Legal
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The funding practice has led to a dramatic increase in claims amount, which in turn pushes up rates.
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BOC is believed to be the first lessor to publicly disclose a settlement with its (re)insurers.
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Insurers claim that damage from the “detonation of an explosive” is also excluded.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The six execs left Acrisure for rival broker Woodruff Sawyer in March.
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The judge said the lessors “are very unlikely to obtain a fair trial in Russia”.
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The narrative of competition between the two hubs can hold space for benefits.
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The agency will track the potential impact of the lawsuit on James River’s ratings.
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Nord Stream has named Lloyd’s Insurance Company and Arch among the defendants.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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Procedural expenses in the case have been as high as $100,000 per day.
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Vesttoo is unable to make a similar request again.
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The firms say no “single aggregating event” caused the contingency losses.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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There remain 22 defendants still challenging the venue for claims hearings.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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The court gave a mixed ruling on subjects including coverage, aggregation and furlough.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The company’s litigation was one of the most high-profile cases relating to Covid-19 business interruption.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
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Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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The former employees are accused of co-ordinating an “unlawful” team move and conspiring to steal clients.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Celestial Aviation Services received $501.5mn relating to 14 aircraft that were stranded in Russia as a result of the ongoing conflict with Ukraine.
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The eight-day trial will look at prevention of access wordings, policy limits and furlough payments.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
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Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.
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The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.
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The payment represents the largest ever made in a team lift case in the London market.
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An internal missive, seen by Insurance Insider, also revealed Howden has agreed to a ‘set of demands to make amends’ in the wake of poaching settlement.
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The two rival brokers have reached an out-of-court settlement over the poaching of 38 Guy Carpenter staff by Howden.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.