DIRECTORY OF ALTERNATIVE RISK-FINANCING FACILITIES (B)Posted On: May. 18, 1997 12:00 AM CST
Bankers Insurance Co. Ltd.
Powerscourt Management Ltd., P.O. Box HM 2267, Hamilton HM DX, Bermuda; 441-295-8495
Risks: D&O liability.
Limits: $15 million primary or $15 million excess of various retentions.
Minimum retention: Various dependent on asset size.
Policy form: Claims-made.
Access: Bermuda brokers, direct.
First policy: May 1986.
1996 premium volume*: ($57,000).
1996 assets: $96 million.
1996 capital/surplus: $49 million.
Policyholders: 16 in 1996; 16 estimated in 1997.
Membership: Financial institutions with minimum of $2 billion in assets.
Contact: Steven Western.
**BICL has a three-year prepaid policy, which results in an unusually low written premium in a softening market due to rebates at renewal of prepaid premiums. Earned premium is $2 million.