8:00am – I start my day reading emails. I assign myself tasks from our shared ‘to do’ inbox.
8:10am – Creating my to-do list, sets my schedule for the morning. We usually have several emails from different brokers, requesting for us to sign non-disclosure agreements. I will review, amend, sign and return the non-disclosure agreements to the brokers. Who can then provide me the confidential information regarding any transactions.
9:10am – One of the brokers has provided multiple documents, which I spend the next 50 minutes reviewing, to decide if we will be providing a quote. The documents include: an information memorandum, submission sheet and a share purchase agreement - including the warranties and indemnities. From reviewing the documents, I conclude that the underwriters will be interested in this deal. I log the details on our software so the team can discuss this deal on our daily zoom call.
10:00am – The next 30 minutes is spent on our daily team zoom call. Here the team members discuss various projects, deciding whether we will be providing quotes. This is a great opportunity for me to learn from my team, whom I’ve otherwise been relatively isolated from due to the pandemic. Although I have not met the team physically, these calls make a positive impact on my experience at Euclid, allowing me to integrate with the other members.
10:30am – Coffee break.
10:40am – After the call I begin drafting a non-binding indication for the deal I have proposed on the call. I review the share purchase agreement and re-draft the warranties and limitations to ensure they are favorable for the insurer. I also price the deal, list any exclusions and areas of heightened risk and send it to the assigned underwriter for further amendments.
13:00pm – Lunch break.
14:00pm – After lunch, I have an underwriting call between all transaction advisers on another deal that is already going through underwriting. The calls aim is for Euclid to seek clarification from the buyer and buyer’s advisers; my role is to take a verbatim note.
15:00pm – After the underwriting call, I assess and send my note to the underwriter.
15:30pm – I catch up with the analysts on our team chat and ask if they need help with anything.
15:40pm – One of the analysts asked if I could help with reviewing tax, financial and legal due diligence reports for a deal we are currently underwriting. I spend the next few hours reviewing the reports and drafting underwriting questions based upon gaps in the reports and the warranties contained in the share purchase agreement.
18:40pm – I send my findings to the analyst and he incorporates my comments into the wider document ready for tomorrow’s underwriting call.
18:50pm – I check if there is any additional work in our shared inbox and I review, sign and return another non-disclosure agreement.
19:10pm – The inbox is empty, so I ask the analysts if they need any help before I sign off for the day.