Insurance

  • June 8, 2012

    Retired Cops Lose Bid For Share In $13M Prudential Windfall

    A New Jersey appeals court on Friday ruled that retired Port Authority of New York and New Jersey police who filed a class action against their unions aren't entitled to share in the $13.3 million the authority received when its insurer Prudential Insurance Co. of America went public.

  • June 8, 2012

    Gulf South Says Insurer Must Pay For $4.5M Fluid Leak

    Oil and gas drilling company Gulf South Operators Inc. is seeking to make an underwriter at Lloyd's of London cover a $4.5 million claim over leaking drilling fluid at one of its wells, in a suit moved to Louisiana federal court Friday.

  • June 8, 2012

    MGA Insurer Takes Bratz Defense Dispute To 9th Circ.

    MGA Entertainment Inc. primary insurer Crum & Forster Specialty Insurance Co. appealed to the Ninth Circuit on Thursday a ruling that it had a duty to defend MGA in its trade secrets and copyright dispute with Mattel Inc. over Bratz dolls.

  • June 8, 2012

    Allianz Scoops Up Groupama's French Insurance Unit

    U.K.-based Groupama SA has agreed to sign over the property and casualty brokerage-related services of its Gan Eurocourtage unit to Allianz SE's French subsidiary, Allianz said Friday.

  • June 8, 2012

    Farmers Insurance Gets Class Trimmed In Med-Pay Suit

    A Colorado federal judge on Wednesday knocked out part of a proposed class in a lawsuit accusing Farmers Insurance Exchange of refusing to pay reasonable and necessary medical expenses on its auto insurance policies.

  • June 7, 2012

    Insurers Want Liability Cap For Commercial Spaceflight

    With more commercial space launches planned, some insurers are urging the U.S. government to follow the lead of five states and limit the liability of spaceflight operators, the U.S. Government Accountability Office said Wednesday.

  • June 7, 2012

    Insurers Face Big Hurricane Risks In NYC, Report Says

    A research group said Wednesday that the New York City metropolitan area topped its list for cities facing the gravest financial threat from hurricanes, signaling that the massive number of claims from last year's Hurricane Irene could be just the beginning.

  • June 7, 2012

    Conseco Shells Out $43M To Settle Insurance Rate Hike Suit

    A putative class of Conseco Life Insurance Co. policyholders asked a California federal judge Wednesday to approve a settlement worth $43 million to $45 million resolving their claims that the insurer breached a contract by changing its rates.

  • June 7, 2012

    Evidence Dooms MBIA's $5B Breakup, Banks Say

    The two banks challenging state regulators' approval of MBIA Inc.'s $5 billion restructuring told a New York state judge Thursday as they wrapped up a four-week bench trial that their case would be a "slam dunk" if it weren't being brought by unpopular banks.

  • June 7, 2012

    Aegis Settles Gas Leak Coverage Suit With Plantation

    Plantation Pipe Line Co. has agreed to settle its multimillion-dollar lawsuit against Associated Electric & Gas Insurance Services Ltd. over coverage for a 2004 pipeline leak, according to documents filed in Georgia federal court on Wednesday.

  • June 7, 2012

    Disclosure Law Shouldn't Cover Insurance Dues, Group Says

    A New York life insurance lobby group, fearing disclosure of “propriety information” about how much members including Allstate Life Insurance Co. and Metropolitan Life Insurance Co. pay in dues, told a panel implementing the state's new lobbying sunshine law Thursday it shouldn't have to share that information.

  • June 7, 2012

    Travelers Can't Shake Welding Co.'s Injury Claims Suit

    An Ohio federal judge on Thursday tossed Travelers Casualty and Surety Co.’s motion to dismiss The Lincoln Electric Co.’s lawsuit demanding coverage of injury claims from the company's welding products, saying the complaint is clear enough for the insurer to respond.

  • June 7, 2012

    OneBeacon Calls Foul In $11M Stadium Scam Coverage Row

    OneBeacon America Insurance Co. asked an Illinois federal court Wednesday to declare it has no duty to defend or indemnify the city of Zion, Ill., and two officials in a $10.7 million suit over an alleged stadium construction scam because its policy excludes coverage for intentional rights violations.

  • June 7, 2012

    Cargill Can't Shake Counterclaims In E. Coli Suit

    A Nebraska federal judge on Thursday refused to toss an Omaha beef packing company's counterclaim against Cargill Meat Solutions Corp. in a breach of contract suit brought by Cargill and its insurer over E. coli-tainted meat that forced a 2007 recall.

  • June 7, 2012

    5th Circ. Revives Ritz-Carlton’s $3.2M Katrina Damage Row

    The Fifth Circuit on Wednesday found that an Ace American Insurance policy held by the owner of the Ritz-Carlton Hotel in New Orleans was not as clear as a district court had thought, and remanded the case to consider outside evidence of who should cover $3.2 million in damage caused by Hurricane Katrina.

  • June 7, 2012

    HHS Missed Half Its Deadlines Under PPACA, Analysis Says

    Federal regulators have missed nearly half the deadlines for finalizing elements of health care reform, creating uncertainty but also potentially avoiding errors associated with rushed work, researchers with the right-leaning American Action Forum said Thursday.

  • June 6, 2012

    Hartford Dodges Defense Duty In PCB Cleanup Dispute

    A Texas federal judge found Wednesday that Hartford Casualty Insurance Co. had no duty to defend a waste oil supplier in a $50 million suit accusing the supplier of sending oil contaminated with polychlorinated biphenyls to a refiner, though the insurer may still be obligated to cover indemnity costs.

  • June 6, 2012

    Blackstone Again Dodges Junk Insurance Suit, For Now

    A California judge Wednesday for the second time threw out government claims that Blackstone Group LP violated unfair competition and false advertising laws by orchestrating a fraudulent scheme by HealthMarkets Inc. to sell junk insurance to Golden State consumers.

  • June 6, 2012

    Property Value Losses Can Be Covered, Ga. High Court Says

    In what appears to be the first appeals court ruling of its kind, the Georgia Supreme Court has held that property insurance policies may potentially cover a loss of property value in addition to the cost of repairs.

  • June 6, 2012

    Black & Veatch Sues Insurers Over AEP Power Plant Defects

    Construction company Black & Veatch Corp. sued Aspen Insurance Ltd. and Liberty Mutual Insurance Europe Ltd. in Kansas federal court on Monday, alleging that the two insurers, which provided umbrella policies, improperly denied coverage for liabilities from construction defects in four power plants.