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📋 '''Teaser (blind teaser)''' is a preliminary, anonymized summary of a proposed [[Definition:Insurance | insurance]] risk or transaction that a [[Definition:Broker | broker]] circulates to potential [[Definition:Underwriter | underwriters]] or [[Definition:Insurer | insurers]] before disclosing the identity of the prospective insured or the target company. In [[Definition:Mergers and acquisitions (M&A) insurance | M&A insurance]] — particularly [[Definition:Warranty and indemnity insurance (W&I) | warranty and indemnity]] placements — the blind teaser is the standard opening move, providing enough detail about the deal's sector, geography, approximate size, and timeline for insurers to indicate preliminary appetite without compromising confidentiality. The practice is equally common in [[Definition:Specialty insurance | specialty]] and [[Definition:Reinsurance | reinsurance]] markets, where sensitive commercial information must be protected until a formal [[Definition:Non-disclosure agreement (NDA) | non-disclosure agreement]] is in place.

🔄 The broker prepares the teaser by stripping out identifying details — company names, precise financial figures, and any information that could allow an insurer to deduce the parties involved — while retaining enough substance to let underwriters assess whether the risk falls within their appetite and capacity. A typical blind teaser for a W&I placement might describe the transaction as "a mid-market acquisition of a European healthcare services provider with an enterprise value in the range of €200–300 million" and outline the anticipated [[Definition:Policy limit | policy limit]], [[Definition:Retention | retention]] structure, and expected timeline. Interested underwriters respond with a non-binding indication — sometimes called a preliminary [[Definition:Indication of interest | indication]] — and the broker then selects a shortlist of markets to receive the full [[Definition:Underwriting submission | submission]] once NDAs have been executed. This staged approach prevents unnecessary disclosure and helps brokers efficiently gauge market capacity.

💡 Blind teasers serve a critical gatekeeping function in insurance transactions where confidentiality carries real commercial and legal weight. In M&A contexts, premature disclosure of a deal to the wrong party could trigger regulatory issues, competitive harm, or breach of the seller's confidentiality obligations. For underwriters, the teaser is a time-saving tool — it lets them decline risks that clearly fall outside their [[Definition:Underwriting guidelines | underwriting guidelines]] without investing resources in a full review. Across London, Continental European, and Asia-Pacific [[Definition:Insurance market | insurance markets]], the blind teaser has become a well-established convention, and brokers who craft clear, well-structured teasers tend to receive faster and more meaningful responses from the market.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Warranty and indemnity insurance (W&I)]]
* [[Definition:Underwriting submission]]
* [[Definition:Non-disclosure agreement (NDA)]]
* [[Definition:Broker]]
* [[Definition:Indication of interest]]
* [[Definition:Insurance market]]
{{Div col end}}

Definition:Teaser (blind teaser) - Revision history

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