BRENTWOOD, TENN., January 21, 2013– The total of D&O lawsuits filed by the Federal Deposit Insurance Corp. in 2012 exceeded those filed in the previous two years, with the pace increased in the 4th quarter. “The FDIC has up to three years after a bank fails to sue the board, so I expect you will continue to see these suits,” says Joan Susie, chief executive officer of Bank Director. “Increased mergers and acquisitions activity will also bring more shareholder suits, so it is important for the board to be prepared.”
Since D&O insurance is a necessary form of protection for bank boards, Bank Director and AH&T Insurance have partnered to offer a D&O Insurance Audit Report. The report compares a bank’s size and condition against its peers, and assists boards in evaluating the effectiveness of the board’s D&O policy. Boards can determine whether they are buying the right amount of coverage; whether the rates they’re paying are comparable to industry standards; and whether they have the right type of coverage.
"While the D&O landscape for community and regional banks has become more challenging over the past 12 months due to a shift in claims trends, our D&O audit report is a great first step to mitigate these head winds,” says Dennis Gustafson, senior vice president of AH&T Insurance. “A comprehensive terms and conditions review will ensure you are aware of the coverage improvements available to your bank. In addition, our recommended renewal process will ensure that even a bank perceived as distressed will have as many options as possible.”
Gustafson is expected to speak on the changing landscape of D&O liability on Monday, January 28, 2013 at Bank Director’s 2013 Acquire or Be Acquired conference. The complete agenda is available online at BankDirector.com.
ABOUT BANK DIRECTOR
Since 1991, Bank Director has served as a leading information resource for the directors and officers of financial institutions. Bank Director hosts a variety of conferences and director-training programs throughout the year designed to increase the effectiveness of directors, focusing on topics like growth strategy, compensation, lending, M&A, and risk. In addition to events, Bank Director reaches the leaders of the institutions that comprise America’s banking industry through its quarterly magazine, executive-level research, and its website, BankDirector.com. Bank Director is published by DirectorCorps, and headquartered in Brentwood, Tennessee.
ABOUT AH&T INSURANCE
AH&T Insurance is an insurance brokerage, risk management consulting, employee benefits, surety bond and retirement planning services organization dedicated to providing innovative solutions globally for business and individuals. AH&T is employee-owned and one of the largest independent insurance brokerages in the nation, with offices in the Washington, D.C., Seattle, Washington, and New York metro areas. AH&T is a partner of the RiskProNet and TechAssure global broker networks. For more information about AH&T, visit www.ahtins.com or call (800) 648-4807.
Contact: Emily McCormick, (615) 777-8450, firstname.lastname@example.org
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