Nasdaq Sharpens its Competitive Edge By Robert Warne - February 28, 2002
As shareholder lawsuits and defecting IPO’s make headlines, the Nasdaq stock market is prepared to offer the perfect solution to offset the fall-out from such events. In March the exchange will begin marketing insurance services to its listed companies. It is reported that Nasdaq’s Vice Chairman David Weild will encourage members to seek ‘directors and officers’ liability insurance consulting through the exchange.
The Enron era has stimulated the market for ‘directors and officers’ liability coverage and has reinforced the need for this type of insurance. The pitch is expected to be a promotional tool for Nasdaq Insurance Services, the exchange’s insurance consulting unit.
With a new office in San Diego, where over 100 local companies are listed on the exchange, Nasdaq plans to compete for its share of the ‘directors and officers’ liability market.
‘Directors and officers’ coverage protects company officers with fiduciary responsibilities and board directors from lawsuits. It is used to cover legal fees and pay claims.
Nasdaq also plans to offer corporate property and liability insurance.
The insurance services are being viewed as another benefit to attract companies that the New York Stock Exchange may be pursuing.
Adjuster / Examiner Claims Examiner Santa Ana Unified School District Santa Ana, CA
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