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Madoff Fallout For Liability Insurers Could Hit $1.8 Billion, Broker Warns

With the prospect of nearly $2 billion in professional liability claim payments looming from the litigation fallout of a Ponzi scheme orchestrated by Bernard Madoff, directors and officers insurers

By Susanne Sclafane | Updated on March 15, 2009

With the prospect of nearly $2 billion in professional liability claim payments looming from the litigation fallout of a Ponzi scheme orchestrated by Bernard Madoff, directors and officers insurers were eager to pinpoint potential sources of exposure during a recent industry gathering.

“It’s certainly going to have an impact on [insurers'] underwriting procedures,” said Stephen Mildenhall, head of Aon Benfield’s Actuarial and Enterprise Risk Management practice, which developed a $1.8 billon best estimate of direct insurance losses that could be paid out on behalf of asset management firms, banks and other firms being sued in the aftermath of the Madoff scandal.

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