Fiduciary Liability Insurance Market Update April 28, 2004

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Presentation transcript:

Fiduciary Liability Insurance Market Update April 28, 2004 Carrie Brodzinski, St. Paul Travelers John Coonan, Chubb & Son Jay Desjardins, Aon Laurie Banez Lopes, Axis Financial Insurance Solutions Rhonda Prussack, AIG

Fiduciary Liability Insurance Market Trends: History Historically low frequency/high severity Primarily individual benefit claims Profitable Low deductibles, high limits, minimal underwriting Abundant capacity

Fiduciary Liability Insurance Market Trends: Claims New types and sources of claims Frequency vs. severity Impact on underwriting

Fiduciary Liability Insurance Market Trends: Claims Securities Claims: increased frequency of securities claims dressed up to look like fiduciary claims Stock Drops Tagalong Claims

Fiduciary Liability Insurance Market Trends: Claims Inconsistent case law makes it difficult to predict outcome of litigation 70 to 80% of corporations with 5,000 or more employees offer company stock as employee investment option

Fiduciary Liability Insurance Market Trends: Claims Cash Balance Plans Calculation of lump sum benefits Section 510 DiscriminationMerger & Acquisition Activity Administrative Claims Benefits disputes

Fiduciary Liability Insurance Market Trends: Underwriting Underwriters’ Responses to Claim Trends Premiums and retentions increasing Changes in policy terms Underwriting Questions Limits Management

Fiduciary Liability Insurance Market Trends: Pension Reform Legislation What is it Potential Impact on Fiduciary Liability Insurance

Fiduciary Liability Insurance Market Trends: Risk Management What makes an account a “Good Risk” Preparing for the underwriting process What can be done to mitigate exposure?

Fiduciary Liability Insurance Market Update Questions & Answers

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