DLA Piper snares AIG regulatory deal

DLA Piper Rudnick Gray Cary has set up a groundbreaking deal, which writes the firm into the policies of insurer AIG Europe to provide loss mitigation advice.

DLA Piper has stormed to the head of AIG’s panel for the Corporateguard Directors’ & Officers’ policy, which also comprises Allen & Overy, Clifford Chance, Dundas & Wilson, Lovells, Norton Rose, Herbert Smith and Freshfields Bruckhaus Deringer.

AIG clients will receive a batch of services from DLA Piper, including a dawn raid checklist, a 24-hour rapid response number and advice on regulatory and reputation issues. The firm has also been added to some of AIG’s policies for hedge funds.

DLA Piper competition and regulatory partner Mike Pullen said: “AIG has been very innovative in being the first insurer to offer this service. It has seen that regulatory risk is rising, and that directors are under increasing risk of prosecution from regulators.”

DLA Piper has agreed to offer the service in Europe but hopes it will spread to Asia and the CIS.

By having legal representation from the first instance, AIG and DLA Piper hope that companies will be able to reduce any monetary or reputational damage caused by dawn raids.