XL ties up deal with Warren Buffet on D&O
Warren Buffett’s Berkshire Hathaway has agreed to guarantee insurance policies sold by XL Capital to protect corporate boards and executives against lawsuits if XL is unable to do so, Bloomberg reports
Berkshire will charge $250m over 10 years, Bermuda-based XL said in a regulatory filing.
The deal “addresses both client and broker need for a program that offers the utmost protection to directors and officers in the event that the client’s indemnity coverage fails to respond,” said David Duclos, the head of the firm’s XL Insurance unit.
