Aegis to pay for Adelphia D&O costs

Bermuda-based insurer Aegis has been told it must pay up to US$300,000 in defence costs for a number of Adelphia executives who face criminal and civil actions over collapse of the US cable TV operator. A Pennsylvania federal court ruled that Aegis could not unilaterally rescind its directors’ and officers’ insurance cover for the executives. Aegis may seek to recover its outlays if a court ruling subsequently rescinds the policies.