Insurance

  • September 16, 2011

    Transatlantic Calls Off Allied Deal, Replaces CEO

    Faced with opposition from a powerful shareholder, an attack on its board and competing bids, Transatlantic Holdings Inc. on Friday called off its planned $3 billion stock-for-stock merger with fellow reinsurer Allied World Assurance Co. and replaced its CEO.

  • September 15, 2011

    AIG Unit Ducks Coverage For U-Haul Trailer Collisions

    An American International Group Inc. unit on Thursday won its bid to avoid covering U-Haul International Inc. in suits blaming U-Haul trailers for fatal collisions, with an Arizona federal judge finding no evidence that the insurer had acted unfairly.

  • September 15, 2011

    Judge Guts Jilted Allstate Agent's $15M Contract Suit

    A Pennsylvania federal judge on Thursday dismissed most of a former Allstate Corp. agent's suit alleging the insurer terminated his agency contract in order to absorb his business portfolio, leaving only allegations regarding Allstate's efforts to enter him into the agreement.

  • September 15, 2011

    GIT Asks Supreme Court To Weigh Ch. 11 Challenge

    Global Industries Technologies Inc. last month asked the U.S. Supreme Court to rule on whether its insurers were entitled to challenge the handling of asbestos- and silica-related claims in its bankruptcy plan, following a precedential ruling by the Third Circuit.

  • September 15, 2011

    Bank Wants Chubb Unit To Cover Koss Embezzlement Suit

    A Wisconsin bank slapped a Chubb Corp. unit with a lawsuit Thursday seeking coverage for litigation brought against the bank by Koss Corp. over $17.4 million a now-imprisoned former Koss executive embezzled from the company's accounts.

  • September 15, 2011

    Insurer Beats Supervalu's Bid For Antitrust Defense Costs

    A New York federal judge on Thursday dismissed Supervalu Inc.'s suit against National Union Fire Insurance Co. of Pittsburgh, Pa., saying the insurer was not liable for defense costs in a proposed class action alleging the grocery chain conspired to inflate prices.

  • September 14, 2011

    Omnium Seeks Repayment Of $60M In Oil Rig Coverage

    Omnium Insurance and Reinsurance Co. Ltd. sued five insurers in New York state court Wednesday, seeking repayment of $60 million in total loss coverage from a 2009 vessel collision with Norway's 230,000-barrel-a-day Ekofisk oil complex in the North Sea.

  • September 14, 2011

    Conseco Takes $1.9M Atty Fee Award Up With 9th Circ.

    Conseco Life Insurance Co. on Wednesday filed an appeal with the Ninth Circuit over a $1.9 million attorneys' fee award in a policyholder class action, following a California federal court's judgment that its planned rate hikes for life insurance policies were unlawful.

  • September 14, 2011

    Princeton, Converium End Workers’ Comp Coverage Suit

    A New Jersey federal judge on Wednesday dismissed Princeton Insurance Co.'s suit against Converium Reinsurance North America Inc. over a workers’ compensation and employers’ liability reinsurance treaty after the companies reached a settlement.

  • September 14, 2011

    SAC Capital, Founder Dropped From $8B Fairfax Suit

    A New Jersey judge on Monday dismissed SAC Capital Advisors LP and its founder Steven A. Cohen from an $8 billion suit brought by Fairfax Financial Holdings Ltd. that accused the hedge fund of a disinformation campaign to artificially lower Fairfax's share price.

  • September 14, 2011

    Senate Panel Urged To Boost Insurer Transparency

    An insurance expert on Wednesday told a U.S. Senate panel weighing new insurance regulation issues that most states had done a “remarkably poor job” of promoting transparent markets that would help consumers make informed decisions and let watchdogs identify problems.

  • September 14, 2011

    Validus Targets Transatlantic Board In $3.2B Hostile Bid

    Validus Holdings Ltd. upped the ante Wednesday on Transatlantic Holdings Inc., a rival it is targeting for a $3.2 billion cash-and-stock takeover, telling U.S. regulators it will try to replace the reinsurer's seven-member board and install three candidates.

  • September 13, 2011

    Investors Seek To Keep E&Y, KPMG In Madoff Suit

    Victims of Bernard L. Madoff's billion-dollar Ponzi scheme sought Monday to keep auditors Ernst & Young and KPMG LLP on the hook for some of their losses, opting to appeal a lower court's decision to dismiss the firms from the securities class action.

  • September 13, 2011

    Judge Won't Let Insurers Off Hook For Drywall Claims

    A Florida federal judge on Tuesday refused to issue summary judgment for two insurers claiming they don't owe subcontractors coverage for claims arising from allegedly defective Chinese drywall, saying he still needed to determine which state law controlled the dispute.

  • September 13, 2011

    DOMA Doesn't Alter Cozen Atty Benefits Fight: Partner

    The same-sex partner of a deceased Cozen O'Connor PC insurance attorney asked a Pennsylvania federal court Monday to reject a claim from the attorney's parents for their daughter's death benefits, pushing the court to nix their attempt to wield the Defense of Marriage Act.

  • September 13, 2011

    Mitsui Dodges Duke Hospital Contamination Suit Coverage

    A federal judge ruled Tuesday that Mitsui Sumitomo Insurance Co. of America did not have to further indemnify Automatic Elevator Co. in Duke University Health System's negligence and breach of contract suit over elevator lubricant that was accidentally used to clean surgical instruments.

  • September 13, 2011

    Another Judge Finds Health Law Mandate Unconstitutional

    A Pennsylvania federal judge ruled on Tuesday that a mandate in the controversial federal health care reform law requiring individuals to buy health insurance is an unconstitutional inflation of Congress' authority under the commerce clause.

  • September 13, 2011

    Foley Adds Insurance Litigator From Ropes & Gray

    Foley & Lardner LLP said Monday it had snagged an insurance litigation pro with a knack for representing clients in environmental coverage disputes and data breach matters from Ropes & Gray LLP, expanding the firm's Boston office.

  • September 13, 2011

    FDIC Atty Heads To NCUA As Deputy General Counsel

    The National Credit Union Administration said Monday it had recruited a Federal Deposit Insurance Corp. attorney to become its new deputy general counsel.

  • September 12, 2011

    Fla. Drywall Plaintiffs Can Sue Individually: Judge

    Some plaintiffs in multidistrict litigation in federal court over defective Chinese drywall can opt out of a $55 million settlement and bring individual suits against a Miami-based drywall supplier in state court, a Florida state judge ruled Friday.