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XL Catlin has launched a directors and officers lead excess Side A difference in conditions policy through the company’s Hamilton, Bermuda-based professional lines insurance operations.
Side A coverage like XL Catlin’s offering provides coverage to officers and directors for areas where their company is not legally required to compensate them.
The policy includes an expanded definition of insured persons to include shadow and de facto directors, advisory board members, prospective directors, representatives of entity directors and non-officer employees, XL Catlin said Wednesday in a statement. Other coverage includes two reinstated limits of liability that are automatically afforded for unrelated claims, and insured persons of all new subsidiaries are automatically covered, XL Catlin said in the statement.
“We are constantly looking for innovative ways to develop and enhance our portfolio of products,” Patrick Tannock, who leads XL Catlin’s Bermuda insurance operations, said in the statement. “This new policy is an example of XL Catlin’s ability to understand market changing dynamics and provide solutions that meet the ever-evolving needs of clients.”
(Reuters) — Famed bond investor Bill Gross sued his former employer Pacific Investment Management Co and its parent Allianz S.E. for $200 million, saying he was driven out of the bond fund giant he helped found by a greedy “cabal” of executives who wanted his huge bonus for themselves.