Legal
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The broker said it believes it has meritorious defenses and intends to vigorously fight the claims and seek recourse against third parties where appropriate. -
The fronting company said impairment to Vesttoo’s LoC collateral will be "immaterial".
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The case is the latest in a steady flow of legal disputes relating to business closures during the pandemic.
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The judge rejected all the buyer’s claims for breaches of the warranty under its buy-side W&I policy.
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The original verdict could lead to increased payouts for the insurance industry from Covid BI claims.
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Former Cooper Gay CEO Toby Esser is seeking £9.38mn damages claim in the fraud case.
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The supply-chain finance firm dramatically collapsed in 2021 after its trade credit insurance was pulled.
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ExCeL is seeking an indemnity of £16mn ($20.5mn) for losses arising from Covid-19-related business interruption.
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The case is the latest in a series of BI disputes that focuses on the issue of claims aggregation.
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The claims resolution company said policyholders are more likely to have to sue to secure payouts.
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Collectively, the claimants are seeking more than $17mn in damages over a range of allegations over fraud and false financial statements.
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The broker said it intends to vigorously defend itself against Aon’s allegations concerning the departure of fac re employees.
