Berkshire's BHSI adds automatic reinstatement to Asia D&O amid "targeted and aggressive" regulatory environment
Berkshire Hathaway Specialty Insurance (BHSI), a wholly owned subsidiary of Warren Buffett’s Berkshire Hathaway, has added automatic reinstatement provision to its executive first directors & officers (D&O) liability insurance offering in Asia.
The changes come as regulatory investigations have become more "targeted and aggressive" in the region, the company said.
The automatic reinstatement provision applies across the board to all of the policy’s insuring clauses, replenishing limits which have been exhausted by the payment of Side A (D&O indemnification), Side B (company reimbursement) or Side C (entity securities claims) losses for future claims.
BHSI’s Asia D&O liability policy provides coverage for large commercial organisations and their directors and officers.
“Corporate regulatory investigations have become more targeted and aggressive," said Patrick Ko, head of executive & professional lines, BHSI, Hong Kong. "As enforcement agencies sharpen their focus, we can expect to continue to see deeper and more costly investigations, often involving multiple individuals. Our automatic reinstatement of limits provision gives insureds confidence that coverage will be there when they need it.”
Emily Poh, head of executive & professional lines, BHSI, Singapore, added: “In Asia, there is a heightened focus on ensuring that directors and officers are held personally accountable for their actions. This is prompting companies and board members to examine their D&O coverage and carriers more closely.
“Our insureds can be confident that, along with expansive coverage, they have a D&O insurer that has the long term commitment and unmatched financial strength to protect not just the corporation, but their personal assets as well.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Risk Strategies appoints professional liability practice leader Lloyd's broker Tysers expands into Bermuda in strategic growth move
FedNat gets go-ahead for $51m acquisition deal
QBE North America unveils new head of claims
Liberty hires ex-AIG for new trade credit multi-buyer product line
Feature: Five things re/insurance execs want technology to do for their businesses
