With Bruce Hepburn and Steve Darrington of Mactavish 

In this episode of On The Line, Alice Murray speaks to Bruce Hepburn, CEO and founder of Mactavish, and Steve Darrington, long-time private equity CFO and member of The Line’s Editorial Board, and now also an adviser to Mactavish. 

Together, they dive into why insurance is one of the most overlooked, and potentially dangerous, blind spots in private equity. 

What we cover: 

• How Mactavish evolved from risk analysis for insurers to advising policyholders directly 
• Why most PE firms fail to understand their legal duties on disclosure and how that can leave them dangerously exposed 
• Real-world examples of claims going wrong and why insurance only really matters when it’s tested 
• How PE firms' operating models create unique risks around disclosure, governance, and claims management 
• The rise of large, complex claims and why they’re happening more often than “once in a hundred years” 
• The dangers of “it’ll be fine” thinking in PE, and why risk management is about more than just ticking the insurance box 
• How external shocks, from supply chain disruptions to geopolitical risks, can quickly become direct risks for portfolio companies 
• Why better insurance management is fast becoming a core governance issue for GPs 
• How Mactavish’s new private equity advisory board (featuring industry veterans like Steve) aims to change mindsets across the industry 

 “You only find out you’ve got the wrong insurance when you try and make a claim… and that’s when you’re under the most pressure.” — Steve Darrington 

“It’s systemic: PE firms are time poor, transaction-focused, and they’re not wired to manage low-probability, high-severity risks… until it’s too late.” — Bruce Hepburn 

Listen now for a frank, behind-the-scenes look at risk, resilience, and what PE firms need to change before the worst happens.