Insurance

  • April 17, 2006

    Report Shows Corporate Governance A Must

    Over the past three years, heightened corporate governance has become imperative for businesses worldwide, with companies beefing up internal controls not only in response to regulation but also to insure investor confidence, according to a soon-to-be released report by Institutional Shareholder Services.

  • April 12, 2006

    Congoleum Insurers' Examiner Request Denied

    Gilbert Heintz & Randolph LLP doesn’t deserve to be paid for its work in Congoleum Corp.'s asbestos-related bankruptcy case, but it won’t be put under a microscope either, a federal judge ruled on Wednesday.

  • April 11, 2006

    Pillsbury Winthrop Nabs AIG Attorney

    In a coup for the law firm Pillsbury Winthrop Shaw Pittman LLP, the senior vice president and general counsel to American International Group will leave the insurance giant to expand the firm’s regulatory practice for financial services clients.

  • April 11, 2006

    Congoleum Attorneys Appeal Disgorged Fees

    Gilbert Heintz & Randolph LLP, a former insurance counsel for Congoleum Corp. is appealing a bankruptcy court order that voided $13 million in attorney fees due to an alleged conflict of interest in the flooring company's asbestos-related Chapter 11 case.

  • April 7, 2006

    Antitrust Suit Alleges Massive Insurance Conspiracy

    A diverse group of plaintiffs, including Cingular Wireless, Tyson Foods Inc., and Unicom Corp., has filed a lawsuit against the biggest players in the insurance industry, accusing the companies of illegally conspiring to set prices.

  • April 6, 2006

    Court Endorses Congoleum Insurance Settlement

    In a much-needed boost to Congoleum Corp., a federal bankruptcy judge has approved the company’s $1.4-million settlement with Harper Insurance Ltd., aiding the floor manufacturer’s efforts to pay off thousands of claims over cancer-causing asbestos.

  • April 6, 2006

    AIG Unit Fined $1.1M By NASD Over Brokerage Mishaps

    Already on the chopping block for accounting problems, American International Group Inc. has taken another hit, with the National Association of Securities Dealers this week imposing more than $1.1 million in fines on the insurance giant’s American General Securities Inc. unit for directed brokerage violations.

  • April 3, 2006

    Calpine Seeks To Inject $35M Into Insurance Unit

    Beleaguered power producer Calpine Corp. has asked the bankruptcy court to authorize a $35-million payment to CPN Insurance Corp., fearing that its internal insurance company will slip into insolvency without the financial boost.

  • March 28, 2006

    Collins & Aikman To Use Insurance For Legal Costs

    Facing at least five lawsuits by shareholders who accuse current and former executives of Collins & Aikman of fraud, the struggling parts supplier company received permission Thursday from a federal bankruptcy judge to dip into its company insurance policy to pay for defense costs.

  • March 27, 2006

    Zurich Shells Out More In Bid-Rigging Settlement

    A week after one of its units settled bid-rigging charges for $171.7 million, Zurich Financial Services, Switzerland’s largest insurer, agreed on Monday to pay $153 million to resolve similar allegations by New York, Connecticut and Illinois.

  • March 23, 2006

    Former Financier Frankel To Spend 17 Years In Prison

    After drawn-out attempts to reduce a stiff jail sentence, a former financier convicted of stealing $200 million from insurance companies is once again facing nearly two decades in a federal prison.

  • March 21, 2006

    Lee Demands Refco Insurance Cover Legal Costs

    The financier who engineered bankrupt Refco Inc.'s initial public offering in 2005 has accused Refco's creditors of unfairly trying to block him from using the commodity brokerage giant’s insurance policies to pay his legal costs.

  • March 20, 2006

    Zurich American Settles In Bid-Rigging Dust-Up

    The Zurich American Insurance Company agreed to shell out $171.7 million as part of a settlement deal with Texas and a host of other states, putting an end to charges that it engaged in commercial insurance bid-rigging and price-fixing.

  • March 17, 2006

    Bondholders, Insurers Oppose Owens Corning Plan

    Following in the footsteps of shareholders, the bondholders and insurers of Owens Corning have taken aim at the company’s proposed Chapter 11 reorganization plan.

  • March 17, 2006

    Nortel To Settle Class Action Suits For $2.7B

    Ready to resolve two class action lawsuits that sprang from its accounting scandal, telecommunications supplier Nortel Networks Corp. announced Friday that its insurers will pay $228.5 million toward the settlements, raising the overall settlement total up to $2.7 billion.

  • March 15, 2006

    Northwest Bankruptcy Underscores Larger Pension Issues

    As the U.S. Department of Labor begins its investigation into Northwest Airlines’ pension plans, the controversy surrounding the bankrupt carrier’s alleged “systematic shortchanging” highlights a deeper problem: how to insure pension plans remain adequately funded in the face of financial difficulties.

  • March 14, 2006

    Insurance Giant Settles California Investigation

    Marsh & McLennan Cos., the globe’s biggest insurance brokerage, has reached a deal with California investigators concerning the company’s controversial commission practices and alleged fraudulent activity.

  • March 13, 2006

    Spitzer Finishing Up Talks In Bid-Rigging Suit

    New York State Attorney General Eliot Spitzer is apparently close to wrapping up discussions with U.S. and foreign insurers and brokers who have come under scrutiny during a two-year fraud and bid-rigging investigation.

  • March 9, 2006

    Congoleum Hopes Court Approves Insurance Settlement

    Congoleum Corp., the struggling flooring manufacturer, is hoping a bankruptcy court will sanction a huge insurance settlement designed to aid the company’s efforts to pay off the thousands of asbestos-related injury claims that drove the company to seek Chapter 11 protection.

  • March 8, 2006

    Refco Creditors Object To Bennett's Fee Bid

    The creditors committee of scandal-ridden Refco Inc. has asked a judge to reject a bid by former chief executive Phillip Bennett to pay for his own defense costs out of the pocket of the commodity broker's insurance company.