Insurance

  • March 13, 2013

    Blue Cross Agrees To Refund $4M In Statement Fees

    A California judge on Tuesday approved a settlement of a class action alleging Anthem Blue Cross charged an unlawful fee for paper statements that will provide $4.2 million in refunds to policyholders and another $20 million in savings.

  • March 13, 2013

    Insurers Can Nix Awards Without Seeking Trial, NJ Panel Says

    A New Jersey appeals court ruled Wednesday that insurance carriers do not have to explicitly demand a trial to nullify an arbitration award for uninsured motorist coverage, handing 21st Century Insurance Co. a win in a suit seeking to enforce an award against it.

  • March 13, 2013

    Q&A With Robins Kaplan's William Erickson

    In property insurance, the reference and appraisal process could benefit from clearer guidelines regarding the appraisal procedure. Uniform protocols are clearly delineating, and procedure and the power of the appraisal panel would save significant time and money for insureds and insurers, says William Erickson, chairman of the insurance group at Robins Kaplan Miller & Ciresi LLP.

  • March 12, 2013

    Texas Lawmakers Rip Bill To Shorten Insurance Claim Limits

    A Texas bill that would allow insurance companies to set a one-year deadline for policyholders to file claims and lawsuits got an icy reception at a Senate hearing on Tuesday, as lawmakers questioned whether it would protect insurers at the expense of average citizens.

  • March 12, 2013

    Sandy Insurance Bill A Gift For Plaintiffs Bar

    New York lawmakers are considering handing new legal powers to policyholders impacted by disasters such as Superstorm Sandy so they can score punitive damages and attorneys' fees from insurers that unfairly handle claims, but critics of the move say it's more likely to profit plaintiffs attorneys than help out storm victims.

  • March 12, 2013

    MBIA, Countrywide Debate $4B MBS Loss In NY Appeals Court

    MBIA Inc. can't make Bank of America Corp.'s Countrywide Financial Corp. repay MBIA the billions of dollars it's paid in claims to Countrywide mortgage-backed securities investors because the bond insurer's only option is to have the problem loans repurchased, a Countrywide attorney told a New York state appeals court Tuesday.

  • March 12, 2013

    Carolina Casualty Can't Dodge FCA Coverage

    A Washington federal judge refused Monday to let Carolina Casualty Insurance Co. off the hook for defense of False Claims Act allegations brought against a biopharmaceutical company, saying the claims are sufficiently related to an employment discrimination accusation brought within the policy period.

  • March 12, 2013

    Starr Wants AIG Forced Into $55.5B Bailout Suit Against US

    Starr International Co. on Monday asked a federal judge to force American International Group Inc. to join its now $55.5 billion suit against the U.S. government over AIG’s bailout, claiming the company was intimidated by the government into not joining.

  • March 12, 2013

    4 States To Work With Gov't On Federally Run ACA Exchanges

    The U.S. Department of Health and Human Services last week approved four states to certify qualified health plans for their federally run Affordable Care Act exchanges — a role similar to that of the states taking on official partnership exchanges. 

  • March 12, 2013

    RBS To Reap $718M Through Direct Line Unit Stake Sale

    The Royal Bank of Scotland Group PLC plans to reduce its stake in Direct Line Insurance Group PLC below 50 percent through a rights offering that could raise at least $718 million, the U.K. bank said in a regulatory filing Tuesday.

  • March 12, 2013

    Insurers Can't Nix Convergys Call-Recording Defense Suit

    An Ohio federal judge on Tuesday refused to toss customer services provider Convergys Corp.'s suit against seven insurance companies demanding coverage for a pair of underlying class actions accusing Convergys of illegally recording phone calls, finding that the company has shown that its claims are plausible.

  • March 12, 2013

    Excess Insurers Can Proceed In Ritz Katrina Coverage Row

    A Louisiana federal judge on Monday refused to grant Ace American Insurance Co. summary judgment in a coverage dispute over $3.2 million in damage a Ritz-Carlton Hotel allegedly suffered in Hurricane Katrina, saying the hotel owner's excess insurers could pursue the case as plaintiffs.

  • March 12, 2013

    Pella Puts Up $90M To Settle Window Defect Class Action

    Pella Corp. and class members in a lawsuit alleging that defects in the company’s windows caused extensive property damage asked a federal judge on Monday to approve a settlement that Pella said is worth more than $90 million.

  • March 12, 2013

    Insurers Want Trade Deal To Target State-Backed Players

    A new agreement for international trade in services should create a more level playing field for the many U.S. insurers that have lately faced stiff competition from state-owned insurance companies abroad, the American Insurance Association told the U.S. Trade Representative on Tuesday.

  • March 12, 2013

    Q&A With Gibbons' John Wolak

    Several cases in the recent past have highlighted the need for clarifying policy language relating to the scope of coverage available for additional insureds under general liability policies. Requiring additional insured status is one of the most common risk transfer tools used in business today, says John Wolak, leader of the insurance and reinsurance team at Gibbons PC.

  • March 12, 2013

    Deals Rumor Mill: KKR, Carlyle, Lenovo

    KKR is deciding whether to tackle a $12.5 billion takeover of Life Technologies Corp. while Lenovo's CEO sent BlackBerry shares soaring when he revealed he might be interested in a buyout of the smartphone maker.

  • March 11, 2013

    AIG Wins State Venue For Asbestos Reinsurance Fight

    Deciding an issue of first impression Monday, a New York federal judge kicked to state court an American International Group Inc. company's suit against TIG Insurance Co. over an asbestos settlement, holding that insurers can pick where to fight as long as one of the reinsurance contracts involved gives them that power.

  • March 11, 2013

    AIG Shareholders Win Class Cert. In Starr's $25B Bailout Suit

    A U.S. Court of Federal Claims judge on Monday granted class certification to two classes in Starr International Co. Inc.'s $25 billion shareholder lawsuit over the 2008 bailout of American International Group Inc., ruling potential class members had enough in common to justify class claims.

  • March 12, 2013

    CORRECTED: Insurer Says Cracked Security System Led To $80M Lilly Theft

    An insurer for Eli Lilly & Co. sued Tyco International Ltd. Co.'s security services unit in Connecticut federal court Monday, blaming a compromised security system for the 2010 theft of approximately $80 million in pharmaceuticals from Lilly's Connecticut distribution facility. (Correction: A previous version of this story incorrectly stated that Eli Lilly & Co. was a plaintiff in this case. The error has been corrected.)

  • March 11, 2013

    Weyerhaeuser Seeks Defense Coverage Of 130 Asbestos Suits

    An exasperated Weyerhaeuser Co. sued two insurers Monday, demanding coverage under policies spanning nearly three decades for about 130 pending asbestos suits and all future asbestos injury claims stemming from the timber company's old shipping operations.