Insurance

  • June 11, 2012

    Ambassadors Execs Get Defense Coverage In DOJ Fight

    A federal judge on Friday allowed the former directors and officers of bankrupt cruise line operator Ambassadors International Inc. to receive legal costs incurred through a fight with the U.S. Department of Justice from National Union Fire Insurance Co. of Pittsburgh, Pa.

  • June 11, 2012

    UnitedHealth, Others To Keep Reforms Even If High Court Won't

    UnitedHealth Group Inc., the nation’s largest health insurer, promised Monday to preserve some patient protections even if the health reform law is struck down, prompting other large insurers like Aetna Inc. and Humana Inc. to quickly do the same.

  • June 8, 2012

    States' Insurance Dept. Budgets To Fall In 2013: Report

    As many states' insurance departments are finding themselves inadequately staffed, budgets for state insurance departments are expected to tumble in 2013, according to a report released Thursday by the National Association of Insurance Commissioners.

  • June 8, 2012

    Ambac Investor Asserts Right To Challenge $33M Settlement

    The Police and Fire Retirement System of the City of Detroit on Thursday fired back at bankrupt Ambac Financial Group Inc., countering the bond insurer’s argument that the pension fund can’t appeal a $33 million settlement because it has no financial stake in the outcome.

  • June 8, 2012

    Judge Orders BofA To Cough Up Liability Docs In MBIA Suit

    A New York state judge on Thursday ordered Bank of America Corp. to turn over documents about its loss reserves to MBIA Inc., which alleges the bank duped it into insuring shoddy mortgage-backed securities, and threatened the bank with sanctions over alleged discovery delays.

  • June 8, 2012

    NJ Court Denies Pollution Suit Coverage For Heating Oil Co.

    A New Jersey appeals court on Friday refused to revive a heating oil delivery company's suit for pollution litigation defense costs against a state guaranty entity for insolvent insurers, rejecting arguments that a lower court erred by looking beyond the face of the underlying complaint.

  • June 8, 2012

    Corning Win To Group Asbestos Claims May Help NY Insureds

    A New York appeals court refused Thursday to rule that each of the thousands of asbestos claims against Corning Inc. constituted a separate occurrence, a decision at least one lawyer says could save other policyholders from having to pay multiple deductibles.

  • June 8, 2012

    GOP Says Obama Aides Helped Run ACA Ad Campaigns

    U.S. House Republicans on Friday accused the Obama administration of partnering with the pharmaceutical industry to spend as much as $150 million on advertising in support of the health care reform law and manipulated other interest groups into backing the law.

  • 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.