Legal

Beazley tried to recover $6.5mn in claim costs from Prime on a policy which it led.

Chubb’s Vigilant, Lloyd’s syndicates and Travelers were turned away in Bear Stearns case over payment fund for investors in 2003 SEC probe.

The agreement ends non-solicitation action against the team of brokers, led by Cameron Roe and chairman Tony Phillips.

IAG said it was still reviewing the judgment to determine whether to appeal any aspects of the ruling.

The carrier said its $110mn net claims burden will be unaffected.

The judgment ruled that clauses in insurers’ BI policies covering infectious diseases meant cover was only present for closures relating to an outbreak on assureds’ premises specially.

Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.

The ICA welcomed the step closer to clarity, after insurers lost the first BI test case over the interpretation of the Quarantine Act.

Berenberg believes EUR3.5bn would be a manageable loss for the insurer and estimates that it would be earned back in well under a year, but a EUR6.8bn loss would be more challenging.

The broker also filed a lawsuit against Goode, Honeycutt, Forst, Rice, Lee and Keenan as individual defendants.

A judge found no evidence Mike Harden unlawfully solicited colleagues who “did not want to work for an Aon-controlled organisation”.

The insurer has agreed to indemnify physios who closed their premises in order to comply with Covid-19 guidance from medical bodies.