The eerie silence that has set in over the directors and officers liability insurance marketplace could be an indication of a looming hard market that will strike on Jan. 1, 2009, one leading broker suggests.
Peter Taffae, managing director of Executive Perils, a Los Angeles-based wholesale brokerage, speculated that mega-sized D&O insurance claims from some of the world's largest financial firms will drive higher losses onto the books of reinsurers, fueling a Jan. 1 market turn.
"Do you know how it gets really, really quiet right before a hurricane hits? That's where we are right now," he said.
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