The combination of corporate bankruptcies, high-dollar shareholder derivative lawsuit settlements and declines in Side-A pricing may soon turn a profitable niche of the directors and officers liability insurance market into a money loser, carrier executives say.
In fact, according to one veteran D&O underwriter, participants in the Side-A market would already be bleeding red ink on their bottom lines if not for government bailouts of covered financial institutions in recent years.
"Absent that, I think we would have a debacle of proportions that you can't imagine" in the Side-A market, said Greg Flood, president of New York-based IronPro.
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