XL, Ace Off The Hook For $850M Seroquel Defense Costs

Law360, New York (March 4, 2013, 5:29 PM EST) -- XL Insurance Ltd. and Ace Insurance Ltd. on Thursday won a preliminary battle in their fight with AstraZeneca PLC over $850 million in coverage for Seroquel litigation when a U.K. judge said an insured is entitled to indemnification and defense costs only when it demonstrates there was actual liability.

AstraZeneca’s captive insurer AstraZeneca Insurance Co. Ltd. is suing its reinsurers XL and Ace for defense and indemnification costs resulting from cases in the United States that have resulted in $786 million in attorneys' fees and $63.7...
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