Insurance RSS

  • June 11, 2010

    GGP, Safeco Strike Deal Over $33M In Surety Bonds

    Bankrupt General Growth Properties Inc. is asking a judge to approve a deal it reached with Safeco Insurance Co. of America to prevent the insurer from canceling over $33 million in surety bonds issued to the mall owner before the company filed for bankruptcy.

  • June 11, 2010

    9th Circ. Reinstates $6M Lloyd's Payout To Doctor

    A federal appeals court has ruled that a district court wrongly vacated an arbitration panel’s decision to award a Nevada cardiologist $6 million for Lloyd’s of London underwriters' refusal to honor the doctor’s disability policy.

  • June 11, 2010

    ERISA Ruling's Future Impact 'Hardt' To Discern

    Though the U.S. Supreme Court's May decision that Employee Retirement Income Security Act claimants don't have to be the "prevailing party" to recover attorneys' fees resolved a circuit split, it will take years of litigation to flesh out the high court's new "some degree of success" standard, attorneys said.

  • June 10, 2010

    Judge OKs $713M Settlement For WTC Rescue Workers

    A federal judge has blessed a revised settlement providing up to $712.5 million from the WTC Captive Insurance Co. to more than 10,000 rescue and recovery workers who were allegedly injured in responding to the 9/11 attacks, calling the agreement “a very good deal.”

  • June 10, 2010

    Travelers Made $137M Deal In Good Faith: 3rd Circ.

    A federal appeals court has affirmed a judgment that Travelers Casualty and Surety Co. of America reached a $137 million settlement to resolve breast implant and chemical product claims in good faith and did not attempt to place the brunt of the coverage on excess insurers, which Insurance Co. of North America had alleged when it was handed a $13 million bill for its excess coverage.

  • June 10, 2010

    Travelers Off Hook For Greyhound's Crash Suit Costs

    A judge has ruled that tire maintenance company UGL Unicco and its insurer Travelers Property Casualty Co. of America do not have to cover defense costs for Greyhound Lines Inc. in several underlying suits over a 2006 bus accident that killed five people.

  • June 10, 2010

    Lines Drawn On Day 1 Of Finance Bill Conference

    Rules on derivatives and resolution authority emerged as the central points of debate Thursday as delegates from the U.S. House of Representatives and the Senate met to deliver their opening statements at a conference to resolve two versions of sweeping financial regulatory reform legislation.

  • June 10, 2010

    Excess Insurer Off Hook In Bayou Stevedore Injury Suit

    In a case on remand from the U.S. Court of Appeals for the Fifth Circuit, a Louisiana trial court has ruled that an excess insurer for Bayou Steel Corp. does not have to cover workplace injury claims due to a policy exclusion limiting coverage for subcontractors.

  • June 10, 2010

    Ballard Spahr Reps PMA In $365M Old Republic Merger

    Old Republic International Corp. said it planned to buy PMA Capital Corp. in a transaction valued at $365 million Thursday, the same day a law firm announced an investigation into whether the PMA Capital board of directors failed to properly shop around for the best purchase price.

  • June 10, 2010

    Insurer Received Info On Rothstein Ties, Banyon Says

    Banyon Capital LLC has asked a judge to throw out Ironshore Indemnity Inc.'s suit alleging the financial adviser concealed its involvement with Scott W. Rothstein’s $1.2 billion Ponzi scheme when it procured an Ironshore policy, saying the insurer should have known about its ties to Rothstein from the get-go.

  • June 10, 2010

    AIG Bailout 'Poisonous' To Wall Street, Report Says

    The $182 billion federal bailout of American International Group Inc. had a “poisonous effect” on financial markets, sending a signal to Wall Street that risky bets would have a government guarantee, according to a congressional watchdog report released Thursday.

  • June 9, 2010

    Continental Need Not Defend Faulty Turf Suit: 3rd Circ.

    A federal appeals court has ruled that Continental Casualty Co. has no duty to defend athletic turf maker Specialty Surfaces International Inc. in a suit by a school district claiming the company installed faulty turf fields as part of a $3 million project.

  • June 9, 2010

    Miami Appeals Insurer's Win In Spat Over Liability Suits

    The city of Miami is appealing a judgment in favor of State National Insurance Co. in a contract interpretation suit accusing the city of failing to pay deductibles in connection with multiple wrongful conduct liability claims levied against city police officers.

  • June 9, 2010

    Travelers Sues To Skip Arbitration In $47M Dorm Spat

    Travelers Casualty and Surety Co. of America has launched a lawsuit seeking a judgment that it is not required to enter arbitration in a $47 million design defect spat between contractor Capstone Development Corp. and the nonprofit development arm of Southeastern Louisiana University.

  • June 9, 2010

    'American Idol' Co. Fights AXA Claim In IP Defense Suit

    Fremantle North America Inc. has asked a court to dismiss Axa Insurance Co.'s fraud counterclaim in a suit accusing the insurer of reneging on a deal to indemnify the production company and television network ABC in a trademark suit over the show "American Inventor."

  • June 9, 2010

    Blue Cross Sues Pfizer Over Off-Label Marketing

    Health Care Service Corp. has accused Pfizer Inc. of bilking its Blue Cross Blue Shield health insurance plans out of millions of dollars by allegedly deceptively marketing Bextra, Geodon and Lyrica for off-label uses.

  • June 9, 2010

    3rd Circ. Backs Insurer In St. Croix Airport Pollution Suit

    Reliance Insurance Co. need not defend or indemnify a Devcon International Corp. subsidiary in a lawsuit over dust pollution stemming from a runway expansion project at a U.S. Virgin Islands airport, a federal appeals court has affirmed.

  • June 9, 2010

    Senate Mulls Lifting Caps On Oil Damages

    Members of the U.S. Senate Environment and Public Works Committee on Wednesday divided sharply on a proposal to remove economic damage limits under the Oil Pollution Act, with some seeing it as an effective deterrent and others warning it could make all but the biggest offshore drillers uninsurable.

  • June 9, 2010

    AIG Must Produce Docs In $1B Insurance Fraud Case

    A federal judge has ordered American International Group Inc. to turn over as many as 400,000 documents to competitors that have sued the insurance giant over an alleged $1 billion workers' compensation fraud scheme.

  • June 8, 2010

    Appleton Win Upheld In CERCLA Cost Insurance Spat

    A Wisconsin appeals court on Tuesday upheld a judgment declaring that policies issued by Westport Insurance Corp. and numerous other insurers covered Appleton Papers Inc.'s liability for costs stemming from a massive cleanup effort aimed at PCB contamination in Wisconsin's Green Bay and Lower Fox River.