Insurers Strike Back At MBIA's Complaint

Law360, New York (October 2, 2009, 6:54 PM EDT) -- Two insurance companies have moved for summary judgment in a coverage dispute with MBIA Inc., saying they should not have to indemnify the bond insurer for all costs related to regulatory investigations and shareholder actions that alleged concealment of massive losses.

Federal Insurance Co. and ACE American Insurance Co. – which sold policies to MBIA covering up to $30 million in defense costs – said Thursday that Federal had advanced $6.4 million to MBIA for full payments associated with a Securities and Exchange Commission investigation, shareholder...
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