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New York - February 8-9, 2012 2012 PLUS D&O Symposium Financial Institutions Underwriting: Is It Safe to Come Out Now?

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Presentation on theme: "New York - February 8-9, 2012 2012 PLUS D&O Symposium Financial Institutions Underwriting: Is It Safe to Come Out Now?"— Presentation transcript:

1 New York - February 8-9, 2012 2012 PLUS D&O Symposium Financial Institutions Underwriting: Is It Safe to Come Out Now?

2 Panel MODERATOR: Kevin LaCroix, RPLU, Executive Vice President, OakBridge Insurance Services PANELISTS: Timothy Braun, Executive Vice President, AXIS Insurance Company Jennifer Fahey, EVP, Chief Broking Officer, AON Financial Services Daniel Gamble, Managing Director, Alterra Steven Goldman, Senior Vice President, ACE USA – Professional Risk

3 Subprime and Credit Crisis Securities Class Action Lawsuit Settlements Wachovia Bondholders: $627 million Countrywide Shareholders: $625 million Merrill Lynch: $475 million Lehman Brothers/Offering Underwriters: $417 million Charles Schwab: $235 million Washington Mutual: $208.5 million National City Corporation: $168 million

4 Subprime and Credit Crisis-Related Lawsuit Settlements (as of Jan. 20, 2012) 40 Settlement Total Aggregate Settlements: $4.432 billion Average Settlement Amount: $110 million Avg. Settlement (excluding top three): $74.7 million

5 Number of Failed Banks: 2008-2011 2008: 25 2009: 140 2010: 157 2011: 92 TOTAL: 414

6 FDIC Failed Bank Lawsuits (as of Jan. 20, 2012) FDIC Failed Bank Lawsuits Initiated – 19 Actions – 18 Institutions – 161 Former Directors and Officers FDIC Failed Bank Lawsuits Authorized (inclusive of actions filed to date) – 44 Institutions – 391 Individuals – $7.68 billion in claimed damages

7 QUESTIONS? Please send your questions for this panel to: question@plusweb.org


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