Leo Berwick brings the best of the Big 4 and Big Law together to help brokers and underwriters evaluate potential risks. Where other firms have “an expert”, Leo Berwick has an expert team that can quickly review materials or even draft them.

We approach tax insurance with both an understanding of relevant law, as well as a facility with the quantitative aspects of a risk.

Need Assistance Evaluating Risk?

We’ve Got You Covered.

Whether you are a tax insurance broker or underwriter, Leo Berwick can give you the edge as you navigate tax.

Underwriting Assistance

Evaluation of Submissions

Review broker submissions with a highly credentialed team of experts with deep knowledge of the particular risk area

Assist the underwriter in understanding the risk to inform whether a bid should be submitted

Identifying potential holes in broker submissions and compiling targeted and detailed additional information requests

Underwriting

Review the quantitative underpinnings of the broker submissions to test assumptions and inform potential representations or policy exclusions

Draft underwriting memo that sets out Leo Berwick’s evaluation of the risk

Assist with a review of the policy, including exclusions, policy representations and fixed tax assumptions

Discuss risk with excess markets

Broker Assistance

Generally, Leo Berwick assists the broker in one of two ways.

    • Review submission materials
    • Draft submission materials
  • Review submission materials
    • The client may wish to use its own advisors to draft tax insurance submission materials. LB can review the memo prior to submission to underwriters
    • Ask questions and make suggestions to improve the submission package in order to enhance the potential insured’s ability to obtain bids and minimize price
  • Draft submission materials
    • Leo Berwick can work with the broker and potential insured to draft a complete submission package
    • Assemble a team of highly credentialed experts to work wth the potential insured to draft a complete submission memorandum (including, if requested, a formal tax opinion)
  • Post-submission
      • Work with the potential insured to answer questions posed by underwriters and their advisors
      • Review key policy terms, including proposed exclusions, representations, and assumptions

     

    Case Study

    Leo Berwick Assists Underwriter with Risk Evaluation

    An underwriter client approached us regarding a complicated compensation and benefits matter involving a company that was about to be acquired. The Company’s management stock ownership plan contained certain unique features whereby management acquired Company stock with little down-payment and an unsecured promissory note. The acquirer’s tax advisors believed were particularly risky and the parties agreed to explore tax insurance to cover the potential risk.

    We reviewed a memo prepared by a respected international law firm, but it became clear that the law firm had not done any data analysis regarding the amounts of stock transferred, the terms of the notes compared to the age of the management issuers, and the amount of management’s deferred compensation that could be offset against the otherwise unsecured promissory notes.

    Combining data analysis with a thorough knowledge of the regulations in this area allowed Leo Berwick to assist the underwriter in its understanding of the risk and the policy was bound.

    Let’s work together.

    You want an M&A tax expert who gets it. A commercially minded expert who understands deals, not just taxes. A partner who shares your drive for minimizing risk, maximizing value, and accelerating returns.

    That’s Leo Berwick. The first call you make for any deal.