Insurance

  • March 1, 2013

    Liberty Mutual Sues Contractors Over $50M In Bond Losses

    Liberty Mutual Insurance Co. on Friday launched a suit in Texas federal court, alleging it should be reimbursed by the owners of a bankrupt general contractor, who saddled the insurer with responsibility for completing 37 construction projects at a cost that could exceed $50 million.

  • March 1, 2013

    Insurer Stripped Policyholders Of $190M In Rebates, Suit Says

    Citizens Property Insurance Corp. was hit with a class action in Florida state court Wednesday alleging the insurer violated hundreds of thousands of policyholders' contracts through a reinspection program that rescinded upward of $190 million in premium credits.

  • March 1, 2013

    Reinsurer Sues Over AIG's $262M Asbestos Coverage Claim

    Transatlantic Reinsurance Co. hit American International Group Inc. with a lawsuit in New York state court Friday over coverage of a $173.6 million asbestos settlement, saying AIG hid an additional $88 million in financing charges from the reinsurer when it asked Transatlantic to cover the full $262 million cost.

  • March 1, 2013

    Sandusky Can't Pin Defense On Second Mile Insurer

    A Pennsylvania judge on Friday released Federal Insurance Co. from its obligation to cover defense costs for former Pennsylvania State University assistant football coach and convicted child molester Jerry Sandusky, finding his crimes weren't committed in his capacity as an employee of the insured charitable foundation.

  • March 1, 2013

    HHS Issues Final Reinsurance, Risk Rules For Exchanges

    The U.S. Department of Health and Human Services on Friday released a final rule detailing some of the central insurance reforms of the Affordable Care Act, such as reducing incentives for insurers to avoid enrolling people with pre-existing conditions.

  • March 1, 2013

    IRS Unveils Details Of ACA Health Insurance Tax

    The Internal Revenue Service on Friday released the details of its proposed annual tax on the health insurance industry, as mandated by the Affordable Care Act, a move designed to eventually rake in more than $15 billion per year.

  • March 1, 2013

    Worker-Caused Injuries Must Be Covered: Calif. Appeals Court

    A California appeals court on Thursday made clear the order that insurers need to start covering injuries caused by an employee on the job, a ruling that quashes one carrier's attempt to reel in $600,000 from another for a $4.5 million underlying settlement.

  • March 1, 2013

    Insurance Broker Keenan Can't Shake Ex-Worker's OT Action

    A California judge tentatively refused Friday to throw out a putative class action accusing insurance broker Keenan & Associates of shorting claims examiners, saying there's a triable question about whether the lead plaintiff's day-to-day tasks involved enough independent judgment to exempt her from overtime pay.

  • March 1, 2013

    Union Suit Would Force Spying On Workers, Kaiser Says

    California-based Kaiser Permanente's hospital and insurance units asked a federal judge Thursday to end a union lawsuit alleging it illegally paid workers advocating for a rival labor group, saying it would have to spy on employees to ensure they weren't campaigning while on the clock.

  • March 1, 2013

    BofA's $8.5B MBS Settlement Flawed, AIG Expert Says

    An $8.5 billion Bank of America Corp. settlement over claims related to Countrywide Financial Corp. mortgage-backed securities was flawed, and the deal must be given a thorough examination before approval, two American International Group Inc. expert witnesses told a New York judge on Thursday.

  • March 1, 2013

    Pa. Insurer's Defamation Claims Survive In Credit Rating Row

    A Pennsylvania federal judge on Friday refused to dismiss defamation and commercial disparagement claims that Regis Insurance Co. leveled against credit rating agency A.M. Best Co. Inc. for downgrading Regis after learning of its parent company's insolvency and past litigation.

  • March 1, 2013

    Ex-MBC Exec Convicted Of Hiding Spoils From $837M Scam

    A Florida federal jury on Thursday convicted a former Mutual Benefits Corp. executive of money laundering and obstructing justice related to an $837 million scam that allegedly lured investors into buying interests in insurance policies covering the terminally ill and seniors.

  • March 1, 2013

    Cigna Seeks To Toss ERISA Action Over ACA Rebate Dodges

    Cigna Corp. and two medical cost management firms on Thursday asked a Florida federal judge to dismiss a putative class action accusing them of a conspiracy to help Cigna avoid paying Affordable Care Act-mandated rebates to patients, saying the plaintiff lacked standing to bring the suit.

  • March 1, 2013

    Insurer Off Hook For Impac's Defense In RMBS Lawsuits

    A California federal judge found Tuesday that Houston Casualty Co. wasn't obligated to front defense costs to Impac Mortgage Holdings Inc. under a directors and officers policy for a trio of actions over its purported mishandling of mortgage-backed securities offerings.

  • March 1, 2013

    Travelers Asks 6th Circ. To Uphold Win In Blast Fax Case

    Travelers Property Casualty Co. asked the Sixth Circuit on Wednesday to uphold a finding that it had no duty to cover medical supply companies MDC Acquisition Co. and RGH Enterprises Inc. in litigation over their practice of sending allegedly junk fax advertisements.

  • March 1, 2013

    Sex Abuse Coverage Row Belongs In State Court, Judge Says

    A Montana federal court on Wednesday tossed a fight over coverage for a Roman Catholic diocese accused of allowing sexual abuse, concluding a state court should hear the case because it raised unsettled questions about when policies are triggered.

  • March 1, 2013

    Q&A With Covington & Burling's Ben Lenhart

    Although some states address the problem through prejudgment interest and other financial measures, most states need stronger financial measures to compensate policyholders when an insurance payment is delayed, says Ben Lenhart, vice-chairman of Covington & Burling LLP's insurance practice group.

  • March 1, 2013

    Sheppard Mullin Adds Squire Sanders Litigation Pro In SF

    Sheppard Mullin Richter & Hampton LLP recently announced it has lured a litigation partner who deals in product liability, employment and insurance matters to its San Francisco office from Squire Sanders.

  • March 1, 2013

    Ropes & Gray Guides Genstar Buy Of Midwest Insurance Co.

    Middle market private equity firm Genstar Capital LLC has bought up retail insurance brokerage group Acrisure, adding the Midwest-focused regional servicer to its growing insurance and financial services group, according to a Friday statement.

  • February 28, 2013

    5th Circ. Backs Continental Win Over Late Direct-Action Claim

    The Fifth Circuit on Thursday affirmed a Continental Casualty Co. win in a suit brought by another insurer over a property title business’s alleged professional negligence, saying the insurer failed to report its direct action claim against Continental within the policy period.