ProCentury Drops Coverage Suit Over SEC Probe

Law360, New York (May 3, 2011, 5:54 PM EDT) -- Insurance holding company ProCentury Corp. on Tuesday dropped a suit in Michigan that sought to force Federal Insurance Co. to cover defense costs incurred during a securities investigation of ProCentury's financial statements.

U.S. District Judge George Caram Steeh signed off on the settlement without comment, ending ProCentury's claim that Federal owed $223,000 in defense attorneys' fees and costs stemming from the U.S. Securities and Exchange Commission investigation. Additional information on the deal was not immediately available Tuesday.

ProCentury filed its complaint a year ago, saying Federal...
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