Legal
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The carrier’s comments on claims severity should serve as a warning for the industry
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Verdicts awarding more than $100mn hit a new high of 27 last year, study finds.
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The plaintiffs – three former claims adjusters – were each awarded $25mn in punitive damages.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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NFP claims it has so far lost five clients to Alliant, resulting in damages of $2mn.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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Ten states joined in the original suit.
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The global insurer also alleges breach of contract and fiduciary duty in the federal suit.
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Altamont-backed Fleming says it remains willing to acquire JRG Reinsurance.
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The six execs left Acrisure for rival broker Woodruff Sawyer in March.
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PCF claims it overpaid the first year earnout by over $19mn in the $226mn acquisition of Rice.
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Demand for funding is still seen as robust, however.
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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”.