Insight and Intelligence on the London & International Insurance Markets

25 February 2018

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D&O excess insurers in Pfizer claim dispute

John Hewitt Jones 1 February 2018

Arch Insurance and US Specialty Insurance Company (SIC) are seeking a judgment from the court of New Jersey to confirm they do not have to pay out for historic multi-million-dollar shareholder actions against pharmaceutical giant Pfizer.

According to court documents, the two carriers provided Pfizer with excess-of-loss (XoL) insurance for side A and side B directors' and officers' (D&O) towers covering the 2004-2005 policy year.

Pfizer has sought to claim on the policy in connection with a securities class action...

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