Towers Watson & Co. v. National Union Fire Insurance Company
June 27, 2023
The first half of 2023 brought a blockbuster reversal for Towers Watson's insurers regarding a so-called bump-up exclusion's applicability, along with a policyholder win in Delaware that could shake up directors and officers coverage for special purpose acquisition companies and yet another Merck win in its long-running cyber coverage dispute. Here, Law360's Insurance Authority breaks down the most important specialty lines rulings so far this year.
June 06, 2023
The Fourth Circuit rejected Towers Watson's request Tuesday to rethink its decision that a bump-up exclusion under a directors and officers policy applies to the so-called reverse triangular merger between it and Willis Group Holdings PLC in 2016.
May 24, 2023
A merger of equals cannot constitute an acquisition under a directors and officers policy's so-called bump-up exclusion, Towers Watson told the Fourth Circuit, urging the court to rethink its decision paving the way for insurers to avoid covering a $90 million settlement resolving shareholder litigation over the company's merger with Willis.
May 09, 2023
The Fourth Circuit on Tuesday reversed a trial court decision forcing insurers for Towers Watson to cover settlements of shareholder suits stemming from the company's merger with Willis, saying the lower court improperly ruled that a "bump-up" exclusion didn't apply.
March 08, 2023
A Fourth Circuit panel seemed receptive Wednesday to the idea that Towers Watson's 2016 merger transaction with Willis counts as an acquisition for the purposes of triggering a policy exclusion in an $80 million insurance dispute, with one judge noting that's probably how an ordinary person would classify the deal.
March 01, 2023
In March, federal circuit courts will take on the constitutionality of the Consumer Product Safety Commission, wrestle with how to distinguish between mergers and acquisitions in an insurance policy dispute and again address whether delivery drivers are subject to the Federal Arbitration Act. Here, Law360 previews selected appellate arguments in the month ahead.
January 02, 2023
Federal appellate courts across the country are poised to weigh in on some of the thorniest issues in directors and officers coverage over the course of 2023, with opinions expected on whether government investigations count as securities claims, the so-called bump-up exclusion and a key False Claims Act dispute. Here, Law360 breaks down the top D&O insurance cases to watch this year.
May 31, 2022
Towers Watson urged the Fourth Circuit to uphold a ruling that insurers must cover it for settlements of shareholder lawsuits stemming from the company's merger with Willis, arguing Tuesday that a "bump-up" exclusion applies only to clear-cut acquisitions.
March 31, 2022
Insurers for Towers Watson urged the Fourth Circuit to reverse a trial court decision forcing them to cover settlements of shareholder suits stemming from the company's merger with Willis, saying the lower court improperly ruled that a "bump-up" exclusion didn't apply.