Insurer Beats Investment Firm In XL Group Coverage Row
Law360 (March 4, 2019, 7:22 PM EST) -- A Utah federal judge on Friday granted summary judgment to the only insurance company in the XL Group still fending off claims in Allegis Investment Services' suit seeking coverage for investor claims it's facing, finding the trades that got Allegis in trouble were not covered under its insurance policy.
U.S. District Judge Dale A. Kimball said the policy offered by Indian Harbor Insurance Co. included an options trading exclusion that precluded coverage for high-risk trades such as the one Allegis executed in August 2015, which resulted in $38.6 million in investor losses.
The numerous investor claims filed against Allegis in the...
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