Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK (Reuters) – As Knight Capital Group Inc struggles for survival after massive trading losses it said were caused by bad software, there seems to be little chance it can rely on insurance to save the day.

Knight lost as much as 80 percent of its market value on Wednesday and Thursday and said it would have to raise money after a glitch in software it installed on Tuesday triggered a cascade of mistaken trades that wiped out $440 million of its capital.

“They are going to be looking anywhere and everywhere for coverage” provisions that might offset some of their losses, said Jonathan Ziss, a partner with the law firm Goldberg Segalla in Philadelphia.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.


  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

Dig Deeper



Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.