PNC Bank Says Excess Insurers Must Pay $106M Jury Verdict
By Shane Dilworth (September 29, 2021, 3:58 PM EDT) -- PNC Bank said in a lawsuit filed Wednesday in Pennsylvania federal court that five excess insurers breached policies that require them to cover a $106 million verdict in a suit involving a Ponzi-like life insurance scheme.
The bank claims in its suit that the losses, which include $15 million in punitive damages, are covered under excess policies issued by Axis Insurance Co.; Arch Insurance Co., a Chubb unit; underwriters at Lloyd's of London; and Aspen Insurance UK Ltd.
The verdict at issue stemmed from a 2009 Missouri federal suit brought by the receivers for funeral contract seller National Prearranged Services Inc., or NPS,...
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