Insurance

  • April 9, 2012

    Insurer Claims No Duty To R&D Coal For Miner's Death

    The James River Insurance Co. hit R&D Mining Coal Co. with a lawsuit in Pennsylvania federal court Friday, saying it has no duty to indemnify R&D against a suit stemming from a methane explosion that killed a miner.

  • April 9, 2012

    Title Insurers, Stewart Wrap Up Wind Farm Policy Fight

    A pair of land title insurers said Friday they had settled claims that Stewart Title Insurance Co. stole a prospective client by offering an illegally low rate on a $244 million policy to insure land leases for wind turbine construction.

  • April 9, 2012

    Illinois National Appeals $2M Excess Trigger To 5th Circ.

    Illinois National Insurance Co. on Monday filed in the Fifth Circuit a notice of appeal of a finding that its excess policy kicks in after another insurer spends $2 million to settle suits alleging their insured's faulty highway construction caused car accidents.

  • April 9, 2012

    Delphi Pays $49M To Settle Investor Suit Over Buyout

    Delphi Financial Group Inc. on Monday agreed to pay $49 million to settle a consolidated shareholder class action in Delaware over Tokio Marine Holdings Inc.'s proposed $2.7 billion buyout of the insurance company.

  • April 9, 2012

    No Harm Done In Payout Suit, Prudential Tells 7th Circ.

    The Prudential Insurance Co. of America told the Seventh Circuit on Monday that a putative class action plaintiff hasn’t claimed an injury in her suit alleging Prudential invested life insurance payouts without proper disclosures, as the plaintiff fought to have the suit revived.

  • April 9, 2012

    MBIA Hid 'Very Dark' Loss Projections, Banks Say

    MBIA Inc. hid “very dark” loss projections over mortgage-backed securities from New York insurance regulators before getting approval for its 2009 restructuring, a group of banks suing the bond insurer said in court documents filed publicly Monday.

  • April 9, 2012

    Drummond's Coke Pollution Coverage Claims Trimmed

    An Alabama federal judge on Thursday cut some of mining giant Drummond Co. Inc.’s counterclaims in a battle with insurers who have largely refused to cover the costs of litigation over pollution from the company’s coke production operations.

  • April 9, 2012

    Reinsurers Deny Role In Alleged HSBC Kickback Scheme

    Four mortgage insurers urged a California federal judge on Friday to drop them from a proposed class action alleging they took part in a kickback scheme with HSBC USA Inc.'s reinsurance unit, saying they never handled the lead plaintiff’s loan.

  • April 6, 2012

    Judge Won't Delay IndyMac Exec's Deposition On Bad Loans

    A California federal judge on Friday refused to delay the deposition of the former president and CEO of IndyMac Bancorp Inc.'s homebuilder division, one of several executives being accused by the Federal Deposit Insurance Corp. of contributing to IndyMac's downfall by negligently approving dozens of bad commercial loans.

  • April 6, 2012

    Rothstein Fund Trustee, Insurers Want Hand In Deposition

    The trustee of a bankrupt feeder fund involved in Scott Rothstein’s $1.2 billion Ponzi scheme and several insurance companies asked for court clearance Thursday to take part in an upcoming deposition of the jailed former attorney.

  • April 6, 2012

    Fifth Third, BofA Got Reinsurance Kickbacks, Suits Say

    Fifth Third Bank NA was hit with a putative class action Friday alleging it reaped millions of dollars in illegal referrals from private mortgage insurers, one day after homeowners brought similar kickback claims against fellow lending giant Bank of America NA.

  • April 6, 2012

    Treasury Freezes CEOs' Pay At Bailed-Out AIG, GM, Ally

    The U.S. Treasury Department on Friday said the chief executives at American International Group Inc., Ally Financial Inc. and General Motors Co., the only three companies that have yet to repay government bailout funds, would not see a raise this year.

  • April 6, 2012

    FINRA Sues Insurer Over Costs Of Ex-Director's Bias Suit

    The Financial Industry Regulatory Authority has sued Axis Insurance Co. for allegedly refusing to cover the regulator's defense in an ex-director's employment discrimination suit, according to a notice of removal filed Thursday.

  • April 6, 2012

    Court Limits XL's Liability For Fiserv Home Appraisals

    A New York state appeals court on Thursday said XL Specialty Insurance Co. can strictly interpret its policies so that mortgage lenders using Fiserv Solutions Inc.'s computerized appraisal programs are constrained in their ability to file successful claims over inaccurate appraisals.

  • April 6, 2012

    BofA Again Fails To Combine Insurers' MBS Claims

    A New York state appeals court refused Thursday to spin off four bond insurers' claims over mortgage-backed securities they backed against Countrywide Home Loans Inc. from its parent Bank of America Corp., dealing the bank another defeat in the sprawling litigation.

  • April 6, 2012

    Zurich American Hit With Suit Over Contract Liability

    Zurich American Insurance Co. on Friday removed to a Florida federal court a complaint alleging it breached an insurance contract and thus exposed general contractor Diaz/Fritz Group to millions of dollars in liability over a hospital contract.

  • April 6, 2012

    MF Global Clients Sue MFG Over $120M Policy Proceeds

    MFG Assurance Co. Ltd. was hit with a putative class action Thursday in New York by MF Global Inc. account holders who seek a ruling that they have a priority claim to $120 million available under errors and omissions policies from the insurer affiliate.

  • April 5, 2012

    Zurich Says Atlantic City Resort Is Hiding Its Value

    Zurich American Insurance Co. on Wednesday sued Atlantic City's Borgata Hotel, Casino & Spa, accusing the owners of flouting the terms of an insurance policy by refusing to report the value of a new resort.

  • April 5, 2012

    Insurer Seeks To Avoid WTC Asbestos Claims

    American Home Assurance Co. on Wednesday sued the Port Authority of New York and New Jersey and several contractors who helped build the World Trade Center, claiming the insurer has no duty to indemnify thousands of asbestos-related personal injury claims against the defendants.

  • April 5, 2012

    Force-Placed Policies Likely Gouge Homeowners, NY Says

    New York's Department of Financial Services said Thursday that insurers owned by three multibillion-dollar conglomerates are likely charging homeowners too-steep rates for required policies and that some could be sending those profits back to the banks that issue home loans.