In this episode of Into the Breach, Bryan O’Keefe and Gena Usenheimer are joined by Markus Rasner, partner at Oppenhoff in Frankfurt and co-head of the firm’s warranty and indemnity insurance practice, for a deep dive into the European W&I insurance market. Markus shares how the German market has evolved over the last two decades, discusses key differences between European W&I and North American RWI policies, and offers insights into pricing, underwriting practices, claims trends, and where the market may be headed next.

Topics discussed include:

• The evolution of the German and European W&I insurance market over the last 25 years

• Key differences between European W&I and North American RWI policies

• Data room disclosure concepts and the growing use of data room and report “scrapes”

• Standard and deal-specific exclusions

• The shift from underwriting calls to written underwriting processes

• Claims activity, litigation trends, and evolving approaches to damages and multiples coverage

• Why lower mid-market transactions are more commonly insured in Europe

• Markus’s outlook for the W&I market and advice for professionals entering the industry

• A quick guide to memorable day-trip destinations near Frankfurt, including Riesling country and the Nürburgring

Read the full transcript here:

https://www.seyfarth.com/dir_docs/podcast_transcripts/Into-the-Breach-Episode-45-Markus-Rasner.pdf

On the latest episode of Into the Breach, Bryan and Gena welcome back return guest A.J. Kritzman, for a discussion about his new role as Vice President, Transaction Risk Solutions, at First American.

Topics discussed include:

• The intersection of title insurance and transactional risk insurance

• How A.J. and his team can help provide unique solutions in commercial real estate transactions

• Rates, retention, and scope of coverage issues

• What is meant by “commercial real estate” and what types of real estate are best fits

• How real estate attorneys can better represent their clients through the proper utilization of transactional risk insurance

• AI’s continued role in the underwriting process

• A.J.’s favorite type of commercial real estate

Read the full transcript here:

https://www.seyfarth.com/dir_docs/podcast_transcripts/Into-The-Breach-Episode-44.pdf

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 Brewin, 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