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Risk in Context Podcast: Assessing timing, risk, and readiness ahead of an IPO

Listen to Marsh and other specialists discuss risks that organizations should consider as they start the journey to go public.

After a period of subdued activity, the initial public offering (IPO) market seems poised for a rebound, as easing market headwinds and successful high-profile listings help restore confidence among companies seeking to go public.

But timing alone does not determine the success of an offering. Instead, companies preparing to go public should consider actions that help them strengthen governance, financial controls, and compliance capabilities well in advance, while also building insurance programmes that reflect their risk tolerance and the realities of operating as a public company.

In this episode of Risk in Context, William Fahey, Managing Director within Marsh Risk’s Financial and Professional Liability Practice and D&O Product Leader, speaks with Robyn Stevens, Managing Director and Leader of Marsh’s New York Financial Lines Client Advisory Team, and Paul Kardish, General Counsel at Madison Industries. They discuss the current IPO landscape, explore the risks that organisations should consider as they start the journey to go public, and actions that can help improve the odds of a successful listing. They also talk about the importance of building a strong insurance programme that provides adequate protection for the company and its senior leaders, including through recently introduced insurance enhancements.

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Key takeaways

Preparation matters as much as timing

Companies that invest early in public-company readiness — including governance, financial controls, and compliance capabilities — may be better positioned to move when the right market window opens.

Conduct a pre-filing insurance health check

Reviewing insurance alongside governance, board composition, and financial preparation can help organisations build a more robust risk transfer strategy and provide confidence to new directors, officers, and investors.

Take steps to facilitate coverage continuity

The transition from private to public company insurance can create significant coverage gaps, underscoring the importance of identifying and addressing exposures that arise during the roadshow and after going public.

About our speakers

William Fahey

D&O Product Leader

  • United States

Will Fahey is the D&O Product Leader for FINPRO. Based in New York, he is responsible for Marsh Risk’s product offerings for publicly traded and privately held companies, private equity firms, and financial institutions, as well as developing strategies and delivering solutions on behalf of Marsh clients. His work with private companies includes advising private equity firms and their portfolio companies, including maximising results for companies going public in a changing IPO marketplace. He is also the lead advisor to several large publicly traded commercial companies.

Robyn Stevens

New York Financial Lines Client Advisory Team Leader

  • United States

Robyn Stevens is a Managing Director within Marsh Risk’s Financial and Professional Liability Practice and Leader of Marsh’s New York Financial Lines Client Advisory Team. She is a senior advisor on a number of Fortune 500 and Fortune 1000 accounts in various industries and specialises in complex risk transfer, helping clients navigate the liabilities associated with an initial public offering. 

Paul Kardish

General Counsel, Madison Industries

Paul Kardish is the General Counsel at Madison Industries. He is responsible for providing counsel to the Board of Directors and executive team on corporate governance and other legal matters, including supporting mergers and acquisitions, managing litigation, and overseeing labor and employment, employee benefits, intellectual property, data privacy, anti-corruption and general commercial and government contracting law matters.
He previously served as Executive Vice President, General Counsel, and Corporate Secretary at The AZEK Company and Schneider National, Inc., where he oversaw all legal, claims, risk and administrative functions. 

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