On this episode of ITB, Bryan and Gena are joined by the wonderful Aon team of Stephen Davidson, Jennifer Drake and Anthony Dragone. Topics discussed include: • ITB’s award-winning status! Thank you to Million Podcasts for ranking us as one of the Top 60 M&A Podcasts! • Key takeaways from the Aon Claims Report, including: • Frequency and severity of claims and record high recoveries • How the high multiples from 2021 are driving claims severity • Financial statement and material contract claims continue to drive claim frequency • No single industry stands out as an outlier when it comes to claims • Stephen’s hope for the next 12 months and his career advice for someone interested in the space • What tropical and exotic locale should host the Aon conference next year? Read the full transcript of the episode here: https://www.seyfarth.com/dir_docs/podcast_transcripts/IntoTheBreach_Episode43.pdf

On this episode of ITB, Bryan and Gena are joined by Paige Brewing, Senior Vice President and Head of Transactional Liability QBE North America, to talk about the benefits of using representations and warranties insurance in oil and gas transactions. Topics discussed include: • Paige and Gena’s axe throwing skills • How Paige’s background serving as underwriting counsel prepared her for her current role • The unique structure of the QBE oil and gas team • How QBE’s dedicated group of oil and gas underwriters benefit insureds in the underwriting process • The type of due diligence QBE requires for oil and gas deals and the timing of these reports • An overview of pricing these transactions • Claims activity • What gas octane Paige uses for her car Read the full transcript of the episode here: https://www.seyfarth.com/dir_docs/podcast_transcripts/IntoTheBreach_Episode42.pdf

On this episode of ITB, Bryan and Gena are joined by Philip Z. Glorieux, Managing Director – Healthcare, Ambridge Partners LLC to discuss his career underwriting in the healthcare space and how the market has changed with respect to the availability of coverage for these deals Topics discussed include: • Gena’s experience at Othello and her horror at the lack of cell phone access (for the whole show!!) • Ambridge’s appetite for different healthcare risks and what kind of deals fall into its “sweet spot” for underwriting • What keeps Phil up at night (other than his kids!) • Quality of the diligence and how we regularly get comfortable in this highly regulated space • Overview of claim activity • Everyone’s favorite TV medical drama Read the full transcript of the episode here: https://www.seyfarth.com/dir_docs/podcast_transcripts/IntoTheBreach_Episode41.pdf

In another career oriented episode of Into the Breach, Bryan and Gena are joined by Caroline Barry, Assistant Vice President & Counsel at Ryan Transactional Risk, for a discussion of how she transitioned from big law associate to RWI underwriter. Topics discussed include: • Gena’s early morning encounter with a canine friend • Caroline’s background as a corporate associate working in big law • How Caroline made the career transition from corporate associate to RWI underwriter • Why working as a RWI underwriter allows you to be more entrepreneurial in your career • How the RWI career is a hybrid opportunity, combining the best of big law and in-house work • The biggest challenges that Caroline has encountered as a RWI underwriter • The importance of broker relationships • More information about the wonderful team at Ryan Transactional Risk • Caroline and Gena reminiscence about attending a Madonna concert together (while Bryan names his favorite Madonna song) Read the full transcript of today's episode here: https://www.seyfarth.com/dir_docs/podcast_transcripts/IntoTheBreach_Episode40.pdf

On this episode of ITB, Bryan and Gena are joined by Ephraim Stulberg, Partner, MDD Forensic Accountants, for a discussion on the resolution of financial statement claims on RWI policies. Topics discussed include: • Bryan and Gena’s shared history of forensics/debate in high school! (Hi Miss Esslinger at Syosset High School!) • Ephraim’s studies at The University of Toronto and his career trajectory • Plus, his near-miss with television celebrity • Common pitfalls and pain points in financial statement claims • The philosophical application of accounting to deal valuation • How economic uncertainty might impact RWI • Keys to success in the RWI industry • Gena and Ephraim’s shared love of musical theater and Come From Away’s successful pro-Canadian propaganda

On this episode of ITB, Bryan and Gena are joined by Simon Wood, Head of Real Estate, CFC Underwriting, to discuss utilizing RWI on real estate transactions. Topics discussed include: • Bryan and Gena’s favorite activities at the 2025 Aon M&A and Transactional Solutions Symposium • How Gena invited herself to CFC’s “puppy day” • Simon’s status as a “real estate nerd” • The Growth of CFC’s real estate practice and “sweet spots” for real estate transactions • Pricing and scope of coverage • What we can expect to see in terms of diligence on a true “real estate” deal • Simon’s favorite piece of real estate in the world • Gena’s next career as a goat promoter

Bryan and Gena welcome back the only two-time insurer guest on Into the Breach with a return visit from Dennis Kearns, Chief Executive Officer of Sands Point Risk. Topics discussed include: • The launch of Sands Point Risk • How Sands Point Risk will utilize transactional risk insurance as a flagship offering for a new full-service MGA • How Dennis came up with the name “Sands Point Risk” and the company’s brand identity • Why the Sands Point Risk team makes this MGA a special place to work • The backing that Sands Point Risk receives from Avesi Partners, a global private equity firm • Other lines of insurance that Sands Point Risk will offer in the near future • The “sweet spot” deals that Sands Point Risk is pursuing in the current market • Dennis’s favorite wine spot in Napa Valley

In the latest episode of Into the Breach, Bryan and Gena tackle a topic near and dear to their hearts: the critical role that underwriting counsel play in the RWI process. For this enlightening discussion, our hosts are joined by Sara Josselyn, a Partner at Gowling WLG, who frequently serves as underwriting counsel to RWI insurers in Canada. Topics discussed include: • How Sara’s work as a corporate attorney prepared her to serve as underwriting counsel for insurers • The launch of Sara’s underwriting counsel practice at Gowling WLG • What Sara is seeing in the M&A markets now in her role as underwriting counsel • How Sara tailors her process to meet the needs of individual insurers • The continued growth of RWI in Canada and emerging trends in the Canadian market • The movement towards shorter underwriting calls and a more efficient underwriting process • How Sara works with her subject matter specialists to deliver positive client outcomes • Sara’s favorite “secret” destination in Canada to visit

In a first for the podcast, Bryan and Gena are joined by special guest co-host Christine Kim, Counsel, Seyfarth Shaw, for a discussion with Phil Casper, Principal at Euclid Transactional, on RWI claims. Topics discussed include: • How Phil’s prior work as an underwriter helped prepare him for his current role in managing Euclid’s claims • Background on Euclid’s claims team and how they are able to provide superior client service • Why claims are the crux of the RWI product • Phil’s “least favorite” type of claim • The interplay between RWI premiums and claims paid, especially in the current rate environment • Whether claim trends are impacting RWI underwriting • Why buyers should continue to use RWI considering the amount of claims that have been paid • Phil’s favorite podcast other than “Into the Breach”

Bryan and Gena are joined by Jason Bertoldi, Head of Contingent Risk Solutions, WTW, for a discussion on new opportunities in contingent risk, including how law firms and plaintiff side litigation can benefit from this transactional risk solution. Topics discussed include: • How Jason’s background as a litigator at a major law firm and an analyst in litigation funding prepared him for his current role at WTW • A brief history of contingent risk policies • The difference between using contingent risk in the context of a deal versus a stand-alone basis • How to best utilize contingent risk policies in today’s litigation environment • Why contingent risk policies can transform plaintiff side litigation from a liability to an asset • How contingent risk policies can put law firms in the driver seat for lower costs of capital funding • What insurers need from the insured in order to underwrite contingent risk policies • Why you should play blackjack with Jason if you spot him at a casino

Bryan and Gena are joined by Randy Hein, President of Berkley Transactional, for a discussion on the underlying economics of RWI policies and the implications of these economic factors for your next transaction. Topics discussed include: • Randy’s professional insurance background and how it led him to success at Berkley Transactional • Why economic factors such as human capital and financial capital are crucial to understanding RWI policies • The breakdown of “$1 dollar of premium” and how this relates to claims payouts • Why projecting the costs of RWI claims is uniquely difficult for insurers • How retentions factor into the economics of RWI • Piggy-backing off a recent trip that Bryan and Gena took to Nashville, Randy shares his playlist favorites

Bryan and Gena are joined by Lidore DeRose, Senior Partner and Leader of Transactional Risk, Baldwin Risk Partners and Emily Short, National Director of Cyber Product, Baldwin Risk Partners, for a discussion of underlying cyber insurance coverage and how cyber insurance intersects with transactional risk insurance on deals. Topics discussed include: • How Lidore and Emily got into the insurance industry • The intricacies of cyber insurance, including the current state of the cyber market, coverage terms, compliance, and strategies to combat cyber threats • How cyber insurance intersects with RWI on complex corporate transactions • Anticipate changes and market fluctuations in cyber insurance in the future • Lidore, Emily, Bryan, and Gena share their favorite childhood computer games

Kicking off the new year with their first guest of 2024, Bryan and Gena welcome Megan Quail, Managing Director and Head of Reps and Warranties Insurance – North America, VALE Insurance Partners for a discussion of where RWI stands in the first few months of 2024 and what we can expect in the year to come. Topics discussed include: • How Megan transitioned from an initial career path in litigation to working in RWI • Megan’s role in forming WoTR, Women of Transactional Risk, the highly successful industry group supporting women with careers in transactional risk • The current state of the RWI market including pricing, retention, and policy term updates • The impact of new carriers in the RWI space • Where Megan sees RWI headed for the remainder of 2024 • Megan’s favorite Barenaked Ladies song

Returning from a summer hiatus, Bryan and Gena are joined by veteran broker Sandra Lee, Chief Executive Officer – Asia, BMS Group, for a discussion on the state of transactional risk insurance in Asia. Topics discussed include: • How Sandra transitioned from working as a M&A attorney to being one of the first transactional risk brokers in Asia • How BMS created a premier global platform for transactional risk with unique capabilities in Asia • The key similarities and differences between transactional risk policies in Asia and North America • Current pricing trends and deal activity in Asia • The growth in carriers underwriting in Asia • Geographic differentiation in underwriting transactions in Asia

Archer Transactional, a Balanced Partners Program, recently launched in the RWI space, with long-time transactional risk leader Ben Welch at the helm. In this episode, Bryan and Gena are joined by Ben for a discussion of Archer’s birth and how this new carrier will seek to become the best RWI platform in the United States by marrying underwriting efficiency with strong claims handling experience. Topics discussed include: • How Ben’s background in litigation and claims, and underwriting at other RWI carriers prepared him for his current role • How Archer obtained capacity and still launched despite the challenging M&A environment • Background on the team that Ben has assembled at Archer • The continuing strong demand contingent risk insurance • The importance of claims and Archer’s approach to claims handling • How AI can factor into transactional risk insurance in the future • Ben’s favorite moment as a newspaper journalist in his career before RWI

Combining a global underwriting platform with deep experience in the North America RWI space, RiskPoint has quickly established itself as a premier transactional risk carrier since launching in 2021. In this episode, Bryan and Gena are joined by Michael McGowan, Managing Director and Head of M&A Americas, for a discussion of where RiskPoint sees itself in the current market and plans for the future. Topics discussed include: • How the RiskPoint platform allowed Mike to marry his prior transactional risk experience with a new entrepreneurial vision • Why Riskpoint’s global presence helps set it apart from other markets on cross-border transactions • How RiskPoint’s comprehensive pre-underwriting process provides a better overall experience for the insured • RiskPoint’s long term commitment to RWI in North America • Mike’s global pick for where Into the Breach should do a remote taping

One of the industry’s most prominent brokers, Matt Heinz, Partner & Co-Practice Leader, Transactional Liability, at Lockton Companies, joins Bryan and Gena for an enlightening discussion on the newest transactional risk trend: using RWI on secondaries transactions. Topics reviewed include: • What is meant by a GP-led “secondaries” transaction • Why secondary transactions are attractive risks for RWI insurers • How secondaries are different from traditional buyout deals • Pricing trends for secondaries relative to other types of deals utilizing RWI • Coverage potential for “excluded obligations” • Discussion of the 2023 Kentucky Derby and Matt’s wardrobe at the big event

Palisade Insurance Partners is open for business, becoming the first transactional risk insurer with a primary focus on contingent risk. In this episode, Bryan and Gena are joined by John McNally, President at Palisade Insurance Partners, for a discussion of his new venture and how transactional risk insurance can be creatively utilized on contingent risk matters. Topics reviewed include: • How John’s background as a long-time transaction insurance underwriter and broker led him to his current opportunity • The types of insurance solutions that Palisade will underwrite including claim and litigation portfolios, adverse cost insurance and judgment preservation insurance • The underwriting process and price considerations for each type of risk • How Palisade’s insurance products can complement RWI in M&A deals and bankruptcy • Why transactional risk insurance is poised for strong growth on contingent risk matters

In a more philosophical episode, Bryan and Gena are joined by world renowned tax expert Harry Ballan, Managing Director, Global M&A Group, Alliant Insurance Services, for a wide-ranging discussion of how transactional risk insurance fits into the broader history of risk allocation between parties. Topics discussed include: • How Harry’s background as a PhD recipient, university professor, and then his “second-career” as a long-time tax partner at Davis Polk collectively helped prepare him for his broker role at Alliant • How transactional risk insurance compares to other means to allocate risk throughout history • Why the transactional risk insurance marketplace illustrates the binary and non-binary nature of risk • The role that litigation insurance can play in risk management and decision-making • Discussion of one of Harry’s favorite tax pupils who has a special connection to the podcast

Continuing our international theme, Bryan and Gena kick off ITB’s 2023 season with Joshua Begner, Head of Private Equity and M&A Israel at WTW, for a primer on how transactional risk insurance can be utilized on deals in Israel. Topics discussed include: • How Josh developed the first RWI brokerage shop based in Israel with WTW • Why RWI is well positioned for Israel’s “start-up nation” mentality • An explanation of the RWI policy structure in Israel and why the unique structure is the “best of both worlds” benefitting both insurers and insured • How RWI policies are currently priced in Israel • The foreign location where Josh thinks ITB should go “on the road” in a future international episode