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Court Rules Stanford, Others May Tap D&O Insurance
D&O insurance of at least $50 million reportedly now available.
Analyst Predicts Chubb May Face Up to $2 Billion in D&O Policy Losses
Barclays Capital analyst Jay Gelb predicts that Chubb Corp. may face as much as $2 billion in D&O policy losses because of a surge in lawsuits brought on by the U.S. economic crisis, and he adds that “Chubb does not appear appropriately reserved in this line.” BestWire Services reports that Barclays believes industry D&O losses [...]
Advisen Survey Finds Fears of Shareholder Litigation Leading to Larger D&O Policy Limits Outside US
A newly released survey from Advisen Ltd. finds that rising fears of shareholder litigation have led many members of the Association of Insurance and Risk Managers to purchase D&O policies with large liability coverage limits. Business Insurance reports that the Advisen survey of members of the London-based Association of Insurance and Risk Managers showed about [...]
Insurance Losses from Madoff Scheme May Approach $2 Billion
Aon Benfield has developed a $1.8 billion best estimate of direct insurance losses that could be paid out on behalf of asset management firms, banks and other firms being sued as a result of the Madoff scandal. Stephen Mildenhall, head of Aon Benfield’s Actuarial and Enterprise Risk Management practice, stated at the Professional Liability Underwriting [...]
Guest Column: Should Outside Directors Request the Purchase of Independent Director Liability Policies?
Should outside directors on corporate boards of directors request that the companies’ boards companies purchase Individual Director Liability (IDL) insurance for them? In a guest column, Scott N. Godes of Dickstein Shapiro writes that generally speaking, IDL insurance is just for outside or independent directors of a company and, depending on the form in which it is written, may offer independent directors additional insurance protection if the corporate policyholder’s insurers were to attempt to deny or rescind coverage under the policyholder’s directors and officers insurance policy.
Carpenter Moore Study Finds Financial Services Cos. Now Pay Highest D&O Premiums
Carpenter Moore’s new “2008 Directors & Officers Liability Insurance Peer Benchmarking Report” finds that financial services companies now pay the highest average premiums for directors and officers (D&O) liability insurance, surpassing rates paid by life sciences and technology firms. Insurance Journal reports that this shift in D&O pricing trends accelerated in the fourth quarter of [...]
Aon Corp. Estimates Insurance Industry Losses from Alleged Madoff Scheme to be $1.8 Billion
Aon Corp. estimates that the insurance industry’s range of direct insured losses will likely be between $760 million and $3.8 billion from Bernard Madoff’s alleged Ponzi scheme, with a maximum exposure of a massive $6 billion. Aon stated in a report issued yesterday that the most likely loss will be $1.8 billion, according to Medill [...]
What Happens to D&O Coverage if AIG Goes Under?
by Bruce Carton What happens to D&O coverage if AIG goes under? The short answer is that I don’t know and I’m looking for answers over at my Enforcement Action blog at Compliance Week. Please weigh in there if you have any insights.