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Article: Subprime problems don't turn D&O market; Financial, real estate risks see price hikes; rates soften for others.(Spotlight: Midyear Market Report)
- Article from:
- Business Insurance
- Article date:
- June 30, 2008
- Author:
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. 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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Byline: DAVE LENCKUS
The prospect of big executive liability losses stemming from the subprime mortgage mess has not scared directors and officers liability insurers from cutting rates and broadening some coverage for risks not blamed for the problem, insurance experts and risk managers say.
Underwriters looked closely at all risks during July 1 renewals to ensure they do not have even an indirect subprime exposure, such as an investment portfolio packed with subprime-mortgage backed financial instruments that are now valueless, brokers and insurers say.
"Underwriters are becoming more cautious,'' said Carl Pursiano, a New York-based senior vp ...