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Phil Casper
Principal at Euclid Transactional
Phil Casper is a Principal at Euclid Transactional, a company specializing in transactional insurance underwriting and claims handling.1 He has been in this role since April 2016, bringing over 7 years of experience to the position.1
Professional Background
Prior to joining Euclid Transactional, Phil worked at AIG in their Mergers & Acquisitions Insurance Group, where he held positions as Vice President and Regional Underwriting Manager.2 His experience in the insurance industry extends to underwriting risks related to mergers and acquisitions, including representations & warranties insurance, tax liability, and contingent liability coverages.4
Before his career in insurance, Phil was an attorney in the Business Transactions group at Schulte Roth & Zabel LLP. There, he advised private equity and other corporate clients on various corporate matters, including mergers and acquisitions and securities issues.2
Education
Phil Casper holds a J.D. from Boston University School of Law and a B.A. in Political Science and Marketing from Washington University in St. Louis.13
Role at Euclid Transactional
As a Principal at Euclid Transactional, Phil is involved in:
- Providing representations & warranties, tax liability, contingent liability, and other transactional insurance.1
- Contributing to the company's combined experience of over 350 years supporting M&A deals.4
- Participating in industry discussions about the evolving transactional risk insurance market and M&A environment.6
Phil has been noted for his insights on the growth and innovation in the representations and warranties insurance (RWI) market, discussing topics such as increased capacity for large deals, expansion into public company transactions, and the product's role in "salvaging deals".5
Highlights
This WSJ article about the Public Company Accounting Oversight Board finding that audits of public companies by Deloitte, EY and PwC had an average deficiency rate of about 24% in 2021 was interesting. To be clear, this does not mean that 24% of public company audited financials are inaccurate: it means that the audit companies did not fully live up to the very strict standards the PCAOB holds accountants to while auditing public companies. However, it is another data point showing us that acquiring companies that are under even the highest levels of scrutiny can be risky. It aligns with the data presented in our claims study published last year showing that 84% of all claims alleging breaches of financial statements representations arose out of acquired businesses with audited financials. At Euclid, we are always surprised that more buyers of public companies do not explore the use of representations and warranties/warranties and indemnity insurance (RWI). In fact, only a small fraction of the acquisitions of public companies last year were presented to us as possible insurance targets. It does appear that more buyers of public companies are recognizing the value of RWI, though, as we have seen more interest in our coverage of public companies in the past year than we have in prior years. The industry has an appetite for these types of deals. We have led towers of up to $1 bn of insurance capacity on public company deals and have handled claims related to such deals as well. Have you used RWI on a public company deal? What was your experience? Is there anything the industry can be doing to protect buyers of public companies?
https://lnkd.in/eu293AJA
Claims can arise regardless of how established the target or sophisticated the buyer. Did you know that 90% of our loss paid for financial statement claims involve target companies with audited financials? This is despite the fact that only 67% of our policies bound relate to target companies with audited financials.
This fact and lots of other insights are contained in our first ever Global RWI/W&I Claims Study, which you can access here: https://lnkd.in/gXdzm984
The study analyzes 5,089 policies placed, 1,040 claims received, and over $561 million in total payments made from July 2016 through June 30, 2023.
#Claims #ClaimsStudy #RWI #RepsAndWarranties #MergersAndAcquisitions #TransactionalInsurance
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Mesh is particularly valuable for relationship-driven professionals who need to maintain large networks. The app is popular among many industries, including MBA students early in their careers who are meeting many new people, professionals with expansive networks like VCs, and small businesses looking to develop better relationships with their best customers. Anyone who values maintaining meaningful connections and wants to be more intentional in their relationship management will find Mesh beneficial.
Mesh offers competitive pricing in the personal CRM market. Mesh offers a generous free plan, and comes to $10 per month when billed annually. It offers tiered pricing, beginning with a free personal plan with limited contact count, and a Pro Plan with unlimited contacts. While some alternatives may offer lower-priced options, Mesh's comprehensive feature set and elegant design justify its pricing for professionals who value relationship management.
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