InsuranceRSS

  • February 26, 2010

    Phoenix Hits New Group Of Banks, Insurers With IP Suit

    ING Bank FSB, TD Bank NA, U.S. Bancorp and a slew of others have become the latest financial institutions and insurers targeted with infringement claims by Phoenix Licensing LLC over two patents related to financial marketing technology.

  • February 25, 2010

    Insurance Arbitrators May Have Been Biased: Judge

    A federal judge has vacated an arbitration panel’s ruling in favor of St. Paul Fire & Marine Insurance Co. in a liability dispute over a stop-loss agreement with Scandinavian Reinsurance Co. Ltd., saying the arbitrators’ failure to disclose significant relationships may have made them partial to St. Paul.

  • February 25, 2010

    AIG To Pay $8M To End Ore. Pension Loss Fraud Suit

    American International Group Inc. agreed Thursday to pay out $8 million to settle a securities fraud lawsuit that linked $15 million in losses from an Oregon state pension fund to the insurer's concealment of unethical activity for several years.

  • February 25, 2010

    Liberty Settlement Closes Marketing Patent Suit

    Liberty Life Insurance Co. has become the final defendant to settle a pair of Arizona licensing companies' suit accusing two dozen insurers and financial companies of infringing three patents for automated financial services marketing programs.

  • February 25, 2010

    Insurer Sues To Duck Chinese-Drywall Installer Claims

    An American International Group Inc. affiliate has sued F. Vicino Drywall Inc., arguing that umbrella insurance policies issued to the Florida drywall installer do not cover a slew of lawsuits accusing the company of using defective Chinese drywall.

  • February 25, 2010

    Oil Co. Appeals Insurers' Win In Leak Coverage Brawl

    Jefferson Block 24 Oil & Gas LLC is hoping to revive its $3 million Oil Pollution Act policy coverage suit against several insurers — including certain underwriters at Lloyd's of London — over cleanup costs stemming from an oil spill in the Gulf of Mexico.

  • February 25, 2010

    Chiropractors Ask To Toss Expert In Claim Fraud Suit

    A chiropractic treatment company accused of insurance fraud by Metropolitan Property & Casualty Insurance Co. has asked a judge to bar testimony from a chiropractor speaking on behalf of the insurer and demanded judgment in its favor, contending the expert is crucial to the insurer’s case.

  • February 24, 2010

    House Votes To Revoke Insurer Antitrust Exemption

    The U.S. House of Representatives voted Wednesday to repeal the antitrust exemption that currently covers health insurance companies, a move that comes ahead of Thursday's scheduled bipartisan summit on health care reform aimed at reviving overhaul efforts.

  • February 24, 2010

    Storage Co. Appeals Insurer's Coverage Spat Victory

    The owner of a refrigerated warehouse in St. Louis has challenged a jury verdict freeing Philadelphia Indemnity Insurance Co. from covering damages from a burst ammonia pipe, as well as the court’s subsequent refusal to grant the plaintiff a new trial.

  • February 24, 2010

    Under Pressure, WellPoint Execs Stand By Rate Hikes

    WellPoint Inc.'s chief executive on Wednesday denied U.S. lawmakers' accusations that the company is attempting to pad its bottom line with proposals to hike individual insurance premiums by as much as 39 percent in California, blaming rising health care costs for the requested increase.

  • February 24, 2010

    Chubb CERCLA Suit Against Ford, Chevron Booted

    A judge has dismissed a Comprehensive Environmental Response, Compensation and Liability Act lawsuit brought by Chubb Custom Insurance Co. seeking to recoup more than $2.4 million in cleanup costs from Ford Motor Co., Sun Microsystems Inc. and Chevron Corp.

  • February 24, 2010

    Insurer Off Hook For $2M Katrina Oil Spill Settlement

    A federal judge has affirmed an earlier ruling that Mid-Continent Casualty Co. does not have to indemnify Eland Energy Inc. and Sundown Energy LP for a $2 million settlement in an underlying class action over oil spills in the aftermath of hurricanes Katrina and Rita in 2005.

  • February 24, 2010

    American Heritage Demands Reinsurers Post $6M

    American Heritage Life Insurance Co. has filed suit against a company that specializes in automotive dealership insurance products, seeking to hold the company to an arbitration panel’s order demanding $6 million in security in connection with a contract dispute.

  • February 23, 2010

    Lloyd's Wants In On Insurance Case Against Prestige

    Prestige Title Inc.'s excess insurer Lloyd's of London has asked for permission to intervene in a lawsuit filed by Aspen Insurance U.K. Ltd. to rescind a primary insurance policy issued to Prestige, as the title insurance company faces two suits over allegations that its employees embezzled millions of dollars.

  • February 23, 2010

    Builder Fights AIG Unit's Bid To Merge Drywall Suits

    Construction and design company Taylor Morrison Inc. is asking a California court to shoot down a bid by an American International Group Inc. affiliate to transfer a lawsuit over insurance coverage related to defective Chinese drywall to Florida, arguing the unit is engaging in forum-shopping by seeking to join the case with an essentially identical proceeding in a more favorable venue.

  • February 23, 2010

    Obama Takes Aim At Insurance Antitrust Exemption

    Ahead of a scheduled bipartisan summit on health care aimed at jump-starting overhaul efforts, the White House said Tuesday it was backing proposals to revoke the insurance industry's antitrust exemption, saying the repeal would ultimately complement health care reform.

  • February 23, 2010

    Equity Holders Class Certified In AIG Fraud Suit

    A federal judge will allow a group of pension funds in a massive securities fraud lawsuit over alleged false statements regarding American International Group Inc.'s financials to certify a class of equity stockholders, but has declined to include bondholders in that group.

  • February 23, 2010

    Claims Pared In Ambac Shareholder Class Action

    A federal judge has trimmed some claims in a shareholder class action alleging that bond insurer Ambac Financial Group Inc. assured investors that the company was maintaining a cautious strategy while it was in fact insuring increasingly risky financial products.

  • February 23, 2010

    National Gypsum Claims Belong In Arbitration: AIG

    An American International Group Inc. affiliate has asked a judge to throw out a suit over coverage for defective drywall claims against National Gypsum Co., contending that the dispute is subject to a mandatory arbitration provision.

  • February 22, 2010

    Anderson Kill Scores Enviro, Insurance Recovery Lawyer

    Anderson Kill & Olick PC's Newark, N.J., office has picked up an attorney from Robertson Freilich Bruno & Cohen LLC who specializes in the cleanup of contaminated property and in insurance recovery.