Insurer Denies Liability In FDIC Suit Over R-G Premier Collapse

Law360, New York (September 12, 2013, 5:50 PM EDT) -- XL Specialty Insurance Co. told a Puerto Rican federal judge on Tuesday that it’s not liable for covering a $417 million lawsuit alleging 19 former directors and officers of Puerto Rico's R-G Premier Bank helped precipitate one of the largest bank failures in the island's history.

XL filed a motion for partial summary judgment in the Federal Deposit Insurance Corp.’s suit against the R-G directors and officers, saying a prior acts exclusion in a policy it issued to the bank precludes coverage for any lawsuit based...
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