Insight and Intelligence on the London & International Insurance Markets

4 February 2012

Stanford D&O insurers so far pay $15mn

23 August 2010

London market directors' and officers' D&O insurers for Stanford Financial Group (SFG) have so far paid out $15mn in criminal and civil litigation defence costs, court documents reveal.

The figure as of 30 July covers the cost of defending Allen Stanford, who is accused of masterminding a $7bn Ponzi scheme with help from former SFG CFO Laura Pendergest-Holt and accounting executives Gilbert Lopez and Mark Kuhrt.

D&O insurers Ace, Arch, Beazley, Brit, Chaucer and QBE have been compelled to pay...

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