Yes I agree that the insurance provider will try to limit liability. However under AG leadership SH lost 2 billion dollars so $100M or so is cheap in my opinion and the insurance provider should be thankful they aren't more exposed.
IMO Anchorage believes the insurance coverage is not enough and they will need to make up the shortfall. As far as Anchorage is concerned the settlement conferences are to limit compensation to the insurance policy only IMO.