Carriers participating on your directors and officers insurance program are making headlines, and the news isn't good. Will they be able to uphold their responsibly to pay your claims? If they can't, what safety nets are available?
These are some of the questions brokers started to address during the week of Sept. 15, when news of the near-bankruptcy of the parent company of American International Group came to light due to liabilities for credit default swaps. Before the week was out, the federal government provided a loan to the firm, while brokers, regulators and rating agencies confirmed AIG's insurance subsidiaries had some $27 billion in surplus.
"AIG is still one of the largest insurance carriers on the planet," said Priya Cherian Huskins, partner and senior vice president for Woodruff-Sawyer & Company in San Francisco, during a September broadcast for the Silicon Valley chapter of the National Association of Corporate Directors.
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