Subprime: A Coming Flood of Liability Claims

Ackemann, Alyn
February 2008
Best's Review;Feb2008, Vol. 108 Issue 10, p44
Trade Publication
The article reports on the impact of massive devaluation of subprime mortgages on the insurance industry in the U.S. It sites that industry observers considered the first signs of a potential litigation surge on several coverage fronts including directors and officers, errors and omissions, and fiduciary liability. R. Mark Keenan, chairman of the Financial Institutions Group, said that the industry can see variety of claims and many of which may be mitigated if the equity markets stabilize.


Related Articles

  • D&O, E&O suits expected in growing Libor scandal. GREENWALD, JUDY // Business Insurance;7/16/2012, Vol. 46 Issue 28, p1 

    The article reports that a wave of litigation against directors and officers (D&O), as well as errors and omissions (E&O) insurance claims, are being anticipated in the face of the London interbank offered rate (Libor) scandal. Barclays PLC has reportedly agreed to pay around 450 million U.S....

  • D&O and E&O claims from subprime to match scale of Category 5 hurricane losses.  // Canadian Underwriter;May2008, Vol. 75 Issue 5, p8 

    The article reports on the impact of the subprime mortgage crisis on Directors and Officers Liability (D&O) and Errors and Omissions (E&O) insurance claims and litigation. According to Greg Flood, president of IronPro, Ironshore Insurance's professional liability facility, there is an increase...

  • Back to the Basics. Gambrill, David // Canadian Underwriter;May2008, Vol. 75 Issue 5, p5 

    The article explores how the subprime mortgage crisis in the U.S. would affect insurers in Canada. It offers an overview of the cause of the subprime mortgage crisis in the U.S. It relates the impact of the subprime mortgage crisis on Directors and Officers Liability (D&O) and Errors and...

  • D&O and E&O Liability and Coverage Issues Resulting from Subprime Claims. McCarrick, John F.; Pesso, Maurice // Insurance Advocate;10/20/2008, Vol. 119 Issue 19, p20 

    The article focuses on the impact of subprime claims on directors and officers liability (D&O) and errors and omissions (E&O) policies in the U.S. The authors explain that the financial losses associated with subprime mortgage lending resulted in increased frequency of losses under D&O and E&O....

  • D&O/E&O Subprime Impact On The Rise. Sclafane, Susanne; Ruquet, Mark // National Underwriter / P&C;2/18/2008, Vol. 112 Issue 6, p29 

    The article focuses on the directors & officers (D&O) and errors & omissions (E&O) liability losses for the insurance industry arising from the subprime mortgage crisis in the U.S. According to a survey report conducted by Advisen Ltd., more than 90 percent of the companies in the financial...

  • You don't have to outrun the bear.  // Employee Benefit Adviser;Oct2007, Vol. 5 Issue 10, p44 

    The author expresses his opinion about fiduciary liability insurance. He states that the errors and omissions policies of advisers will not protect them from lawsuits. He believes that a fiduciary should ensure a plan that is designed for the benefit of the participant. He says that even a...

  • fiduciary liability -- a survey of recent events. Bickerton, Rob // Canadian Underwriter;Jan2005, Vol. 72 Issue 1, p60 

    Presents an overview of court cases affecting fiduciary liability insurance in Canada. Information on a legal dispute involving Monsanto Canada Inc. and the Superintendent of Financial Services; Provisions of the Pension Benefits Act in Ontario regarding the distribution of surplus from pension...

  • Broker Did Not Breach Fiduciary Duty. Rogak, Lawrence N. // Insurance Advocate;1/30/2006, Vol. 117 Issue 3, p12 

    The article discusses the case of Scotto Princeton LLC v. Felsen Associates Inc. Scotto alleged that Felsen represented itself as an expert in the insurance field and acted as de facto risk manager for its various businesses. Felsen argued that it does not have a fiduciary relationship with...

  • Impact of subprime crisis becomes evident: Report. Greenwald, Judy // Business Insurance;2/18/2008, Vol. 42 Issue 7, p4 

    The article focuses on the report "The Crisis in the Subprime Mortgage Market and its Impact on D&O and E&O Insurers," released by Advisen Ltd. Directors and officers liability insurers are likely to face as much as $3.6 billion in claims stemming from shareholder lawsuits over writedowns for...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics