Insight and Intelligence on the London & International Insurance Markets

9 February 2012

Construction firm pursues Lloyd’s insurers for Stanford payout

16 February 2010

US industrial construction company Performance Contractors Inc has filed a lawsuit against five Lloyd's insurers after suffering losses under the alleged $8bn Stanford Ponzi scheme.

Amid an ever-swelling tide of litigation spawned by the collapse of Stanford Financial Group (SFG), the firm is suing insurers on the slip for an SFG adviser's professional indemnity insurance after losing its investment in the alleged scam.

Syndicates managed by Brit, Ace, QBE, Chaucer and Talbot are alleged to have underwritten a directors' and...

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