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Directors and officers insurance to reflect new U.K. rule

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Ironshore Inc.’s Pembroke Managing Agency Ltd. said Thursday that it has enhanced its directors and officers liability insurance product for financial institutions to reflect U.K. regulation.

The new regulation, known as the Senior Managers Regime, places greater personal accountability on senior managers of U.K. financial institutions and the liability coverage has been broadened to protect individuals that perform senior management functions, Ironshore said in a statement.

“The Financial Institutions regulatory framework continues to evolve with greater emphasis on personal accountability of senior managers,” Chris Brown, Pembroke’s Hamilton, Bermuda-based global industry practice leader for financial institutions, said in a statement. “Pembroke’s D&O policy has been updated to address regulatory changes, thereby assuring broader protection for those individuals subject to closer scrutiny in performing senior management functions.”