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Madoff Case Sparks D&O Reinsurance Surge

Date: Tuesday, January 6, 2009
Author: EMII.com

The case against Bernard Madoff, who has been accused of masterminding a multibillion-dollar fraud scheme, has had insurers scrambling for additional directors' and officers' liability reinsurance cover, Chris Klein, global head of business intelligence at Guy Carpenter, told Reactions.

Madoff, a former chairman of the Nasdaq stock exchange, was arrested last month and accused of perpetrating the largest investor fraud ever committed by a single person with corporations and individuals from around the world falling victim.

Regulators have yet to verify the exact scale of the fraud but the criminal complaint filed against Madoff in federal reports has estimated losses at $50bn.