CAC Specialty bolsters tax insurance unit with new hire

Specialty insurance brokerage and investment banking business CAC Specialty has expanded its tax insurance practice with the appointment of Matt Movafaghi as senior vice president.

Most recently, Movafaghi was senior tax counsel for Chevron Corporation, where he was responsible for implementing tax planning strategies and advising management on the tax aspects of Chevron’s global business operations.

Prior to Chevron, Movafaghi was a tax attorney at Willkie Farr & Gallagher, where he represented multinational corporations and private equity funds on the tax aspects of mergers and acquisitions, joint ventures, spin-offs, and capital market transactions.

Michael Wakefield, transactional liability practice leader, said: “We are committed to growing our Tax Insurance Practice with top talent. As our clients face an increasing array of tax technical risks, we understand that they demand sophisticated solutions from their risk advisors. Matt is a great addition to our tax team to assist our clients deal with the growing complexities and uncertainties of tax liability.”

Jordan Tamchin, tax insurance practice leader, added: “Our corporate clients are increasingly using tax insurance as a risk management tool to not only improve the balance sheet by providing liquidity, but to drive accretive value to earnings by mitigating reserves for uncertain tax positions. With Matt's tax technical expertise and deep understanding of the inner workings of the corporate tax department, he's a great strategic fit to deliver unparalleled solutions for our corporate clients.”

Movafaghi commented: “CAC has a reputation for being a leader in the transactional liability insurance market, bringing top-notch service, expertise, and creative thinking to solving each unique risk transfer. I'm very excited for the opportunity to join this forward-thinking team and to provide innovative and sophisticated risk transfer solutions for CAC's clients."