Companies in the United Kingdom–particularly those whose shares are traded in the United States–are buying huge amounts of insurance coverage for directors and officers as increasing numbers of class actions target their management, a survey of risk managers has found.
Indeed, the poll found about 25 percent of firms responding said they bought ?100 million (about $163 million at current exchange rates) or more in directors and officers liability coverage.
The survey was a joint effort by the London-based Association of Insurance and Risk Managers (better known as AIRMIC), and Advisen Ltd., a market data analytics firm headquartered in New York.
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