Insurers could face multi-million pound directors' and officers' (D&O) claims if MG Rover collapses.
MG Rover's directors, the 'Phoenix Four', bought the company from BMW for £10m in 2004.
A D&O specialist told Insurance Times: "There will certainly be claims here if the Phoenix Four can be shown to have been negligent."
Industry insiders have named Marsh as MG Rover's broker, and AIG as one of its underwriters.
Marsh and AIG refused to comment.
