First Monetary Mutual Limited, Bermuda

First Monetary Mutual Limited, was incorporated by 33 New York institutions as a mutual insurance company in Bermuda in November, 1986 and began operations on 28 January 1987.By 1986 it had become apparent that shrinking capacity, restricted coverage, and escalating rates in the marketplace for directors' and officers' liability insurance (D&O) had created a problem for savings institutions. It