Legal
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Lockton broker Gary Giulietti said the size of the bond is "rarely, if ever, seen".
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The agency will track the potential impact of the lawsuit on James River’s ratings.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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Procedural expenses in the case have been as high as $100,000 per day.
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Vesttoo is unable to make a similar request again.
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The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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As last year’s reforms shake out, only a few changes are pending for 2024.
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Rates are generally cheaper than the admitted market.
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The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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The reforms are working for claims filed after December 2022, but attorneys are still litigating claims filed prior to the legislation.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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The probe determined that Syed Baghdadi and Gator falsified information and misappropriated premiums, leaving multiple customers uncovered.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
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Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Damages following the departures are estimated at $15mn, based on the fact that the transaction solutions team’s average monthly profit was $1.67mn between 2022 and 2023.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.
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The payment represents the largest ever made in a team lift case in the London market.
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An internal missive, seen by Insurance Insider, also revealed Howden has agreed to a ‘set of demands to make amends’ in the wake of poaching settlement.
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Kenneth Gould and Frank Scardino resigned “effective immediately” in early October to join WTW, allegedly forgoing a required 30-day notice period.
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The two rival brokers have reached an out-of-court settlement over the poaching of 38 Guy Carpenter staff by Howden.
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Scott Canales, Richard Roderick, and Greg Barnes will join as executive vice presidents, and Mark Racunas as senior vice president, of Alliant Specialty.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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A summary of commentary from the second day of Inside P&C New York, with insights on InsurTechs, MGAs and Vesttoo.
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The Orlando, Florida-based brokerage filed a complaint last week in a South Carolina court, saying the clients being solicited represent over $8mn in annual revenue.
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The InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff.
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In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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For the casualty and property programs the Archdiocese paid nearly $2.2mn collective annual premiums each, court records reviewed by Inside P&C show.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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A committee of unsecured debtors was appointed, including Markel, Clear Blue, Porch’s HOA, United Automobile Insurance and Proventus.
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The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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The settlement would resolve claims that Allstate defrauded shareholders by underreporting “skyrocketing” auto claims to artificially boost the stock price, which later crashed.
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The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
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The co-founders will be on paid leave until a final decision is taken.
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate.
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The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The suit is related to the violation of a non-disclosure agreement between the parties.
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The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.
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The bishop’s insurance policies include general liability coverage, auto, employment practices, E&O, D&O, excess liability, cyber and sexual misconduct.
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The three former USI employees were held liable for breach of contract after violating non-solicitation clauses.
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With social inflation increasing since Covid, ProAssurance’s recent announcements could be the tip of the iceberg for older claims in the industry.
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The broker said it intends to vigorously defend itself against Aon’s allegations concerning the departure of fac re employees.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The companies filed the motion with prejudice, barring them from bringing the same arguments to another US court in the future.
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Aon claims that Alliant has poached around 32% of Aon’s facultative reinsurance group, including 18 of the 25 Aon employees in the casualty fac team at all levels.
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During the first quarter, Chubb paid $200mn and another $300mn last month, according to the company’s Q1 10-Q filed with the SEC.
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Inside P&C’s news team runs you through the key highlights of the week.
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The insurer made the payment on April 20, according to SEC filings reviewed by Inside P&C.
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The impact of recent tort reforms is already being felt in the Sunshine State, the CEO said.
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One question in the community is whether nuclear verdicts this year will spark a re-acceleration of rates, especially in the lead excess layers.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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US District Judge Richard Andrews struck down the arguments by some insurers that the judgment inflated claims and contained factual errors.
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For years, Florida attorneys have utilized one-way attorney fees and assignment of benefits to bleed the insurance market of thousands of dollars.
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The companies did not disclose whether any money exchange hands as part of the agreement.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
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The payment followed a $200mn disbursement that Chubb made in Q3. The insurer expects to cover the remaining $500mn of the liability in 2023.
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After threatening a swathe of downgrades of Floridian carriers last year, the ratings agency has signaled a positive reception of reforms.
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A canvass of Florida executives by Inside P&C suggests glimmers of an improved claims environment ahead.
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The InsurTech is accusing Brinson Caleb Silver and his alleged co-conspirators of executing a scheme which defrauded it of at least $9.4mn.
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The cases were filed in California and Florida courts, states where non-competes are currently treated differently, and followed the FTC’s move to ban them.
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In addition, Lloyd's syndicates Atrium and Syndicate 1183 asked the judge to dismiss the case against them in its entirety.
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AmFed’s Pie Development alleges that Pie co-founders Dax Craig and John Swigart misappropriated trade secrets which led to the founding of the InsurTech.
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Louisiana governor John Bel Edwards, state insurance commissioner Jim Donelon, and legislative leadership are in discussions about a potential special session.
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In each case, the broker asked the judge to dismiss with prejudice, barring the parties from bringing the disputes to another US court.
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All claims in the case were dismissed with prejudice, barring the parties from bringing the dispute to another US court.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The broker argued that WTW conspired with former employees Terry Rolfe and Daryl Abbey to use its confidential information and divert customers to WTW.
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While the new legislation will likely bear fruit in 12-24 months, insurers must first pass the hurdle of 6.1 renewals amid higher reinsurance pricing and limited availability.
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On Tuesday, the bill passed in the State Senate 27-13, and today's passage in the House represented an 84-33 party line split.
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The bill under discussion tackles key concerns like eliminating one-way attorney fees and getting rid of the state’s controversial assignment of benefits right.
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The company settled 364 claims related to vehicle theft reporting, resolving over 95% of its pending theft reporting claims.
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The state’s lawmakers will meet on December 12-16 to address the challenges facing its troubled property insurance market.
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Employers this year have grappled with landmark decisions from the Supreme Court and the passage of significant employment laws, the broker said.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
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The Q3 settlement gain of $35mn net of litigation costs and taxes will be recognized in Q4, SEC filings show.
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The US DoJ is seeking information related to Gallagher's insurance business with public entities in Ecuador.
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The insurer expects to pay the remaining $600mn liability within the next 12 months.
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The brokers asked the judge in the case for a 30-day extension to finalize settlement terms in Aon’s suit against WTW.
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The Massachusetts Bay Transportation Authority claims the firms failed to act over the bankruptcy of LMH-Lane Cabot Yard Joint Venture.
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Argo Group has been sued by investors, who claim the company has engaged in inadequate underwriting and misrepresentation of facts which resulted in a 60% drop in the specialty carrier’s common stock value this year.
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A study by the (re)insurer has found that pandemic-induced state court backlogs could take between 1.5 and three years, depending on how fast pending cases are cleared.
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Both lawsuits and counterclaims were dismissed with prejudice, barring the brokers from bringing the disputes to another US court.
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Ambac Financial Group has entered into an agreement to settle claims against Bank of America (BofA) for $1.84bn, putting an end to a 12-year lawsuit which dates back to the 2008 mortgage crash.
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Executives Peter Barbara and John Drew seek monetary relief of more than $1mn, filings show.
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The carriers appealing the settlement include AIG’s Lexington Insurance, Travelers, Allianz Global Risks, Liberty Mutual, GenStar, Munich Re, Argo and Old Republic.
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The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.
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The attorney joins Clifford from Sidley Austin's insurance and financial services group, where he worked for 15 years and was a partner prior to his move.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The 222-page complaint describes fraud committed against various carriers, including Zurich, Tokio Marine and Everest in surety, D&O and homeowners’ insurance programs.
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The carrier argued it paid the executive the first installment of a $400,000 retention award in March 2020 and the second half in March 2021.
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K2 is requesting the court dismiss the case with prejudice, barring Argo from bringing the same allegations to another US court.
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According to court documents, eight of the broker’s former employees departed for the InsurTech’s new Boston office over a two-week period.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The motion comes a month after Carpenter sued the rival reinsurance broker over the "orchestrated” exit of 12 executives from its Dallas-based practice.
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A California court has denied a bid for $125mn in coverage following the forced suspension of filming.
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The indictment mentions two unnamed UK reinsurance brokers and an executive who took part in the corruption scheme.
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All claims and counterclaims in the case were dismissed with prejudice, barring the parties from bringing the dispute to another US court.
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The reinsurance broker also sued five former GC Access leaders who now work at Howden as managing directors.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The new deadlines set last week after a hearing suggest that recent settlement negotiations between the brokers to end the case via private mediation did not come to fruition.
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The InsurTech called the broker a “serial litigant”, notorious for enforcing restrictive covenants to former employees.
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The judge’s order to dismiss the case did not disclose whether any money exchanged hands as part of the settlement.
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Argo sued K2 in May claiming that the team lift-out was accomplished through breaches of fiduciary duty and contract.
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The parties did not disclose whether any money changed hands to settle the legal proceedings.
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The parties did not disclose whether any money changed hands to end the legal proceedings.
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Mercury Insurance denies allegations that it did not comply with the state’s consumer protection laws.
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In the lawsuit, filed last week in a New York court, WTW is seeking injunctive relief and compensatory damages over a year after Lockton lured the executives.
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The discovery process will run through August and September, and the court will hold a hearing on Aon’s motion for a preliminary injunction on October 12.
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The complaint was filed yesterday in Illinois and judge Martha Pacold is overseeing the case.
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Gartner accuses the broker of breaching its fiduciary duty and negligent misrepresentation for selling policies that didn’t cover its losses from pandemic-canceled events.
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WTW sued the rival broker over the poaching of 25 members of its senior living group in September 2021.
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The complaint was filed on July 14 in the Superior Court of Suffolk County in Massachusetts.
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Since January, claims lawsuits have hovered around the low to mid 4,000s each month.
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The complaint, filed in late June, names John Thomas, Andrew Bennett and Jennifer Boyers Gullett as defendants.
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The brokers expect to reach an out-of-court agreement to end the poaching case in south Florida within two weeks.
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The suit named sellers David King, Robert Lefebvre, Creative Insurance Managers and Contractor Resource Solutions, who owned 37.6% of High Point.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The decision finalizes a tentative settlement that was reached last month between several parties and prevents the claims from going to trial.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Louisiana appeals court decision that allows property damage claim for Covid shutdowns is contrary to every other appellate ruling on the issue.
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In a 3-2 split decision issued last week, Louisiana’s Fourth Circuit Court of Appeal ruled that the policy language is “ambiguous”.
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The complaint names surety executives John Thomas, Andrew Bennett and Jennifer Boyers Gullett as defendants.
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The parties did not disclose whether any money changed hands to settle the legal proceedings.
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Greenberg said Chubb will not set a net-zero timeframe until the carrier finds out how to monitor the reduction of carbon footprint in its underwriting portfolio.
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The case is linked to losses associated with asbestos-related injuries and claims filed over two decades ago in Montana.
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The defendants denied the accusations of misappropriation of trade secrets and confidential information by BHSI.
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The contractors’ association argued the law would prevent contractors who hold AoBs from recovering their attorneys’ fees if they prevail in a lawsuit against an insurance company.
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The dispute follows a complaint McGriff filed against Alliant and 3 former execs, accusing them of “breaching their valid and enforceable restrictive covenants.”
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The deal could see payouts to over 110,500 customers nationwide, with 75% of the settlement earmarked to 5,011 in Illinois.
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Piraeus Bank bought the action against Antares over the detention of a vessel in Venezuela in 2015.
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Together with its parent company, Allianz Global Investors has agreed to pay more than $5bn in restitution to victims and $1bn to US authorities.
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The appeals court for the eighth circuit overturned a prior ruling by a district court which had dismissed the broker’s claims that dated back to 2017.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Litigation reform is expected to be a priority in the special session, while Florida Hurricane Catastrophe Fund expansion is also on the cards.
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Other defendants in the complaint include Endurance, Great American Insurance, Ironshore, Ace American Insurance and TIG Insurance.
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Earlier this year, a judge approved an $83mn settlement to compensate those who suffered economic losses because of the collapse.
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The Indian carrier had accused the Dallas-based agency of “rampant interference” in its relationship with cedents.
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The state’s chief federal judge has issued a standing order that echoes similar moves in New Jersey and California.
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The insurer accused its former global casualty CUO Foley and SVP London of misappropriation of valuable confidential information.
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“We like where we are positioned right now in terms of the performance of some of that strategic hiring,” Glaser told analysts.
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On a LinkedIn post, the executive said former CEO Snyder resigned in protest and that the firm’s board hasn’t listened to him.
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US authorities claimed the executive spread false information that Berkshire had invested in IRB, boosting the Brazilian firm’s stock price.
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The brokers asked the judge to delay some pre-trial conferences by two weeks as they could obstruct the settlement negotiations.
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The brokers asked a judge to adjourn the conference set for Thursday after reaching an agreement to settle the case.
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Within the 10 sectors the commercial insurer analyzed for the report, Chubb said “the continuing trend toward nuclear verdicts looms large”.
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A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.
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Inside P&C’s news team runs you through the key developments from the week.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Defendants claim that WTW’s complaint “improperly seeks to transform a simple contract dispute with certain former employees into a series of tort claims”.
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Third-party litigation financing impact on social inflation difficult to measure but hard to deny.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The firm says that, without change, firms will be downgraded in the coming weeks.
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Courts in Bermuda and the US approved the move, which had earlier been subject to investor litigation.
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Colombian authorities said that Carpenter Marsh collaborated throughout the investigation and received a 50% discount on the fine.
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The $5.5bn figure is approximately 97% of the total amount of all non-tax cash distributions that Purdue made to the Sacklers since January 1, 2008.
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The start-up said its survey shows that SPAC and de-SPAC claims would drive increasing litigation throughout 2022.
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The 30-person team move represented the latest raid from the UK-headquartered broker on Marsh McLennan.
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The broking giants did not reveal whether any money changed hands to settle the dispute over a dozen senior defections.
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Am Re claims that it underwrote reinsurance agreements on GIC Re’s behalf for 2022, but that the Indian carrier then terminated the binding authority and refuses to pay the agreed commissions.
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An examination of the costs of claims found a 21.3% increase in total costs in 2019 over 2015 when an attorney is involved.
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The Department of Insurance found various violations including operations and management, complaint handling, underwriting and rating practices, and claims handling.
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The Washington state regulator’s permanent rule to ban the use of credit scoring data for three years is turning the Washington insurance market into “chaos”, APCIA said.
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Aggregate settlements during 2021 amounted to $1.8bn, falling 18.2% from the $2.2bn aggregate amount in 2020, Nera data showed.
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The carrier seeks to recover 14,217 shares valued at $473,620.40 from Stanley, in addition to the dividends the executive earned on the stock.
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The brokers will have until early 2023 to settle the case via private mediation or the case will move forward to a jury trial that could last between seven and 10 days.
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The OSHA regulation requiring employees at large businesses to get Covid vaccine was thrown out, but justices allowed the healthcare worker mandate to stand.
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Justices appear to lean toward overturning OSHA rule requiring jabs for 100 workers or more; medical mandate also in play.
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Almost 130 insurers claim that the defendants failed to prepare for the power loss that caused “significant property damage” to carriers and policy holders.
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A judge for the Miami-Dade County Court has ordered Aon and individual defendants in the Miami facultative team poaching case to avoid doing reinsurance brokerage business with the defendants’ former Willis Towers Watson clients.
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The parties filed a dismissal stipulation with prejudice, meaning that neither Sompo nor Endurance will be able to sue Westfield in any other US court over the same allegations.
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Since the motion was filed without prejudice, the giant broker left the door open to refile the same claim in the Miami Dade courthouse.
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Upon the agreement’s approval and payment, Century Indemnity Company and other Chubb units will obtain a broad release from BSA-related abuse claims.
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Westfield must file its new motion before December 14 and Sompo has until January 7 to file a memorandum in opposition, Judge Schofield ruled.
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Think tank R Street says defense attorneys are “on the back foot” in opposing plaintiff bar’s tactics court awards.
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Beazley tried to recover $6.5mn in claim costs from Prime on a policy which it led.
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Alliant’s motion to dismiss McGriff’s counterclaim in the case follows an order that judge Moore filed setting the case for a two-week trial commencing on August 29 next year in Miami.
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Workers’ comp and trucking are two of the lines where verdicts have increased exponentially.
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Chubb’s Vigilant, Lloyd’s syndicates and Travelers were turned away in Bear Stearns case over payment fund for investors in 2003 SEC probe.
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