Claims And Issues: Subprime Insurance Claims Worldwide, Not Limited to U.S.

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April 10, 2008

Brit Insurance is reportedly the largest Insurance Company in Lloyd's. Andrea Felsted, Insurance Correspondent of The Financial Times, "Companies - UK: Brit Insurance Sets Aside 60m to Cover US Subprime Claims" (ft.com, Tuesday, March 11, 2008). Brit received "25 notifications of potential claims under policies written to protect financial institutions." In response, Brit set aside an additional reserve on top of the reserves it set in the ordinary course of business "to pay for [these potential] claims arising from the collapse of the US subprime mortgage market."

The amount of the reported additional reserve is 62.5 Million Pounds.

A spokesperson for Brit Insurance is quoted as saying that the cost of Insurance Coverage for financial institutions is now rising.

More to come.

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Posted by Dennis J. Wall on April 10, 2008 at 04:45 AM in Market Performance | Permalink

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Claims And Issues