Insight and Intelligence on the London & International Insurance Markets

9 February 2012

Lloyd's offers $1bn cover after FI captive collapse

4 February 2009

Lloyd's marine and specie underwriters swiftly wrote a $1bn fraud and insolvency bond lineslip in mid-December, covering client investments of US broker-dealers in the depths of the financial crisis, The Insurance Insider has learned.

The cover, which was placed by Marsh FINPRO in mid-December according to market sources, offers $1bn aggregate limit to the largest US broker-dealers who offer recompense to investors who lose money through failed broker-dealers.

But with a gross premium of around $1.5mn per declaration for the...

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