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 or regulatory actions, he explains why working with a broker who deeply understands SPAC dynamics and can partner with outside counsel is essential to protecting directors, officers, and sponsors from personal liability.
Connect with the Guest:
Machua Millett – Chief Innovation Officer, Lockton Companies
LinkedIn: https://www.linkedin.com/in/machuamillett/
View all of their episodes here:
https://www.thespacpodcast.com/guests/machua-millett/
Connect with the Hosts & The SPAC Podcast:
Michael Blankenship LinkedIn:
https://www.linkedin.com/in/mikeblankenship/
Joshua Wilson LinkedIn:
https://www.linkedin.com/in/joshuabrucewilson/
YouTube Channel:
https://www.youtube.com/@Thespacpodcast
Contact The SPAC Podcast:
https://www.thespacpodcast.com/contact/
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The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Disclaimers:
The views, opinions, and statements expressed by the guest are solely their own and do not necessarily reflect the views of The SPAC Podcast, its hosts, or affiliated organizations. This content is for informational purposes only and should not be construed as investment, legal, tax, or accounting advice.
Michael J. Blankenship is a licensed attorney and is a partner at Winston & Strawn LLP. Joshua Wilson is a licensed Florida real estate broker and holds FINRA Series 79 and Series 63 licensure. The content of this podcast is intended for informational and educational purposes only and should not be interpreted as legal, financial, or compliance advice. The views and opinions expressed by the hosts and guests are their own and do not necessarily reflect the official policies or positions of any regulatory agency, law firm, employer, or organization.
Listeners are encouraged to consult their own legal counsel, compliance professionals, or financial advisors to ensure adherence to applicable laws and regulations, including those enforced by the SEC, FINRA, and other regulatory bodies. This podcast does not constitute a solicitation, offer, or recommendation of any financial products, securities transactions, or legal services.
Let’s Connect on LinkedIn:
👉 Michael J. Blankenship - https://www.linkedin.com/in/mikeblankenship/
👉 ...
Michael Blankenship:
So for boards of SPACs and de-SPAC companies, how much should they be leaning on their broker versus outside counsel when evaluating D&O coverage?
Machua Millett:
Just like in any go-public transaction, it’s critical to have legal counsel who knows the space but it’s equally important to have a broker who truly understands risk, structure, and the insurance market.
We don’t just place policies. Our team acts as a full-fledged advisor across three key functions:
- Educate the board and officers about risk across the full SPAC and de-SPAC lifecycle.
- Design a policy that optimizes coverage and manages cost, based on the SPAC’s unique risk profile and tolerance.
- Claims advocacy—when litigation, regulatory action, or investigation happens, we guide the board through the claims process and make sure the insurance company actually pays.
My law firm background helps us speak both legal and risk languages. We’re constantly available to meet with board members and ensure everyone understands what’s covered, what’s not, and how to stay protected.
Machua Millett
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.