Insight and Intelligence on the London & International Insurance Markets

9 February 2012

Stanford insurers asked to inject more funds into D&O blackhole

19 January 2010

The Lloyd's underwriters that insured Stanford Financial Group (SFG)'s directors' and officers' (D&O) and professional indemnity (PI) policies were last week asked to forward a further $2.6mn to pay defence costs while they wait for a US judge to rule on their liability.

The Insurance Insider understands that so far $5mn in defence costs have been paid out and an additional $2.6mn is set to be forwarded for the D&O policy, along with $50,000 for the PI policy.

The underwriters...

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