Insurance

  • February 2, 2009

    Magistrate Presses Court To Keep Allstate Fraud Suit

    A magistrate judge has urged a federal court not to dismiss Allstate Insurance Co.'s claims that a bevy of chiropractors, telemarketers and personal injury attorneys in Texas, Ohio, Indiana and Alabama conspired to bill the insurer for unnecessary medical treatment in a $2 million scheme.

  • February 2, 2009

    Conwed Sues Excess Insurers Over Asbestos Claims

    Conwed Corp. has sued several providers of excess insurance coverage, including Allstate Insurance Co. and Travelers Insurance Co., seeking to hold them responsibile for its defense and indemnification in thousands of asbestos-related personal injury lawsuits.

  • February 2, 2009

    Market Timing Suits Preempted By SLUSA: 4th Circ.

    A federal appeals court has upheld the dismissal of four securities cases accusing insurers of negligently exposing certain types of annuity investments to market timing, thereby diluting their value.

  • February 2, 2009

    Mortgage Insurer Hit With Securities Class Action

    Shareholders of Triad Guaranty Inc. have filed a proposed class action against the mortgage insurer, alleging that the company misled its investors about poor financial results caused by improper underwriting practices.

  • February 3, 2009

    Insurer Must Cover Condo Damage: 5th Circ.

    Finding that two business risk exclusions did not apply, the U.S. Court of Appeals for the Fifth Circuit has affirmed a ruling for a condominium developer seeking coverage under a general liability insurance policy for damage caused by a contractor’s faulty work.

  • January 30, 2009

    Macy's, Insurer Battle Over Fla. Robbery Claim

    AIG subsidiary Illinois National Insurance Co. on Thursday fired back at Macy's, saying it is not required to defend the retail giant in a lawsuit stemming from a 2001 robbery and assault in a parking lot in Florida.

  • January 30, 2009

    Ore. Court Curbs State Bar Liability In Malpractice Suit

    Investors who received $300,000 to settle legal malpractice charges against one attorney from the Oregon State Bar's Professional Liability Fund aren't entitled to more insurance money for related claims against a second attorney, a state appellate court has ruled.

  • January 30, 2009

    Life Insurance Regulators Refuse To Ease Capital Rules

    State insurance regulators have voted against approving a request from life insurance companies to reduce current capital and reserve requirements, in spite of industry claims that the changes were needed in the wake of the financial crisis.

  • January 30, 2009

    2nd Circ. Considers DRA Termination Premiums

    The U.S. Court of Appeals for the Second Circuit heard arguments on Thursday over whether the Deficit Reduction Act of 2005 requires flatware maker Oneida Ltd. to pay the Pension Benefit Guaranty Corp. special premiums for the termination of its pension funds after emerging from bankruptcy.

  • January 30, 2009

    Excess Liability Not Automatically Renewed: NJ Court

    Leaving responsibility for part of a $2 million settlement potentially in dispute, the New Jersey Supreme Court has found that Evanston Insurance Co. was not required to automatically renew an excess liability policy issued to Piermount Iron Works Inc., even though the insurer failed to notify Piermount that it would be dropping coverage.

  • January 30, 2009

    Insurers Battle La. AG Over Hurricane Payouts

    Lawyers for a number of insurance giants have squared off in court against Louisiana Attorney General James D. “Buddy” Caldwell, hoping to derail a lawsuit he inherited from his predecessor that seeks to force the companies to pay more in connection with hurricanes Katrina and Rita.

  • January 30, 2009

    BASF Told To Pay Insurers $1.7M In Synthroid Suit

    A judge has ordered BASF AG to dole out approximately $1.7 million in court costs to insurers Federal Insurance Co., Great American Assurance Co. and Westchester Fire Insurance Co. after an appeals court found the insurers’ policies did not cover liability lawsuits related to thyroid drug Synthroid.

  • January 29, 2009

    Reinsurer Battle To Go On In Student Health Suit

    A federal judge has refused to dismiss in its entirety a suit brought by a company that sells health insurance to college students and its reinsurer against another reinsurer in a dispute over the payment of excess coverage claims.

  • January 29, 2009

    UK Seeks To Spark Competition In PPI Market

    The U.K.'s Competition Commission says many more consumer safeguards are needed to boost competition between suppliers in the payment protection insurance market.

  • January 29, 2009

    United's Insurers Fight $400M Settlement Coverage

    Two companies insuring UnitedHealth Group Inc. have asked to be released from paying any of the health insurance giant's $400 million in settlements over alleged out-of-network reimbursement rate manipulation, claiming they were left out of settlement negotiations.

  • January 29, 2009

    Liberty Mutual Must Cover Asbestos Suits: Wis. Court

    In a decision that could substantially affect insurance cases in the state, the Wisconsin Supreme Court has ruled that Liberty Mutual Group must provide full coverage for asbestos litigation involving Plastics Engineering Co., even though some of the asbestos exposure occurred in years when the materials company’s liability insurance barred such coverage.

  • January 29, 2009

    Merrill, BofA Added To Superdome ARS Insurance Suit

    The owners of the Superdome in New Orleans have added three Merrill Lynch entities and Bank of America Corp. to a complaint against Financial Guaranty Insurance Co. over a now “worthless” $13 million insurance policy they purchased to protect $238 million in auction rate securities issued to fund the renovation of the stadium.

  • January 29, 2009

    Judge Bars Heller From Buying Malpractice Insurance

    A bankruptcy judge has reportedly blocked Heller Ehrman LLP from buying a $3.5 million, three-year, $20 million tail legal malpractice insurance policy.

  • January 28, 2009

    Teen Deaths Not Single Occurence: Ill. High Court

    The highest court in Illinois has ruled that the deaths of two teenagers in an excavation pit were two incidents, rather than one, under an insurance policy, overturning an appellate court's decision and ensuring a higher payout for the estates of the teens.

  • January 28, 2009

    Creditors Balk At Heller Malpractice Insurance Bid

    The unsecured creditors committee for Heller Ehrman LLP has objected to the bankrupt firm's request to spend almost $3.5 million on a three-year, $20 million tail legal malpractice insurance policy, saying it would make more sense to pay such claims on a pro rata basis than to create a new preferred class of claims.