Insight and Intelligence on the London & International Insurance Markets 19 Feb 2018
D&O excess insurers in Pfizer claim dispute
- 1 February 2018
Arch Insurance and US Specialty Insurance Company (SIC) are seeking a judgment from the court of New Jersey to confirm they do not have to pay out for historic multi-million-dollar shareholder actions against pharmaceutical giant Pfizer.
According to court documents, the two carriers provided Pfizer with excess-of-loss (XoL) insurance for side A and side B directors' and officers' (D&O) towers covering the 2004-2005 policy year.
Pfizer has sought to claim on the policy in connection with a securities class action...
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