The Chapter is keenly aware of the current level of claims activity in the Directors & Officers marketplace, particularly in respect of securities class actions targeting Entity, or as it is commonly referred to, Side C cover.
The current level of claims paid or current pending, outstrips annual premium levels by a significant margin.
Clearly this situation, if left unchecked, will have significant and far reaching consequences for a marketplace where buyers of insurance seek to readily obtain adequate cover at reasonable pricing levels.
Given the above, the Chapter has embarked on a process of consultation with a number of industry stakeholder groups. While this initiative is currently is still in its formative stage, we will provide updates from time to time.