Legal
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Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims. -
The High Court of Australia refused leave to appeal a case that had gone in favour of insurers in February.
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The Insurance Council of Australia welcomed the news, with CEO Andrew Hall describing it as a “significant milestone”.
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The brokers are working on finalizing the terms in a written settlement agreement, which could be filed within two weeks.
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The carrier argued it paid the executive the first installment of a $400,000 retention award in March 2020 and the second half in March 2021.
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The motion comes a month after Carpenter sued the rival reinsurance broker over the "orchestrated” exit of 12 executives from its Dallas-based practice.
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The indictment mentions two unnamed UK reinsurance brokers and an executive who took part in the corruption scheme.
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Clubs including Arsenal, Aston Villa and Leicester City are claiming against insurers.
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The reinsurance broker also sued five former GC Access leaders who now work at Howden as managing directors.
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Hayden Tennant also allegedly sought to launch a rival company, in breach of contractual obligations.
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A steady flow of litigation relating to Covid-19 BI is hitting the courts, despite the completion of the FCA test case last year.
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The carrier said that it intends to defend the proceeding.
