An insurance analyst from Bear Stearns has tripled his prior estimate of potential losses to liability insurers stemming from the credit crisis–raising a $3 billion guess he published in September to $8-to-$9 billion.

In a research report published in late January, David Small of Bear Stearns in New York repeated the same methodology he used in his prior report to estimate a “potential worst-case scenario” of directors and officers and professional liability losses for the insurance industry arising from the subprime mortgage crisis.

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