D&O Costs Soar For Financial Firms; Scarcity Increases

Financial institutions are finding it increasingly hard to get affordable liability insurance for directors and officers, sometimes facing rate hikes of 100 percent or more, brokers who have

By Daniel Hays | Updated on February 22, 2009

Financial institutions are finding it increasingly hard to get affordable liability insurance for directors and officers, sometimes facing rate hikes of 100 percent or more, brokers who have eyeballed the situation said.

“Financial institutions are all having a hard time,” said De’Andre Salter, chief executive officer of wholesale broker Professional Risk Solutions, Somerset, N.J. The D&O coverage problem is not limited to small banks, but extends to the entire sector including money managers, credit companies and leasing firms.

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