Three insurers work on op risk guaranteed bonds

LONDON -- Three leading insurance firms, including the Chubb group, are now working together on the possibility of creating a bond that would guarantee immediate payment to compensate investment firms and stockbrokers in the event of an operational loss.

The move is at the instigation of the London-based Association of Private Client Investment Managers (Apcims), which represents investment management firms, stockbrokers and wholesale investment firms.

Previous talks

Apcims previously initiated

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