Rodney Sargent, president and CEO of BancInsure Inc. announced “that BancInsure will be holding firm on rates for the professional liability lines of business for the duration of 2008.”“BancInsure was made for times like these,” commented Sargent. “Our organization’s very purpose is to assist banks in difficult insurance and business environments. We’re going to continue to be there for banks today and tomorrow.”
According to Advisen, “the sub-prime crisis could hit the D&O market with losses up to $4 billion and that may be the low end of the estimate, especially if any kind of criminal activity is discovered. Big legacy insurers have to be thinking about their reserve positions right now, especially those involved in financial institution business.”
This uncertainty in the D&O market has led some carriers to re-think the adequacy of their pricing models, especially combined with anticipated higher claims activity. “Once again, BancInsure will provide the community bank market with consistency during this period of financial turmoil,” commented Sargent.
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