Legal
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Vesttoo is unable to make a similar request again. -
The firms say no “single aggregating event” caused the contingency losses.
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The carriers were in arbitration with UnipolRe and Gen Re.
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The probe concluded in Q4 last year, according to Gallagher’s 10-K.
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There remain 22 defendants still challenging the venue for claims hearings.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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The court gave a mixed ruling on subjects including coverage, aggregation and furlough.
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The investment comes in exchange for a $49mn surplus note from HOA and the acquisition of HOA’s rights to potential claims stemming from the Vesttoo fraud.
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The syndicate is suing its reinsurers to cover Covid-19-related claims in California, Colorado, Florida, Illinois, Nevada, New York and the UK.
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In total, insurers paid indemnity of $11bn and loss adjustment expenses of $1.5bn for claims closed in 2022.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
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Aircraft lessors have now received nearly $2.4bn in insurance settlements from Russian airlines.
