Arch Seeks $17M From Axiom Over Soured Underwriting Deal

Law360, New York (February 21, 2012, 5:01 PM EST) -- Arch Specialty Insurance Co. accused underwriter Axiom Insurance Managers Agency LLC in New York federal court on Friday of breaking an agreement by charging too little to cover policies' actual risks, and seeks at least $17.2 million in damages.

The suit centers on a producer agreement between the companies that called for Axiom to underwrite excess and surplus lines insurance policies and provide other services for certain hospitality and entertainment businesses.

From Feb. 25, 2008, to July 25, 2009, Illinois-based Axiom underwrote 1,004 separate policies and...
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