Insurance

  • February 6, 2009

    Zenith Board Member, Clintonite Picked To Lead CIA

    Former Clinton chief of staff and Iraq Study Group member Leon Panetta has been picked by the Obama administration to serve as the new director of the CIA, leaving his post as a board member of Zenith National Insurance Corp. to accept the nomination.

  • February 6, 2009

    American National Sues Over Lehman Losses

    American National Insurance Co. and certain of its affiliates have sued former Lehman Brothers Holdings Inc. officers, directors and underwriters over $21 million they lost as a result of the bankrupt investment bank's subprime exposure.

  • February 6, 2009

    Coverage Limits Fuel Push For Deals In Madoff Suits

    With litigation defense costs threatening to consume directors and officers and other insurance coverage limits for financial firms sued over losses in Bernard L. Madoff's alleged $50 billion Ponzi scheme, policyholders' attorneys have begun pushing for plaintiffs and defendants to enter into quick settlements in order to maximize payouts to aggrieved investors.

  • February 6, 2009

    Colo. May Outlaw Incentives For Denying Coverage

    A bill that would make it illegal for insurance companies to reward their workers for denying claims has passed through a Colorado Senate committee.

  • February 6, 2009

    AIG Bows Out Of Green Lobby Group Under Pressure

    Troubled insurer American International Group Inc. has pulled out of a lobbying group seeking to enact legislation to reduce greenhouse gas emissions after a member of the U.S. House of Representatives complained that bailout money fueled by taxpayers should not be spent on lobbying.

  • February 6, 2009

    Swiss Re Probed Over Fannie, Freddie Disclosure

    SIX Swiss Exchange Ltd. is looking into a possible violation of its rules by Swiss Reinsurance Co. Ltd., but Swiss Re said the investigation stemmed from disclosures it made back in July about risk exposure to Fannie Mae and Freddie Mac and that it was confident it did nothing wrong.

  • February 9, 2009

    NY Proposes Insurance Broker Disclosure Rule

    In a move toward ensuring complete transparency of broker-insurer relationships, New York Insurance Superintendent Eric Dinallo has issued proposed regulations that would require brokers to disclose in writing how much compensation they receive from insurers.

  • February 6, 2009

    ExIm, OPIC Ink Watershed Settlement

    In a landmark event for global warming litigation, two federal investment and insurance agencies have agreed to take greenhouse gas emissions into account before financing overseas energy projects, settling a long-running lawsuit by environmental groups and municipalities.

  • February 5, 2009

    Swiss Re Gets $3B Capital Boost From Warren Buffett

    Continuing his recent trend of investing in weakened companies, U.S. billionaire Warren Buffett has bolstered the troubled Swiss Re Group with a $2.6 billion investment just as the world's second-largest reinsurance company announced it was writing down twice that amount in toxic assets.

  • February 5, 2009

    Insurance Co. Sues Pepsi Over Taco Bell Fire

    The insurance company for a Taco Bell restaurant outside Cleveland that burned down in 2007 has sued PepsiCo Inc. and a maker of drink dispensers, claiming that a defective Pepsi soda fountain caused the fire.

  • February 5, 2009

    Insurer Sues Peanut Corp. Over Salmonella Coverage

    Hartford Casualty Insurer Co. has filed a lawsuit against the Peanut Corp. of America to determine whether its multimillion-dollar liability policy covers salmonella-related liability claims.

  • February 5, 2009

    FIC Bid To Deny Legal Coverage To Sammons Lives

    Sammons Financial Group Inc. has lost its attempt to dismiss a declaratory judgment lawsuit brought by Federal Insurance Co. stemming from a spat over whether FIC should cover the legal costs of three class actions, though Sammons did win a partial stay in the case.

  • February 4, 2009

    DC Circ. Expedites Challenge To SEC FIA Rule

    The federal appeals court overseeing several insurance companies' challenge to a U.S. Securities and Exchange Commission rule that treats fixed index annuities as securities has agreed to expedite its review of the matter, clearing the way for oral arguments to possibly take place in late April.

  • February 4, 2009

    Insurer Sues Developer Over Coverage In CWA Case

    Auto-Owners Insurance Co. has filed a lawsuit claiming it isn't required to defend a Georgia developer accused of committing environmental violations in the construction of a housing project in the Chattahoochee River basin.

  • February 4, 2009

    Reinsurer Off Hook In Hospital Malpractice Suit

    A Long Island, N.Y., hospital failed to give adequate notice when it applied for excess insurance coverage in a medical malpractice case dating back to 1983, an appeals court said Tuesday in affirming a lower court's October 2007 summary judgment ruling in favor of a reinsurer.

  • February 4, 2009

    Spirco Must Indemnify Surety Bond Issuer: 8th Circ.

    A federal appeals court has ruled that contractor Spirco Environmental Inc. must indemnify the Insurance Company of the State of Pennsylvania for the cost it incurred defending a claim against a surety bond it issued to Spirco, and that another insurer must, in turn, provide coverage to Spirco for this cost.

  • February 4, 2009

    Fridge Recycler Sues AIG Unit Over Defense Costs

    Jaco Environmental Inc. has sued American Specialty Lines Insurance Co., saying the insurer should pay the defense costs in a patent infringement suit brought by a rival against the refrigerator recycling company.

  • February 4, 2009

    Judge Orders XL Unit To Pay Trucking Co. Legal Fees

    A federal judge has ruled that a primary liability insurance provider and affiliate of XL Capital Ltd. breached its duty to defend a trucking company in a lawsuit and must reimburse more than $450,000 in legal fees paid by an excess insurer to Williams Kastner & Gibbs PLLC.

  • February 5, 2009

    State Insurance Regulators Enter CDS Oversight Fray

    With new regulation of credit default swaps seemingly a foregone conclusion, state regulators are making their case that the states should take the lead in overseeing the multitrillion-dollar market.

  • February 3, 2009

    Insurer Flooded With Counterclaims In BU Piping Suit

    The Trustees of Boston University have hit back at Travelers Property Casualty Co. of America over the insurer's bid to refuse coverage for a $6 million claim over a leaky biowaste removal system at the university's new infectious diseases laboratory because of an exemption for faulty design and workmanship in the project's policy.