The process of raising capital through on initial public offering (IPO), or secondary listing, introduces concentrated and significant litigation exposure to a company’s risk profile. Securities legislation imposes wide-ranging liability for any misrepresentation and misleading statements made in an offering prospectus or at a listing roadshow. Liability extends to the company, of course, but extends beyond the limits of the corporation to encompass directors and officers, both past and present, and current shareholders, all of whom may be targeted for litigation by investors or regulators. POSI “ring-fences” exposure due to an offering from the company to retain its directors’ and officers’ liability insurance (D&O) to cover exposure arising from its on-going day-to-day operations.