CERTA | Specialist Underwriting Agency with €200m of capacity providing bespoke tax insurance products worldwide.
Tax law is often complex and open to interpretation. Today, tax affairs are the subject to far greater global scrutiny than before, attracting the attention of tax authorities boards, investors, regulators and the public alike.
As a result, the demand for tax certainty has never been greater. Tax insurance has emerged as a highly flexible risk management product designed to provide certainty across a wide range of situations.
In practice, this can include facilitating transactions by removing contentious tax issues from negotiations, supporting indemnities to enable a clean exit for sellers, allowing the release of funds held in escrow, providing a faster alternative to seeking rulings from tax authorities, or offering protection against potential historic tax exposures.
But what exactly is tax insurance?
Tax insurance is a specialised form of insurance designed to protect clients against the financial consequences of an unexpected tax challenge. In many transactions or business decisions, a degree of uncertainty may exist as to how tax authorities will interpret applicable rules in the future.
Even where transactions are carefully structured and supported by professional tax advice, case law or binding rulings, a residual risk may remain that tax authorities could take a different view and seek to impose additional taxes, interest and/or penalties following a tax audit.
Some of these demands may attract advance tax payments, even if the tax authority is subsequently proved wrong.
Tax insurance allows this risk to be transferred to an insurance policy.
If the tax authorities successfully challenge the insured tax position and the client incurs a financial loss, the policy responds by covering the insured amount, subject to agreed terms and conditions.
Coverage may extend beyond the tax itself to include the costs of defending a claim, advance tax payments and the risk of interest and penalties
In practical terms, tax insurance provides peace of mind. It enables clients to proceed with transactions and strategic business decisions with greater certainty, knowing that potential tax exposures are financially protected.
Why Certa?
Certa delivers tailored tax insurance policies designed to cover identified low-risk tax concerns and facilitate commercial transactions.
Each policy is shaped to meet the specific needs of the client, with the objective of providing certainty through the security of insurance that mitigates potential exposure arising from identified tax risks.
Certa is the only underwriting agency focused exclusively on tax and contingent risk insurance. Its market-leading team of tax and insurance professionals is uniquely positioned to deliver bespoke policies covering risks of up to €200 million, in return for a one-off premium designed to align with the applicable statute of limitations.
Recognising that timing is critical in M&A transactions, Certa carefully analyses all tax risks before providing a quote, ensuring that clients and brokers can rely on the deliverability of the proposed solution.
The underwriting team brings unrivalled combined experience in the tax insurance market and adopts an innovative and pragmatic approach grounded in collaboration, technical rigour and a strong international outlook.
Certa as underwritten tax risks in more than 30 jurisdictions worldwide. Our long-standing network of international advisers enables it to support clients across multiple jurisdictions while remaining attentive to local tax, legal, regulatory and market specificities.
Certa are also 100% backed by Lloyd’s of London, with its A+ (AMBest) and AA-(S&P) rated paper.
Certa’s Opening in Spain
Certa has operated since 2019 from its London office. The opening of its Spanish office in 2022 marked a significant milestone in the firm’s international development and represented the first step in its expansion into the European market.
Spain was a natural choice: a dynamic jurisdiction with a growing tax insurance sector, strong international exposure and close ties to other European markets.
Establishing a local presence allows Certa to work more closely with clients, gain a deeper understanding of their regulatory and commercial environment, and coordinate seamlessly with teams in other jurisdictions on cross-border matters.
The Spanish office reflects Certa’s long-term commitment to building a strong and sustainable European practice based on proximity, expertise and continuity.
The Spain team
Certa Spain is led by a team with complementary professional backgrounds and a shared focus on tax and insurance. Together, the Spain team works closely with the wider Certa network to deliver integrated tax insurance solutions tailored to the specific needs of Spanish and European clients.
From left to right: Martha Goodman, Julia Monsech and Alejandro Rams
Julia Monsech joined Certa in 2022 as a tax underwriter, bringing extensive experience as a tax adviser to corporate clients, particularly in M&A transactions. Prior to joining Certa, she worked as a tax lawyer at Garrigues and PwC. She initially joined Certa’s London office while preparing the launch of the Spanish branch and subsequently returned to Barcelona to establish the Spanish office.
Martha Goodman joined Certa in May 2022 as Worldwide Operations Manager and worked alongside Julia in establishing the Spanish office. She plays a very key role in coordinating Certa’s global operations, ensuring regulatory compliance and the smooth functioning of back-office processes across jurisdictions. Before joining Certa, Martha spent more than ten years in the Financial Lines insurance industry, specialising in multinational D&O and cyber insurance solutions at TM HCC and Beazley.
Alejandro Rams joined the Spanish office in June 2024 as a tax underwriter, strengthening the team’s technical capabilities in response to growing tax insurance activity in Spain. He previously spent seven years as a tax adviser in PwC’s M&A tax team, bringing strong analytical skills and in-depth tax expertise to Certa.