Insurance

  • July 11, 2012

    First American Grills Expert In WaMu Home Value Inflation Suit

    An attorney for First American Corp. grilled state prosecutors' real estate expert Wednesday on her analysis of the title insurer's home appraisals, during a bench trial over New York state's allegations that the insurer fraudulently inflated home values for Washington Mutual Inc.

  • July 11, 2012

    Catlin Looks To Duck Coverage Of Faulty Crosswalk Suit

    Catlin Insurance Co. Inc. recently launched a suit in New Jersey state court, seeking a determination that it is not required to defend an aviation lighting manufacturer in a lawsuit over an allegedly defective crosswalk warning system.

  • July 11, 2012

    GOP Bill Takes Aim At Obama's Contraception Mandate

    Employers with moral or religious objections would be able to ignore a new law guaranteeing free birth control coverage in workplace health plans under a Republican-backed bill introduced Tuesday in the U.S. House of Representatives.

  • July 11, 2012

    Guess Insurers Can't Duck Coverage For Gucci IP Battles

    A California state judge on Wednesday tossed a bid by American Home Assurance Co. and other insurers to limit their potential liability in Guess Inc.'s coverage suit over defense costs the clothing label incurred in trademark battles with Gucci America Inc.

  • July 11, 2012

    FDIC Beats Back OneBeacon Claims In $4.6M Coverage Suit

    A federal judge on Tuesday tossed OneBeacon Midwest Insurance Co.’s counterclaims in the Federal Deposit Insurance Co.'s lawsuit seeking $4.6 million in coverage for losses related to allegedly fraudulent loans made by the former directors of a failed Illinois bank.

  • July 10, 2012

    Wis. Court Ruling Opens Door For Junk Fax Defense Coverage

    A Wisconsin appeals court ruled Tuesday that West Bend Mutual Insurance Co. had a duty to defend against a class action over unsolicited fax advertisements, boosting policyholders' arguments that junk fax suits are covered under personal and advertising injury provisions, experts said.

  • July 10, 2012

    Conservatives Warn Of New Tax Power After Health Ruling

    Congress could interpret the U.S. Supreme Court's health care ruling as giving the legislative branch broad new powers to wield taxes as a cudgel to influence what kind of cars Americans drive and whether they own guns, conservative lawyers told a House panel Tuesday.

  • July 10, 2012

    Costa Rican Insurer Hit With $108M Judgment For Fraud Role

    The U.S. Securities and Exchange Commission won a $108.4 million judgment in Virginia federal court Tuesday against Costa Rica-based Provident Capital Indemnity Ltd., which sold reinsurance bonds backing life insurance investments, for its role in a $485 million criminal fraud.

  • July 10, 2012

    NJ Court Backs Primary Insurer In Interest Coverage Fight

    Tackling a dispute among primary and excess insurers over prejudgment interest from a wrongful death suit, a New Jersey appeals court ruled Tuesday that primary insurer New Jersey Manufacturers Insurance Co. isn't responsible for $580,322 in such interest based on a policy provision related to supplementary payments.

  • July 10, 2012

    Factory Mutual Wants $4.6M Ethanol Explosion Suit Tossed

    Factory Mutual Insurance Co. on Monday asked a Nebraska federal judge to dismiss a construction company’s lawsuit claiming $4.6 million in damages from an accident at an ethanol plant, saying The Industrial Company Wyoming Inc. never had a policy with the insurer.

  • July 10, 2012

    State-Run Property Insurers Growing Rapidly, Report Says

    State-run property insurers of last resort provided a record high number of commercial and residential policies in 2011, exposing themselves to nearly $885 billion in losses even as many had limited abilities to raise rates, an Insurance Information Institute report revealed Monday.

  • July 10, 2012

    SAC Moves Into Reinsurance Realm With $500M In Capital

    Billionaire Steven A. Cohen, the founder of hedge fund giant SAC Capital Advisors LP, has started a reinsurance company with $500 million of contributed capital, according to a statement released Monday.

  • July 10, 2012

    Physicians To Pay $1.9M To Settle Insider Trading Claims

    The chairman of Michigan-based health care liability insurance provider American Physicians Capital Inc. and four other physicians have agreed to pay $1.9 million to settle insider trading allegations related to the company's $386 million acquisition by private insurer The Doctors Co., regulators said Tuesday.

  • July 9, 2012

    Fewer Texas Docs Than Ever Take Medicaid, Survey Shows

    As the Obama administration continues to push state Medicaid expansion, survey results released by the Texas Medical Association on Monday reveal that most Texas doctors are unwilling to accept new patients who rely on government-funded health care.

  • July 9, 2012

    WellPoint Grows Medicaid Biz With $5B Amerigroup Buy

    Indiana-based WellPoint Inc., one of the U.S.’ biggest health insurers, will dramatically expand its private Medicaid management business with the acquisition of rival Amerigroup Corp. in a deal valued at $4.9 billion, the companies announced Monday.

  • July 9, 2012

    State Insurance Law Doesn't Trump Int'l Pact, 4th Circ. Rules

    The Fourth Circuit ruled Monday that the McCarran-Ferguson Act, which puts insurance regulation largely in states' hands, doesn't preempt international treaties, forcing a welding equipment manufacturer to arbitrate in Sweden a multimillion dollar dispute with Zurich Insurance Co. over coverage of product liability suits.

  • July 9, 2012

    US Can't Escape $326M Suit Over Fire Started By Marine

    A California federal judge on Monday refused to dismiss a lawsuit against the U.S. government launched by Smithfield Foods Inc. and its insurers seeking to recover $326 million in losses caused by a fire at the company's Wisconsin pork processing plant.

  • July 9, 2012

    Texas Gov. Says No To Insurance Exchange, More Medicaid

    Texas Gov. Rick Perry said Monday that the state would not expand Medicaid or create a state insurance exchange as provided in the Patient Protection and Affordable Care Act, potentially inviting another battle with the federal government.

  • July 9, 2012

    Employers Will Rush To Comply With ACA Ruling, Report Says

    While most employers waited to take action on looming employer requirements under the Patient Protection and Affordable Care Act until the U.S. Supreme Court ruled on its constitutionality last month, only a minority will wait until after November elections, consulting firm Mercer LLC said Monday.

  • July 9, 2012

    Obama OKs 5-Year Extension Of Flood Insurance Program

    Insurance industry groups and realtors praised President Barack Obama on Friday for signing into law a five-year reauthorization of the National Flood Insurance Program, saying the measure implements much-needed reforms to the financially troubled program and brings stability to the real estate market.