countries around the world taking place soon, there’s cautiousness, though there are some signs of tentative increase in pace and we’re slowly seeing some bigger deals emerging. 

As the summer progresses we’ll have a clearer view on how the remainder of the year will play out. 

Contingent insurance products are a natural hedge for M&A as they can de-risk M&A processes and release trapped assets. In some ways they’re M&A agnostic. As political and economic uncertainties begin to settle, the role of contingent insurance in providing stability and confidence in M&A transactions will become even more crucial. We anticipate that with a clearer political landscape, there will be renewed vigour in deal-making activities, further highlighting the importance of robust contingent solutions in mitigating risks and ensuring smooth transactions.

What would be your call to action to the market?

We see this product as being at an exciting stage. Similar to Tax, it provides protection against a known legal risk. We’ve seen impressive growth over the last 10 years, and we think the product can be used in a variety of different ways. My call to action is simple: to sustain profitable growth in this evolving and complex class, it is essential to maintain strong underwriting discipline and adopt a bespoke approach to risks. This market demands experienced underwriting partners who can offer tailored solutions that can address unique challenges and opportunities effectively. By rigorously assessing each situation and customising our strategies, we can continue to drive innovation and deliver exceptional value to our clients.

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