Insight and Intelligence on the London & International Insurance Markets

4 February 2012

Madoff may cost new London facility $50mn

4 February 2009

A London-backed insurance product designed to cover financial institutions against financial losses arising from fraud at hedge funds has received a claim notification relating to the Madoff scandal.

Launched in early 2008 by specialist London-based broker Protean Investment Risks, the product provides fraud protection to individuals and corporations investing in the hedge fund sector and covers losses sustained from misappropriation as well as misrepresentation of the net asset value of a fund. Cover is backed by a panel of London...

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