Insurance

  • May 31, 2012

    Lexington Can't Dodge $1M Browne George Coverage Suit

    A California federal judge on Tuesday refused to let Lexington Insurance Co. off the hook in a $1 million breach of contract suit brought by Browne George Ross LLP seeking to recover legal fees the firm spent when Lexington failed to defend it against malpractice claims.

  • May 31, 2012

    OFT Seeks Probe Of UK Auto Insurance System

    Auto insurers in the U.K. face an antitrust probe in the wake of the Office of Fair Trading's announcement Thursday that “dysfunctional” competition in the industry may inflate driver premiums by £225 million ($347 million) each year.

  • May 31, 2012

    Banks Say MBIA's $5B Breakup Will Affect Homeowners

    Bank of America Corp. and Societe Generale SA told a New York state judge Thursday that their lawsuit over state regulators' 2009 approval of MBIA Inc.'s $5 billion restructuring will affect not only the banks, but everyone who has insurance policies.

  • May 31, 2012

    Lexington, Tokio Settle $7.4M Suit Over 9/11 Coverage

    Tokio Marine & Nichido Fire Insurance Co. Ltd. on Thursday settled a lawsuit by Lexington Insurance Co. that sought to recoup $7.4 million it paid under a settlement with the Port Authority of New York and New Jersey over damage from the World Trade Center attacks.

  • May 31, 2012

    Doubtful Judge Delays Class Cert. In AIG Wage Battle

    A California federal judge on Thursday questioned whether an insurance adjuster can pursue his wage lawsuit against American International Group Inc. as a class action, seeking further briefing on whether the case requires individual analyses of each putative class member’s employment status.

  • May 31, 2012

    Insurers Seek Further NFIP Reform Beyond Subsidy Cuts

    A 60-day extension to the National Flood Insurance Program that passed Congress on Wednesday scraps subsidized flood insurance rates for second and vacation homes, and more reforms to the program are likely to follow, according to industry groups.

  • May 31, 2012

    Prudential Shells Out $621M For Swiss Re's US Life Arm

    Top British insurer Prudential PLC has made a foray across the pond with a $621 million deal for the Swiss Re Group's U.S.-based life insurance unit, the parties announced Thursday.

  • May 31, 2012

    Zurich Still On Hook For Defense Costs In Asbestos Suits

    A Missouri federal judge on Wednesday refused to reconsider its decision that Zurich American Insurance Co. had a duty to defend U.S. Engineering Co. in suits over asbestos contamination at a courthouse, saying that an order adding an asbestos exception to the policy did not eliminate the duty to defend.

  • May 30, 2012

    NJ Dentists Allowed To Sue BCBS, United Over Back Charges

    A New Jersey appeals court ruled Wednesday that the New Jersey Dental Association indeed had standing to sue Horizon Blue Cross Blue Shield of New Jersey and UnitedHealthcare Insurance Co. to stop them from back charging out-of-network dentists for mistaken overpayments.

  • May 30, 2012

    Calif. Senate OKs Bill Gauging Financial Threats To Insurers

    The California Senate on Tuesday approved a bill that would hand the state's insurance commissioner new powers to evaluate financial risks posed to insurance companies by their noninsurance affiliates.

  • May 30, 2012

    Blue Cross Mich. Can't Score DOJ Interviews In Antitrust Suit

    A federal judge on Wednesday said Blue Cross Blue Shield of Michigan can’t see information the government collected in interviews with competitors and customers before it filed an antitrust suit over most-favored-nation clauses in the health insurance company's contracts with hospitals.

  • May 30, 2012

    DC Circ. Tells Armey To Take Up Medicare Beef With Insurer

    The D.C. Circuit on Wednesday refused to rehear former U.S. House Majority Leader Dick Armey's suit seeking the ability to disclaim entitlement to Medicare Part A in order to get better hospital coverage from a private insurer, saying the issue could be resolved only by the insurer, not the court.

  • May 30, 2012

    AIG's $350M CDO Suit Against Moore, ICP Will Proceed

    A New York state judge on Wednesday kept alive an American International Group Inc. affiliate's fraud-related claims against a hedge fund and an investment adviser who allegedly rigged a complex securities transaction to put AIG on the hook for $350 million.

  • May 30, 2012

    Insurer Says Citgo Not Entitled To Pollution Defense Coverage

    Westchester Fire Insurance Co. on Friday told a Texas judge it was not obligated to reimburse Citgo Petroleum Corp. for $26 million in legal fees it incurred defending lawsuits that accuse the oil industry of contaminating the nation’s water supply.

  • May 30, 2012

    NY Bill Would Make Carriers Disclose Insurance Commissions

    The New York State Senate on Wednesday passed a bipartisan bill to require mobile phone retailers to disclose to consumers whether salespeople are paid a commission when they sell wireless communications insurance policies to accompany the often-pricey devices.

  • May 30, 2012

    Insurer Must Face $31.6M Madoff Claims In Bankruptcy Court

    A bankruptcy court has jurisdiction to decide whether Connecticut General Life Insurance Co. controlled $31.6 million in fraudulent transfers from Bernard L. Madoff's collapsed firm, a New York federal judge said Tuesday, ruling against the insurer.

  • May 30, 2012

    NY Rep Calls For End To Force-Placed Insurance 'Kickbacks'

    Democratic New York Assemblywoman Barbara Clark on Tuesday introduced a bill that would bar mortgage servicers from taking "kickbacks" for providing force-placed insurance business.

  • May 30, 2012

    Frank Floats Bill To Deny Clawback Coverage For Execs

    Rep. Barney Frank, D-Mass., introduced legislation Wednesday that would bar financial firm executives from buying insurance to protect themselves from civil penalties and compensation clawbacks imposed by regulators for risky behavior, a key prong of the financial reform law he co-authored.

  • May 30, 2012

    Homeland Insurance Sues To Dodge Software Cos.' IP Battle

    Homeland Insurance Co. of New York on Tuesday asked a federal judge to find it has no responsibility to defend RealPage Inc. in a lawsuit the property management software company is facing from a rival over allegedly stolen trade secrets.

  • May 30, 2012

    Kat Von D Sparked $1M House Fire, State Farm Claims

    Tattoo artist and reality TV star Kat Von D negligently started a fire in her Los Angeles home and forced State Farm General Insurance Co. to pay out nearly $1 million in claims, the insurer said Tuesday in a lawsuit in California state court.