Steve Darrington, former Partner at Phoenix Equity Partners and Yann Soulliard, former Managing Partner of Lloyds Development Capital to join Mactavish
London, March 07, 2025 (GLOBE NEWSWIRE) — Expert insurance buyer Mactavish has recruited two senior Private Equity leaders to join its newly established PE Advisory Board as it looks to address the shortfall in insurance provision to the sector. Steve Darrington, former Partner at Phoenix Equity Partners and Yann Soulliard, former Managing Partner of Lloyds Development Capital, will bring 50 years of experience to help drive Mactavish’s engagement with the multi-billion pound turnover industry.
The board will work to address the gap in insurance provision that leaves many PE companies exposed to claims, both from the activities of their own organisations and the portfolio companies they manage. Bruce Hepburn, CEO and founder of Mactavish, said: “Over the past five years working with PE clients has taught us that many firms are totally unaware of the risks embedded in their own organisations and the exposure they have to their portfolio companies. All too often they buy insurance that is not for fit for purpose and will not deliver when called upon.”
PE sector insurance deficiencies that Mactavish has had to rectify include companies delivering on-site IT support not being protected for claims arising from work on third-party systems; fintech firms wrongly advised not to buy professional indemnity or cyber cover despite these being their main risks; sole-source manufacturers uninsured for supply chain interruption; insurance programmes excluding key entities, geographies or services entirely. As backers of often high growth innovators, the PE sector is especially exposed to failings arising from hastily arranged, overly standard insurance.
Steve Darrington said: “I’m delighted to be Chairing the Mactavish PE Advisory board. When I worked in Private Equity, I had first-hand experience of the problems that can arise from badly drafted insurance contracts. Mactavish sorted out the problems we faced which gives me enormous confidence to be working with them to support the sector.”
With the insurance cycle turning, and the market entering into a ‘soft’ phase, premiums are currently falling. While this may be viewed as good news for corporate buyers of insurance it also means revenues available for insurance claims will be restricted. Mactavish expects the change in market conditions will prompt more insurers to use weaknesses in insurance contracts to reject claims, pushing companies to the courts if they want to get paid out.
Mr Hepburn said: “Legal disputes over unpaid claims have been rising rapidly over the last 10 years. We expect that to only increase over the short to medium term as more insurers look to protect their balance sheets by saying no to claims they may have previously paid out on. Litigation can offer redress, but it is a long and arduous process which normally results in companies settling for much less than the full claim value. It is much easier and cheaper to get things right from the outset rather than try and fix something further down the line.”
*****
Mactavish is the UK’s leading independent outsourced insurance buyer and claims resolution expert. Combining technical and legal knowledge alongside commercial know-how and buying power, they support their clients by designing insurance programmes that are appropriate for their risk, to drive down cost and resolve large claims.
Mactavish’s claims practice is Chaired by Law Commissioner David Hertzell. It is built on three principles – Independence, Expertise, Flexibility: Mactavish offers fully independent advice to their clients. They have no affiliation to any insurer and only to represent their clients’ best interests to ensure they explore all avenues to resolution. Mactavish’s plural expertise in claim resolution, insurance analysis and placement operated under a Licenced Access model is critical when it comes to resolving clients’ claims. They ensure an outcome that holds insurers to account for the critical role they play in supporting businesses.
Mactavish takes a multi-disciplinary approach to claims resolution, meaning they can access the most appropriate legal, financial or technical specialists, depending on the circumstances of a client’s claim. They combine the best legal and technical insurance analysis from the start to get the right result.
See www.mactavishgroup.com or contact jamesoconnor@mactavishgroup.com / +44(0)207 046 7956 for more details
CONTACT: jamesoconnor@mactavishgroup.com
