Insurance

  • May 14, 2009

    Insurers Can't Be Regulated Like Banks: Experts

    Insurance industry experts cautioned members of Congress on Thursday to tread carefully when it comes to crafting new regulations for the insurance industry and avoid weighing the industry down with rules more broadly aimed at financial services firms.

  • May 8, 2009

    PXRE Seeks To Toss Funds' Suit Over Katrina Losses

    Reinsurer PXRE Group Ltd. and three of its executives have moved to dismiss a lawsuit by a group of hedge funds alleging the company underreported its losses after Hurricane Katrina to avoid having its credit rating downgraded.

  • May 8, 2009

    DC Circ. Weighs SEC Annuity Rule In Insurers' Suit

    A federal appeals court heard arguments Friday in a case alleging that the U.S. Securities and Exchange Commission did not follow proper procedure when it adopted a new rule that classified fixed indexed annuities as securities, subjecting them to federal regulation.

  • May 8, 2009

    $30M From Insurers Settles ACS Derivative Suits

    A federal judge has preliminarily approved a $30 million payment to Affiliated Computer Services Inc. from its insurers, settling shareholder derivative litigation against the former board of ACS over stock options backdating.

  • May 8, 2009

    Federal Judge Laments Condition Of Class Action

    In a recent article on the efficacy of mass tort litigation, an eminent federal judge considered the utility of a class action model that has evolved into an administrative rather than adjudicative process, with lamentable results.

  • May 7, 2009

    Builder-Insurer Settlement Dispute Remanded

    A settlement agreement between Amica Mutual Insurance Co. and Connecticut homebuilder P.M. Pearson Inc. did not constitute a “meeting of the minds,” a state appeals court has ruled in remanding the disputed deal to a trial court.

  • May 7, 2009

    Insurers' Contract With ACE Not Valid: Ohio High Court

    The Supreme Court of Ohio has found that three title insurance companies may not bring fiduciary duty and breach of contract-related claims against ACE Capital Title Reinsurance Co. in a suit claiming the reinsurer reneged on a joint venture agreement to create a new title insurance entity.

  • May 7, 2009

    Hurricane Suit Against Insurer Not Untimely: Judge

    A federal judge has dismissed Lexington Insurance Co.'s motion to toss a lawsuit brought by a Florida golf course that suffered damage from Hurricane Wilma, finding that the insurer's claim that the suit was untimely did not hold up under state law.

  • May 7, 2009

    9th Circ. Trims Benefits Claims In Trucking Co. Ch. 11

    A federal appeals court has ruled that benefits for retirees of bankrupt Consolidated Freightways Corp. can't be considered in determining priority claims for contributions to a health insurance plan administered by Aetna Inc.

  • May 7, 2009

    Swiss Re Suit Over Indemity Remanded

    Swiss Reinsurance America Corp. may still be able to recover from PEC Contracting Engineers funds it lost in reinsuring an indemnification agreement, now that a federal appeals court has remanded a dispute over the arrangement.

  • May 8, 2009

    Insurer Not Off Hook In Mercury Spill Cleanup Suit

    A federal court has refused to dismiss a suit against Greenwich Insurance Co. brought by a real estate company seeking coverage for cleanup of mercury contamination at a building in Manhattan.

  • May 6, 2009

    $17M Auto Repair Verdict Against Insurer Reinstated

    A Missouri appeals court has reinstated a more than $17 million verdict against American Family Mutual Insurance Co. in a class action alleging the insurer wrongly paid for auto repairs based on the cost of aftermarket parts.

  • May 6, 2009

    Ambac Sues JPMorgan For $1B Over Subprime Crisis

    An Ambac Financial Group Inc. subsidiary is reportedly seeking $1 billion in damages from JPMorgan Chase & Co., claiming the firm made improper investments in subprime and residential mortgage-backed securities.

  • May 6, 2009

    Insurer Off Hook For Wage Case Defense: Judge

    State wage assessments and costs associated with defending against a wage class action that together exceed $500,000 do not constitute a loss under a California-based contractor's directors and officers insurance policy, a federal judge has ruled.

  • May 6, 2009

    Insurer Adds Claims To Rohm And Haas Indemnity Suit

    Utica Mutual Insurance Co. has added claims to its lawsuit seeking judgment that it doesn't have to indemnify Rohm and Haas Co. and Morton International Inc. in four groups of lawsuits related to allegations of exposure to toxic materials and the cleanup of a contaminated landfill.

  • May 6, 2009

    Marsh To Pay $2.4M To Settle Conn. Kickback Claims

    Connecticut Attorney General Richard Blumenthal has reached a $2.4 million settlement with insurance broker Marsh & McLennan Cos., marking the latest deal in the state's long-running probe into antitrust violations in the insurance industry.

  • May 7, 2009

    1st Circ. Orders Review Of ERISA Case V. Liberty Life

    A federal appeals court has asked a lower court to revisit a lawsuit against Liberty Life Assurance Co. of Boston over its denial of Employee Retirement Income Security Act benefits claims, in light of a recent U.S. Supreme Court decision.

  • May 5, 2009

    Federal Insurance, Port Authority Settle WTC Fight

    In one of a slew of liability cases arising from the Sept. 11 terrorist attacks, Federal Insurance Co. and the Port Authority of New York and New Jersey have agreed to settle a long-running dispute over insurance coverage for the destruction of the World Trade Center.

  • May 5, 2009

    Clifford Chance Lawyers Form New Firm

    A team of lawyers formerly with Clifford Chance LLP have struck out on their own, creating Chaffetz Lindsey LLP, a small, New York-based firm specializing in international arbitration, reinsurance and commercial litigation.

  • May 5, 2009

    EU Council Gives Formal Nod To Insurance Overhaul

    After months of intensive negotiations, the European Union’s Economic and Financial Affairs Council on Tuesday formally approved a system to modernize insurance regulation, increase competition in the industry and enhance policyholder protection throughout the EU.