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Risk in Context Podcast: Navigating emerging D&O risks and restructuring challenges

In the current economic landscape, more organizations are recognizing the importance of restructuring in order to enhance their competitiveness.

In the current economic landscape, more organizations are recognizing the importance of restructuring in order to enhance their competitiveness. But any process missteps could expose senior leaders to potential litigation.

The heightened risk environment underscores the importance of a robust directors and officers liability (D&O) insurance program that provides protection for both the business and its senior officers. With greater market competition, there are opportunities for businesses to secure more preferential D&O rates and explore coverage enhancements that could provide more extensive protection.

In this episode of Risk in Context, Kerri Petri, Growth and Industry Leader for Marsh’s FINPRO Practice in the US, speaks with Stephanie Manson, the Head of Management Liability within Marsh's UK FINPRO Practice, Matt McLellan, Marsh’s D&O Product Leader in the US, and Alan Kornberg, a senior advisor within Marsh's Turnaround and Restructuring Group. They discuss current restructuring trends and actions that organizations should consider for a more effective restructuring process, including the importance of a robust insurance program. They also share their expectations for the D&O market in 2024 and talk about the changing regulatory environment.

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Key takeaways

Restructuring puts boards under a microscope.

Restructuring can save viable businesses from liquidation, particularly when faced with financing challenges. However, board decisions come under increased scrutiny, and directors and officers may be held accountable if there are significant missteps, underscoring the need for a thoughtful restructuring process.

Effective coverage is critical to protect senior leaders.

When going through a restructuring or a transactional event, it is important to identify and address any gaps in coverage. Carefully review insurance programs to spot potential inconsistencies that could lead to exposures for directors and officers.

Competitive D&O market presents increased opportunities.

Aside from the potential to secure D&O coverage at better rates, organizations can take advantage of the current market to explore innovative enhancements and explore the scope of their coverage. Companies should focus on selecting the right insurance partner and building collaborative relationships with underwriters.

About our speakers

Kerri Petri

Kerri Petri

Growth and Industry Leader, FINPRO

  • United States

Kerri Petri is the Growth and Industry Leader for Marsh’s Financial and Professional Practice (FINPRO). Located in Marsh’s Boston office, her field of expertise includes directors and officers liability, errors and omissions, cyber, fiduciary liability, employment practices liability, kidnap and ransom, crime, and employed lawyers.

Stephanie Manson

Stephanie Pestorich Manson

Head of Management Liability

  • United Kingdom

Stephanie Manson leads the management liability team in Marsh’s FINPRO Practice in London. In this role she leads a team of over 100 management liability specialists and has a broad overview of all segments of D&O, EPL, PTL, and commercial crime insurance placed in the UK. She advises boards of directors and risk managers on D&O market issues and the ever-changing legal and regulatory developments in management liability.

Matt McLellan

Matt McLellan

D&O Product Leader

  • United States

As Marsh’s D&O Product Leader, Matt McLellan is responsible for developing and implementing Marsh’s strategy with respect to its D&O offerings and the creation and delivery of D&O thought leadership. As a client advisor, Matt specializes in renewal strategies and negotiations, and advises on policy language and endorsements.

Alan Kornberg

Alan Kornberg

Senior Advisor, Turnaround and Restructuring Group

  • United States

Alan Kornberg is a Senior Advisor within Marsh's Turnaround and Restructuring Group, where he works with clients contemplating in- or out-of-court restructuring processes. Before joining Marsh he led the restructuring practice at a major New York-based law firm, representing a diverse range of clients spanning numerous industries in chapter 11 cases, cross-border insolvency matters, out-of-court restructurings, bankruptcy-related acquisitions, and insolvency-sensitive transactions and investments. He draws on his decades of experience in the restructuring field to help Marsh’s clients continue to have the risk protection they need in challenging circumstances.

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