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Financial Institutions Underwriting: Is It Safe to Come Out Now?

Financial Institutions Underwriting: Is It Safe to Come Out Now?. Panel . MODERATOR: Kevin LaCroix, RPLU, Executive Vice President, OakBridge Insurance Services PANELISTS: Timothy Braun, Executive Vice President, AXIS Insurance Company

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Financial Institutions Underwriting: Is It Safe to Come Out Now?

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  1. Financial Institutions Underwriting: Is It Safe to Come Out Now?

  2. Panel MODERATOR: Kevin LaCroix, RPLU, Executive Vice President, OakBridge Insurance Services PANELISTS: Timothy Braun, Executive Vice President, AXIS Insurance Company Jennifer Fahey, EVP, Chief Broking Officer, AON Financial Services Daniel Gamble, Managing Director, Alterra Steven Goldman, Senior Vice President, ACE USA – Professional Risk

  3. Subprime and Credit Crisis Securities Class Action Lawsuit Settlements • Wachovia Bondholders: $627 million • Countrywide Shareholders: $625 million • Merrill Lynch: $475 million • Lehman Brothers/Offering Underwriters: $417 million • Charles Schwab: $235 million • Washington Mutual: $208.5 million • National City Corporation: $168 million

  4. Subprime and Credit Crisis-Related Lawsuit Settlements (as of Jan. 20, 2012) • 40 Settlement Total • Aggregate Settlements: $4.432 billion • Average Settlement Amount: $110 million • Avg. Settlement (excluding top three): $74.7 million

  5. Number of Failed Banks: 2008-2011 • 2008: 25 • 2009: 140 • 2010: 157 • 2011: 92 • TOTAL: 414

  6. FDIC Failed Bank Lawsuits (as of Jan. 20, 2012) • FDIC Failed Bank Lawsuits Initiated • 19 Actions • 18 Institutions • 161 Former Directors and Officers • FDIC Failed Bank Lawsuits Authorized (inclusive of actions filed to date) • 44 Institutions • 391 Individuals • $7.68 billion in claimed damages

  7. QUESTIONS? • Please send your questions for this panel to: question@plusweb.org

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