{"id":9593,"date":"2009-01-09T00:00:00","date_gmt":"2009-01-09T00:00:00","guid":{"rendered":""},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-30T04:00:00","slug":"madoff-may-cost-insurers-1-billion-to-cover-funds","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2009\/madoff-may-cost-insurers-1-billion-to-cover-funds.html","title":{"rendered":"Madoff May Cost Insurers $1 Billion to Cover Funds"},"content":{"rendered":"<p>Bloomberg &#8211; Bernard Madoff&rsquo;s alleged Ponzi scheme may cost insurers who cover financial institutions more than $1 billion as they pay legal costs for investment managers who gave client money to Madoff, an industry executive said.             <\/p>\n<p>Insurers who sell such coverage never expected, or charged their clients, for the possibility of investor losses in such a massive fraud, said Greg Flood, the president of the management liability practice at Ironshore Inc., the Bermuda-based insurer.     <\/p>\n<p>&ldquo;This isn&rsquo;t supposed to happen in America,&rdquo; Flood said. &ldquo;There will be extraordinary losses paid for this year.&rdquo; About $1 billion in claims costs industrywide &ldquo;wouldn&rsquo;t be too difficult to imagine.&rdquo;&nbsp;     <\/p>\n<p><a href=\"\/admin\/www.bloomberg.com\" target=\"_blank\" title=\"Read Complete Article\"><strong>Read Complete Article<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg &#8211; Bernard Madoff&rsquo;s alleged Ponzi scheme may cost insurers who cover financial institutions more than $1 billion as they pay legal costs for investment managers who gave client money to Madoff, an industry executive said. Insurers who sell such [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1570,4331,64,4498,1301,4714,830,5438,5297,4650,5436,129,5437,4153],"class_list":["post-9593","post","type-post","status-publish","format-standard","hentry","category-syndicated","tag-1-billion","tag-bernard-madoff","tag-bloomberg","tag-client-money","tag-financial-institutions","tag-flood","tag-industry-executive","tag-insurer","tag-investment-managers","tag-investor","tag-ironshore-inc","tag-losses","tag-management-liability","tag-massive-fraud"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=9593"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/9593\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=9593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=9593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=9593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}