Insurer expands excess D&O offering for securities class actions

Everest Insurance Executive Solutions Group said on Tuesday that it has expanded its excess D&O offering with the Everest Rappel retention reimbursement endorsement.

The Everest Rappel endorsement offers reimbursement of defense costs within the primary policy's retention for securities class actions that qualify. With this endorsement, coverage will reimburse the insured for up to 50% of the primary policy's self-insured retention, Everest said in a statement.

Everest's excess D&O offering has limits up to $25 million, according to the statement.

“As we continue to expand our offering to meet the needs of our insureds, the introduction of the Rappel endorsement is just one example of our continued focus on innovation in the commercial insurance market” Mike Karmilowicz, head of Everest Specialty Underwriters L.L.C., said in the statement.