Legal
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The carrier’s results deteriorated this quarter after reserve strengthening in liability lines.
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The rejection of the deal throws a wrench into Menzies’ plan to buy back the insurer he founded from majority owner Berkshire Hathaway.
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Carriers have so far paid out for $6.7bn of losses from the natural disaster.
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Investigation comes after activist investor accused Argo executives of misusing corporate assets.
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A High Court judge rules that the owner was behind a fire that destroyed the vessel in 2011.
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“Six million loyal customers being ‘ripped off’,” wrote Sky News.
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The broker said it will engage in “meaningful discussions” over concerns Tim Gardner, Nicholas Durant and Claude Yoder violated a court order.
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The work will stoke fears that UK intermediaries without EEA authorisations could struggle to access risk in the bloc.
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All policies underwritten by the carrier will be cancelled from the beginning of November.
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David Littell is barred under the court order from contacting old clients at Willis Re.
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A judge said there was no evidence the brokers’ conduct was “wrongful, malicious, unlawful or unjustified”.
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Organisations including Insurance Europe and the Insurance Council of Australia call for a January 2023 start date to the already-postponed accounting standard.
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