Gastar Says HCC, Axis Should Cover Mare Investment Suits

Law360, Houston (December 11, 2012, 9:29 PM EST) -- Gastar Exploration Ltd. asked a Texas appeals court Tuesday to revive its suit against subsidiaries of HCC Insurance Holdings Inc. and Axis Capital Holdings Ltd., arguing the insurers should have provided coverage for securities fraud suits involving investments in thoroughbred mares.

The oil and gas developer told a panel of the Fourteenth Court of Appeals that U.S. Specialty Insurance Co. and Axis Insurance Co. improperly denied coverage for seven lawsuits Gastar settled over an alleged mare-leasing scheme operated by parent company GeoStar Corp.

“All seven of...
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