Travelers Accuses XL Of Raiding Yacht Insurance Business

Law360, New York (October 3, 2012, 2:23 PM EDT) -- The Travelers Cos. Inc. says rival insurer XL America Inc. orchestrated a mass employee defection and data theft, going so far as to loot Travelers rate formulas from company spreadsheets, in order to create its own luxury yacht insurance division, according to a complaint filed in New York on Monday.

Travelers claims XL hired away Richard DeSimone, the president of Traveler's ocean marine business, in order to head its own newly created luxury yacht insurance division, and that DeSimone not only breached a nonsolicitation agreement in...
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