New York state insurance regulators approved MBIA Inc.'s $5 billion restructuring even though several steps in the bond insurer's "transformation" aren't permitted under the state's insurance laws, banks challenging the deal told a New York state judge Friday.
Ohio-based Transport Insurance Corp. and the trust for a bankrupt materials manufacturer agreed Friday to resolve their dispute over $5 million in coverage the trust had sought from the insurer as the manufacturer faces more than $1 billion in asbestos-related health claims overall.
CadleRock Joint Venture LP and Safeco Insurance Co. told an Ohio federal court Friday that they had reached a settlement in CadleRock's suit alleging fraud in Safeco's issuance of lease bonds tied to a Ponzi scheme, one suit in multidistrict litigation over Commercial Money Center Inc.'s alleged fraud.
The Texas Supreme Court on Friday reversed a lower court ruling on backstop insurance, finding that stop-loss insurance sold to a self-funded employee health benefit plan is not reinsurance, but rather direct insurance subject to state regulation.
Natural gas well owner Equitable Production Co. told an Ohio federal judge on Thursday that it had no duty to indemnify its drilling contractor in settled litigation over fracking fluids that allegedly contaminated a West Virginia family’s water supply.
U.S. House Speaker John Boehner on Thursday vowed that the GOP would fight to take down all of President Barack Obama’s Affordable Care Act, even if the U.S. Supreme Court decides to preserve portions of the sweeping health care reform bill.
A Louisiana federal judge on Wednesday refused to grant a new trial in an NRG Energy Inc. subsidiary's coverage suit against Illinois Union Insurance Co., but did grant the insurer's alternative request that it be certified for an interlocutory appeal.
An Arizona federal judge Thursday refused to dismiss Fox Insurance Co.'s suit claiming Humana Inc. improperly took over $2.2 million in Medicare Part D prescription drug reimbursements that were intended for Fox, ruling that the insurer's allegations were sufficient to sustain the suit.
Insurance industry representatives told a subpanel of House lawmakers Thursday that the newly created Federal Insurance Office could take on a crucial advocacy role for insurers struggling to stay competitive in tightly regulated, trade-averse foreign markets.
New York state insurance regulators cut corners and rushed through their review of MBIA Inc.'s $5 billion restructuring before they approved it, an attorney for the banks challenging the deal told a New York state judge Thursday.
The Wisconsin insurance commissioner on Wednesday filed a proposal to start making interim payments on $3.2 billion worth of claims Ambac Assurance Corp. policyholders have lodged against a segregated account that holds Ambac's riskiest policies, including ones that insured mortgage-backed securities.
The Sixth Circuit on Thursday affirmed a lower court's ruling that OneBeacon American Insurance Co. cannot compel American Motors Insurance Co. to contribute to covering $42 million in damages related to cleanup costs at a Kentucky Superfund site.
Newmeyer & Dillion LLP asked a California federal judge Wednesday to sanction Travelers Property Casualty Co. of America for an alleged campaign of “Rambo”-style litigation seeking to replace the law firm in construction defect suits involving Centex Homes.
Mortgage Guaranty Insurance Corp. slapped Freddie Mac with a lawsuit Wednesday in Wisconsin federal court, claiming the government-backed housing giant was seeking billions of dollars in mortgage loan insurance through an "entirely illogical" contract interpretation.
Facing mounting legal bills after a deadly explosion at a Connecticut power plant site in 2010, a group of energy companies and contractors filed suit Monday against Aon, alleging the insurance giant failed to meet its contractual obligation to provide adequate coverage for defense costs.
An Alabama federal judge on Wednesday granted mining giant Drummond Co.'s request to compel certain documents from Travelers Casualty & Surety Co. in a coverage battle over litigation costs related to pollution from the company's coke production operations.
An Alabama federal judge on Tuesday ruled against a group of insurance carriers, including Northern Assurance Co. of America, saying they'd have to pick up the tab on up to $10 million worth of damages to a tugboat owned by a Mobile, Ala., shipbuilder.
A Texas appeals court on Tuesday upheld a jury’s $5.4 million verdict against Pasadena Refining System Inc. in a lawsuit brought by a contractor burned while making repairs at its refinery, but held that PRSI was covered under an insurance policy held by the contractor's employer.
A proposed class of former defense contractor employees sued their employers and Prudential Insurance Co. of America in New Jersey federal court Monday, accusing the companies of selling them policies it knew they couldn't use because of a wartime exclusion.
Lloyd’s of London underwriters filed suit Tuesday seeking to escape footing the bill for Allied Home Mortgage Capital Corp.’s defense against a government lawsuit accusing it of lending fraud that left federal mortgage insurers to cover $834 million in defaulted loans.