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Stanford D&O insurers pursue counterclaim for reimbursement

14 October 2010

The London market directors' and officers' (D&O) insurers of fraud-hit Stanford Financial Group (SFG) are making a counterclaim for reimbursement of some $15mn in defence fees, The Insurance Insider can reveal.

According to sources, the legal team for insurers Ace, Arch, Beazley, Brit, Chaucer and QBE moved swiftly after a US federal judge ruled yesterday (13 October) that disgraced financier Allen Stanford and two of his alleged cohorts can no longer tap into the multi-million dollar D&O policy.

The reimbursement...

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