Legal
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements. -
Guy Carpenter has succeeded in bringing Ronda into the suit, while Baotic and Nicosia will not be added.
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The co-founders will be on paid leave until a final decision is taken.
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The legal action follows the resignation of 38 of Guy Carpenter’s European staff to join Howden Tiger.
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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.
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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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