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Article: Power brokers: financial institutions.
- Article from:
- Risk & Insurance
- Article date:
- February 1, 2008
CopyrightCOPYRIGHT 2008 Axon Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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[ILLUSTRATION OMITTED]
Brian Wanat
Managing Director
Aon
New York
Financial institutions have been hit hard by losses on subprime loans and the problems are not over yet. Senior executives have lost their jobs over the crisis and the share prices of many financial institutions have decline sharply.
Securing professional liability coverage in this environment has been no easy task. Underwriters are understandably skittish about providing either D&O or E&O coverage with so many problems in the headlines day after day.