QBE European Operations has strengthened its warranty and indemnity (W&I) insurance team with the addition of senior underwriter Francisco Castro Yebra. Based in London, Castro Yebra will oversee underwriting for transactions across the UK and Europe.
Bringing a wealth of experience to QBE, Castro Yebra previously worked at managing general agent (MGA) ICEN Risk, where he specialized in placing W&I policies for transactions involving small and medium-sized enterprises, as well as larger deals across various sectors, including real estate, renewables, and technology.
Castro Yebra is a qualified abogado in Spain, admitted to the Vigo bar, and a solicitor in England and Wales. Prior to transitioning into the insurance industry, he spent three years in the corporate and M&A department at the Spanish law firm Cuatrecasas. After earning an LLM in International Business Law from King’s College London, he began his insurance career at Lloyd’s in 2021.
This strategic expansion aligns with an increase in mergers and acquisitions (M&A) activity this year, according to QBE. W&I insurance serves a critical role in safeguarding against unknown breaches of representations and warranties made by the target or seller in a purchase agreement.
QBE’s global head of transactional liability, Toria Lessman, emphasized that Castro Yebra’s appointment is part of a broader expansion initiative. She also revealed that QBE plans to further enhance its presence in the Nordics with an upcoming appointment in Sweden.
The company’s W&I offerings cater to M&A transactions across multiple sectors, including consumer goods, energy, financial services, healthcare, infrastructure and utilities, media, real estate, retail, and technology.
In the UK, M&A has been off to a subdued start, with only three deals announced in January – the lowest number recorded in a single month since 2017, according to MarshBerry. This follows a record-breaking 2024, in which 152 transactions were completed, narrowly surpassing the 151 deals recorded in 2023.
However, MarshBerry noted that January has not been a slow month for M&A in the sector, with an average of 11 deals announced in the first month of the year since 2016.
