Before introducing a panel at the recent PLUS D&O Symposiumpoised to discuss the ramifications of political changes onsecurities litigation, David Bell, chief operating officer ofAllied World Assurance Company, delivered some introductory remarkswith the fervor of a politician stumping on the campaign trail.
|Defending the much-maligned insurance industry in the wake of aworldwide financial crisis, Mr. Bell delivered the followingremarks:
|"Confidence, or the lack of it, is at levels not seen since theGreat Depression, and yet our industry--the D&O insuranceindustry--is here to stabilize and restore confidence when we mustotherwise question the promises of large institutions.
|"Unlike the banks, we're not deserting our customers when theyneed us most. We're not socializing our product lines because we've[messed] up so badly that the government needs to backstop ourD&O promises.
|"Even in the instances where...D&O insureds have been caughtin the economic downdraft, the affected D&O insurers' claimspractices have never been compromised.
|"While the government throws money at problems, picking winnersand losers using methods and metrics alien to ordinary investors,we make straightforward promises and [show] consistency andstability in how D&O claims are adjusted."
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