Siemens A.G.'s intended claim against insurers that relates to a far-reaching bribery scandal could turn rates in the directors and officers insurance market, which is already braced for major losses from U.S. subprime-related claims, experts say.

Siemens has notified a consortium of companies that insured the engineering group's executives of its intention to file a claim, according to a source familiar with the situation.

The Munich and Berlin-based conglomerate did not specify the amount of the claim in last month's notification, but Siemens has a coverage limit of $391 million USD, the source said.

Read the full article here on the Business Insurance website.