A.M. BestTV: Rise in SEC Activity Adds to D&O Coverage Concerns
OLDWICK, N.J.--(BUSINESS WIRE)--In this episode of A.M. BestTV, executives attending the Professional Liability Underwriting Society's annual directors and officers (D&O) symposium in New York discuss claims and litigation trends surrounding securities class actions, follow-on derivative lawsuits and the impact of stricter Securities and Exchange Commission (SEC) enforcement. Damian Brew, managing director/national practice leader at Marsh's financial and professional (FINPRO) practice, said losses from federal securities class action suits rose 10% in 2013, and added that 98% of all mergers and acquisitions during that time saw some D&O litigation. Brew also said follow-on shareholder derivative claims are on the rise as well. Michael Young, a partner Willkie Farr & Gallagher, said that increased SEC enforcement activity will likely lead to more financial fraud cases. "The smart money is betting that where the SEC goes, the litigation may follow," he said. Ann Longmore, executive vice president, FINEX/Willis North America, pointed out that the SEC has new tools and new motivation post-financial crisis, and are "shifting focus to the individual versus the enterprise." Ed Moresco, senior vice president, professional liability international product line manager at Allied World, speaks about how the U.S. approach to regulation is taking root internationally. Click on http://www.ambest.com/v.asp?v=directorsofficers114 to view the video program.
“shifting focus to the individual versus the enterprise.”
Individual interviews with people who appear in this episode are also available:
- Michael Young, Partner, Willkie Farr & Gallagher: http://www.ambest.com/v.asp?v=young114
- Damian Brew, Managing Director/National Practice Leader, Financial and Professional (FINPRO) Practice, Marsh: http://www.ambest.com/v.asp?v=brew114
- Ann Longmore, Executive Vice President, FINEX , Willis North America: http://www.ambest.com/v.asp?v=longmore114
- Ed Moresco, Senior Vice President, Professional Liability International Product Line Manager, Allied World: http://www.ambest.com/v.asp?v=moresco114
- Christopher Duca, President, Professional Liability Underwriting Society: http://www.ambest.com/v.asp?v=duca114
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