Insight and Intelligence on the London & International Insurance Markets

4 February 2012

Stanford D&O underwriters ordered to pay up

27 January 2010

A US judge has ordered Arch Specialty and Lloyd's insurers Brit, Ace, QBE, Beazley and Chaucer to pay out disputed defence costs to Allen Stanford and other former senior Stanford Financial Group (SFG) executives charged with orchestrating a $7bn fraud scheme.

US District Judge David Hittner rejected requests by Lloyd's underwriters to throw out the financier's lawsuit - which sought an injunction to enforce the policies - commenting: "The plaintiffs have a substantial likelihood of succeeding on their claim that...

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