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Machua Millett

Machua Millett Profile Photo

CINO and Alternative Investment Practice Leader

Mach specializes in policy drafting, program placement and claims advocacy regarding management and professional liability insurance issues for private equity, venture capital, and hedge funds and private and public companies. He is responsible for overseeing technical insurance policy drafting for our General Partner Liability and portfolio company D&O books, as well as guiding private companies through the insurance aspects of the traditional Initial Public Offering (IPO), SPAC IPO, and de-SPAC processes. He is also a senior claims and coverage resource for our alternative investment fund and private and public company clients when they have a claims dispute.

Mach’s background is as a general commercial litigator, securities class action defense attorney and insurance coverage lawyer. Before becoming an insurance broker, he spent ten years defending alternative investment firms and private and public companies against regulatory investigations, derivative and class action securities suits, general commercial lawsuits and insurance coverage actions at Bingham McCutchen, Skadden Arps and Edwards Wildman.

Mach was born in Nicaragua, and grew up in Nicaragua and Costa Rica before coming to the United States. He graduated from New Lebanon Junior/Senior High School as a National Merit Scholar, summa cum laude from Tufts University, and Harvard Law School. He lives outside of Boston, MA with his wife and two boys.

Why D&O Insurance Premiums Have Dropped Since 2021
Nov. 6, 2025

Why D&O Insurance Premiums Have Dropped Since 2021

In this episode of The SPAC Podcast, Machua Millett, Chief Innovation Officer at Lockton Companies, explains how the Directors & Officers (D&O) insurance landscape for SPACs and de-SPACs has evolved since the 2021 boom. Following a surge in SPAC IPOs, deal volume, and resulting litigation, insurance premiums spiked sharply in 2021. At their peak, SPAC-related policies were among the most expensive in the public company space. But according to Machua, that environment has shifted dramatically. Pr...
“DeSPAC-age” Insurance Model and Closing Coverage Gaps
Oct. 29, 2025

“DeSPAC-age” Insurance Model and Closing Coverage Gaps

In this episode of The SPAC Podcast, Machua “Motsch” Millett breaks down how D&O insurance needs to evolve across a SPAC’s lifecycle, from IPO to de-SPAC and beyond. He explains how SPACs have historically managed risk by purchasing standalone policies at each stage and why that approach often creates gaps in coverage and increased cost. Machua introduces a more modern solution his team pioneered: the “DeSPAC-age” policy model. This structure bundles the SPAC’s runoff coverage, the target’s priv...
What SPACs Must Prepare for in the Next 12–18 Months
Oct. 23, 2025

What SPACs Must Prepare for in the Next 12–18 Months

In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, shares his outlook on D&O risk for SPACs and de-SPACs heading into 2025 and beyond. Drawing from decades of experience advising public and pre-public companies, Machua warns that we’ve seen this market cycle before: an uptick in activity, rising headlines, and inexperienced teams rushing in. This time, however, there’s a shift experienced sponsors are leading the way, and the litigation e...
How Underwriters Evaluate Risk for SPAC and de-SPAC Coverage
Oct. 22, 2025

How Underwriters Evaluate Risk for SPAC and de-SPAC Coverage

In this episode of The SPAC Podcast, Machua “Motsch” Millett of Lockton Companies explains how underwriters assess risk when pricing D&O insurance policies for SPACs and their de-SPAC targets. The evaluation process is vastly different depending on where the SPAC is in its lifecycle and Machua walks through both sides of that underwriting equation. For SPACs, there’s limited data, so the focus is on the sponsor team’s track record, industry focus, and prior deal outcomes. Underwriters also consi...
Why Boards Need a Broker Who Does More Than Just Place Insurance
Oct. 13, 2025

Why Boards Need a Broker Who Does More Than Just Place Insurance

In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, outlines the critical role brokers play in guiding boards through the D&O insurance process before, during, and after a SPAC transaction. Machua shares how his team approaches the role as a true risk advisor, not just an insurance placement firm. From educating boards on lifecycle risks, to designing cost-efficient coverage programs, to stepping in with claims advocacy during litigation o...
SPAC Guest Spotlight: Machua Millett
Sept. 11, 2025

SPAC Guest Spotlight: Machua Millett

In this episode of The SPAC Podcast, Machua “Motsch” Millett, Chief Innovation Officer at Lockton Companies, shares his journey from Harvard-trained securities lawyer to leading expert in management and professional liability insurance for companies transitioning from private to public. With over 15 years as a broker, and prior experience defending insurers in federal and state court, Machua has seen the risk landscape from all sides. He discusses how his legal background helps clients draft str...