And also this week ...
Amlin Bermuda gets $200m
Amlin Bermuda has completed negotiations to secure a $200m (£126m) loan. Chief financial officer Elizabeth Murphy said the money would be used to “consolidate and develop” the business. The loan, which matures in August 2012, was provided by a range of banks including Lloyds TSB Corporate Markets, The Royal Bank of Scotland, ABN AMRO, Barclays Bank and J.P. Morgan. Lloyds relationship director Richard Askey said: “We continue to support good quality businesses such as these.” Formed in November 2005, Amlin Bermuda concentrates on property catastrophe, risk excess and reinsurance.
Stanford free to claim D&O
Allen Stanford, the billionaire financier accused of fraud, can use directors’ and officers’ (D&O) insurance from Lloyd’s to pay defence lawyers, a judge ruled last week. This could trigger the insurance policy, thought to be worth at least $50m (£32m), although Lloyd’s may not pay out, arguing the claim excludes fraud-related activities. US district judge David Godbey said: “The court finds it in the interest of fairness to allow directors and officers to access insurance proceeds to which they are entitled. The potential harm to them if denied coverage is not speculative but real and immediate.”