Aon and Chubb Corp. have advised Isle of Man directors that they “may need to go beyond simply complying with new Financial Services Commission (FSC) regulations on insurance to prevent gaps in cover.” The companies were speaking at an Institute …
Allen Stanford, who faces U.S. criminal and civil charges for allegedly leading a $7 billion Ponzi scheme, is suing Lloyd’s of London for defense costs. Lloyd’s had advanced some legal fees under a directors and officers policy. But the insurer …
According to a bulletin from Marsh’s London office the “increase in the number of companies considering an initial public offering (IPO) or general capital raising is behind a surge in interest in taking out directors’ and officers’ liability and specialist …
Marsh’s London office announced that it has launched a new Directors’ and Officers’ (D&O) liability diagnostic tool for private companies domiciled in the UK. “The service is free to clients with assets below £250 million ($413 million). The tool measures …
Financier Allen Stanford and other executives who face charges related to an alleged $7 billion fraud may file claims for defense funds under a directors’ and officers’ insurance policy, a federal judge said Friday. Stanford has had his assets frozen …
California Attorney General Jerry Brown issued subpoenas on Thursday to Standard & Poor’s, Moody’s Investors Service, and Fitch Ratings as he launched an investigation of whether they broke state law with the ratings they provided mortgage-backed securities. “These agencies gave …
Lloyd’s of London said a federal judge should not allocate the proceeds of a directors and officers insurance policy for accused swindler Allen Stanford and other executives because they have no guarantee of coverage, according to a court filing Friday. …
A new survey by Willis concludes that “the commercial sector continues to resist the sharp rate increases for Directors & Officers insurance seen in the financial institutions sector, with the average premium for commercial business falling five percent in the …
According to Aon’s Quarterly D&O Pricing Index, “US financial institutions (FI) saw premium increases of 15 percent on average in Q2,” as did a number of the UK’s financial institutions. “However,” Aon notes, “renewals have been mixed and will continue …
The Chubb Group of Insurance Companies has updated its “Loss Prevention Guidelines for Independent Directors” handbook. “Shrinking company profits and stock price fluctuations are exposing independent directors to increased personal liability,” says Tony Galban, senior vice president, Chubb & Son, …
