FINANCIAL INSTITUTIONS INSURANCE

Wednesday, April 01, 2009

About

Unstable market conditions coupled with a sharp spike in FI litigation and the resulting insurance claims are making the FI insurance market a more challenging place than ever before…. Get the practical information you need to stay ahead of the curve in 2009 – and beyond

In the wake of the credit crisis, financial institutions are being hit hard, with increased exposures and an onslaught of litigation among shareholders, lenders, accountants and underwriters. And, at a time when FI coverage is particularly critical for financial institutions, insurers are facing growing exposures and increasing numbers of claims. D&O and E&O claims in particular are increasing sharply. Employee fraud, particularly unauthorized trading, presents tremendous operational and litigation risk. And, a wave of FI insolvencies are complicating how both the insurance claims and litigation are handled.

To ensure you stay ahead of the curve, ACI developed this conference after extensive research with the FI insurance market. Our faculty of industry leaders will give you the tools you need to evaluate the competition and the current climate so you can accurately assess, price and mitigate risk – while minimizing your claims exposures and costs – all essential for maximizing your profitability while minimizing potential liabilities in this volatile climate.

Attend and gain valuable insights into:

  • Limits, pricing and capacity: what are the current trends given the state of the market?
  • Hedge funds, private equity firms, large FI’s: tailoring offerings to accommodate differences in how they operate and where their major risks are
  • Evaluating current D&O exposures arising out of subprime mortgages: biggest risks, settlements and judgments and the impact going forward on insurance
  • Follow-on litigation as a result of FDIC takeovers: key allegations and defenses
  • Aligning Side A coverage with new realities: how has the recent market turmoil affected the numberand scope of A-side claims?
  • Addressing claims against FIs as investment advisors, alleging mismanagement of customer accounts, misleading sales practices and mis-selling investments
  • Fiduciary claims arising out of terminations: prevalence and validity
  • Preventing circumstances where Bankruptcy Code provisions can trump the express language of a D&O policy

 

Contents & Contributors

About

Unstable market conditions coupled with a sharp spike in FI litigation and the resulting insurance claims are making the FI insurance market a more challenging place than ever before…. Get the practical information you need to stay ahead of the curve in 2009 – and beyond

In the wake of the credit crisis, financial institutions are being hit hard, with increased exposures and an onslaught of litigation among shareholders, lenders, accountants and underwriters. And, at a time when FI coverage is particularly critical for financial institutions, insurers are facing growing exposures and increasing numbers of claims. D&O and E&O claims in particular are increasing sharply. Employee fraud, particularly unauthorized trading, presents tremendous operational and litigation risk. And, a wave of FI insolvencies are complicating how both the insurance claims and litigation are handled.

To ensure you stay ahead of the curve, ACI developed this conference after extensive research with the FI insurance market. Our faculty of industry leaders will give you the tools you need to evaluate the competition and the current climate so you can accurately assess, price and mitigate risk – while minimizing your claims exposures and costs – all essential for maximizing your profitability while minimizing potential liabilities in this volatile climate.

Attend and gain valuable insights into:

  • Limits, pricing and capacity: what are the current trends given the state of the market?
  • Hedge funds, private equity firms, large FI’s: tailoring offerings to accommodate differences in how they operate and where their major risks are
  • Evaluating current D&O exposures arising out of subprime mortgages: biggest risks, settlements and judgments and the impact going forward on insurance
  • Follow-on litigation as a result of FDIC takeovers: key allegations and defenses
  • Aligning Side A coverage with new realities: how has the recent market turmoil affected the numberand scope of A-side claims?
  • Addressing claims against FIs as investment advisors, alleging mismanagement of customer accounts, misleading sales practices and mis-selling investments
  • Fiduciary claims arising out of terminations: prevalence and validity
  • Preventing circumstances where Bankruptcy Code provisions can trump the express language of a D&O policy

 

Contents & Contributors

State of the FI Insurance Market: New Risks, New Coverages and Developing Exposures
Brian Wanat, Senior Manager, Aon Financial Services Group (New York, NY)

How the Changing Focus of Securities Litigation Against Financial Institutions Impacts D&O: Defensive and Proactive Strategies for Minimizing Losses
Christopher P. (Kip) Hall, Partner, DLA Piper LLP (New York, NY)
Mary Craig Calkins, Partner, Howrey, LLP (Los Angeles, CA)

Failing Financial Institutions: Impact of Insolvency on Coverage, Claims and Costs
Steven Gladstone, Senior Vice President, XL Capital Insurance Professional (Hartford, CT)
Nancy D. Adams, Mintz Levin Cohn Ferris Glovsky and Popeo PC (Boston, MA)

Insolvent Insurers and Impact on FI Coverage and Reinsurance
William Redington, Chief Underwriting Officer, American Reinsurance Company (Princeton, NJ)
Philip A. O’Connell, Jr., Sonnenschein Nath & Rosenthal LLP (Boston, MA)

Enforcement Q&A: Potential Liabilities Arising From Emerging Government Investigations in Financial Services
Alexander M. Vasilescu, Regional Trial Counsel/Trial Unit Chief, Securities and Exchange Commission (New York, NY)
Joseph T. Lynyak, Venable LLP (Los Angeles, CA)

FI Bond and Related Crime Exposures: Lessons Learned From Emerging Exposures
Stephen Leggett, Senior Vice President, Willis HRH (New York, NY)
Eric Terezakis, National Fidelity Manager, Hartford Insurance Company (New York, NY)

Cyber Risk Coverage for Financial Institutions: An Assessment of Current Products, Risk, Coverages and Claims
Toby Merrill,Vice President, Professional Risk, ACE USA (Philadelphia, PA)
Michael Lamprecht, Vice President, Aon Financial Services Group (Chicago, IL)



DOCUMENT TYPES: PPT PRESENTATIONS AVAILABLE: 7

8:00
Registration Desk Opens and Continental Breakfast Served
9:00
Co-Chairs' Opening Remarks
Mr. Joseph G. Finnerty, III
Partner‚ Chairman of US Litigation Practice on the East Coast
DLA Piper LLP
Mr. Damian Brew
Managing Director
FINPRO
9:15
State of the FI Insurance Market: New Risks‚ New Coverages and Developing Exposures
Mr. Damian Brew
Managing Director
FINPRO
Mr Rich Edsall
Senior Vice President
Chubb Specialty Insurance
Mr Brian Wanat
Managing Director
Financial Services Group
1 file
Where does your client stand in the D&O market?
864.5 KB 8 pages Presentation
PPT - Where does your client stand in the D&O market?
Ms. Rhonda Prussack
EVP and Product Manager, Fiduciary Liability
American International Group, Inc.
10:15
Morning Coffee Break
10:30
How the Changing Focus of Securities Litigation Against Financial Institutions Impacts D&O: Defensive and Proactive Strategies for Minimizing Losses
Mary Craig Calkins
Partner
Kilpatrick Townsend & Stockton LLP
1 file
How the Changing Focus of Securities Litigation Against Financial Institutions Impacts D&O Insurance
865 KB 52 pages Presentation
PPT - How the Changing Focus of Securities Litigation Against Financial Institutions Impacts D&O Insurance
13:45
Assessing Risk and Evaluating Coverage Requirements for Financial Institutions: What's Key Now?
Ms Margaret Chambers
Executive VP and General Counsel
Boston Private Wealth Management Group
Mr John Bayeux
Executive VP
Willis Risk Solutions
Mr Dan Gamble
Executive VP
Arch Insurance Company
Carl E. Metzger
Partner
Goodwin Procter LLP
15:15
Afternoon Refreshment Break
15:30
Failing Financial Institutions: Impact of Insolvency on Coverage‚ Claims and Costs
Mr Steven Gladstone
Senior Vice President
XL Capital Insurance Professional
1 file
Failing Financial Institutions: Impact of Insolvency on Coverage, Claims & Costs
478 KB 13 pages Presentation
PPT - Failing Financial Institutions:Impact of Insolvency on Coverage, Claims & Costs
Ms. Nancy Adams
Member
Mintz‚ Levin‚ Cohn‚ Ferris‚ Glovsy and Popeo‚ P.C.
1 file
Failing Financial Institutions: Impact of Insolvency on Coverage, Claims & Costs
478 KB 13 pages Presentation
PPT - Failing Financial Institutions:Impact of Insolvency on Coverage, Claims & Costs
16:30
Insolvent Insurers and Impact on FI Coverage and Reinsurance
-Mr. William C. Redington
Senior Vice President and Chief Underwriting Officer of Professional Liability
Munich Reinsurance America‚ Inc.
1 file
Financial Institutions Insurance
748.5 KB 14 pages Presentation
PPT - Financial Institutions Insurance
17:30
Conference Adjourns for Day
8:00
Continental Breakfast
9:00
Chairs' Opening Remarks
9:15
Enforcement Q&A: Potential Liabilities Arising From Emerging Government Investigations in Financial Services
Mr Alexander Vasilescu
Regional Trial Counsel
Securities and Exchange Commission
1 file
ACI Financial Institutions Insurance— Bank Enforcement and Failures
215 KB 12 pages Presentation
PPT - ACI Financial InstitutionsInsurance—Bank Enforcement and Failures
Joseph T. Lynyak
Partner
Pillsbury Winthrop Shaw Pittman LLP
1 file
ACI Financial Institutions Insurance— Bank Enforcement and Failures
215 KB 12 pages Presentation
PPT - ACI Financial InstitutionsInsurance—Bank Enforcement and Failures
10:30
Coffee Break
10:45
FI Bond and Related Crime Exposures: Lessons Learned From Emerging Exposures
Mr Stephen Leggett
Senior Vice President
Willis HRH
1 file
FI BOND AND RELATED CRIME EXPOSURES
472.5 KB 9 pages Presentation
PPT - FI BOND AND RELATED CRIME EXPOSURES
Mr Eric Terezakis
National Fidelity manager
Hartford Insurance Company
1 file
FI BOND AND RELATED CRIME EXPOSURES
472.5 KB 9 pages Presentation
PPT - FI BOND AND RELATED CRIME EXPOSURES
12:45
Q&A Wrap-Up and Conference Concludes
23:45
Cyber Risk Coverage for Financial Institutions: An Assessment of Current Products‚ Risk‚ Coverages and Claims
Mr. Toby Merrill
Vice President‚ Professional Risk
ACE USA
1 file
Cyber Risk Coverage For Financial Institutions
839 KB 20 pages Presentation
PPT - Cyber Risk Coverage For Financial Institutions
Mr. Michael Lamprecht
Vice President
Aon Financial Services Group
1 file
Cyber Risk Coverage For Financial Institutions
839 KB 20 pages Presentation
PPT - Cyber Risk Coverage For Financial Institutions