At the AMRAE annual conference for risk managers in France, Michel Yarhi, the risk manager of SocGen said in a speech that SocGen believes their insurance policy covers some, but only a portion, of the rogue trader losses.
This is in conflict to what underwriter sources are saying. Remember, the first test for paying claims is whether they are "valid". This will be an interesting story to follow.
Today we covered (here) the shock among Davos attendees that this could still happen.
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