Legal
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The funding practice has led to a dramatic increase in claims amount, which in turn pushes up rates.
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BOC is believed to be the first lessor to publicly disclose a settlement with its (re)insurers.
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Insurers claim that damage from the “detonation of an explosive” is also excluded.
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The agreement from Fleming to honour original terms still leaves it open to long-term damage.
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Fleming had attempted to land ~$78mn in ‘economic concessions’ on the deal.
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The six execs left Acrisure for rival broker Woodruff Sawyer in March.
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The judge said the lessors “are very unlikely to obtain a fair trial in Russia”.
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The narrative of competition between the two hubs can hold space for benefits.
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The agency will track the potential impact of the lawsuit on James River’s ratings.
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Nord Stream has named Lloyd’s Insurance Company and Arch among the defendants.
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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit.
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Fleming has claimed breach of contract and is seeking roughly $78mn in “economic concessions”.
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Procedural expenses in the case have been as high as $100,000 per day.
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Vesttoo is unable to make a similar request again.
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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.
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The “convenience claims” route to payout will be limited to claims up to $200,000.
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The lawsuit, filed Thursday on behalf of Clear Blue and its subsidiaries, alleges that Aon conducted insufficient due diligence on the ILS InsurTech.
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The company’s litigation was one of the most high-profile cases relating to Covid-19 business interruption.
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The DoJ also hit rival reinsurance broker Tysers with a $36mn penalty and administrative forfeiture of around $10.5mn.
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Chief of IRS Criminal Investigation said Tysers had "eroded the process of fair and open competition".
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Chubb declared at the last minute that it would not contest the English court’s jurisdiction, in contrast to every other reinsurer being sued by aircraft lessors.
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The Trustee had sought to accelerate the liquidation process while avoiding significant admin costs.
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Under the agreement, reached late on Monday, Vesttoo would sell its assets in a transaction that would close by December 1, 2023.
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The former employees are accused of co-ordinating an “unlawful” team move and conspiring to steal clients.
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The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.
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In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.
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Celestial Aviation Services received $501.5mn relating to 14 aircraft that were stranded in Russia as a result of the ongoing conflict with Ukraine.
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The eight-day trial will look at prevention of access wordings, policy limits and furlough payments.
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Earlier today, in a bid to accelerate liquidation, the company’s unsecured creditors requested early termination of the exclusivity period granted Vesttoo to develop a reorganization plan.
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Doing so would save “at least $8.5mn in cash” based on the firm’s monthly operational expenditures, according to a recent motion.
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Creditors already have authorisation to access Vesttoo’s data as part of their investigation.
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Last week, this publication revealed that Howden agreed to pay Guy Carpenter in excess of £50mn ($61mn) to settle the poaching suit related to Massimo Reina and a defecting European team.
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The motion seeks discovery of information and documents about the structure and operation of White Rock’s cells.
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The payment represents the largest ever made in a team lift case in the London market.
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An internal missive, seen by Insurance Insider, also revealed Howden has agreed to a ‘set of demands to make amends’ in the wake of poaching settlement.
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The two rival brokers have reached an out-of-court settlement over the poaching of 38 Guy Carpenter staff by Howden.
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Avenue Capital-backed Greylag claimed that insurers denied coverage of the two lost aircraft, which have a value of nearly $110mn and $120mn, respectively.
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A worldwide freezing injunction was issued to Alex and Robert Finch, the former directors of AFL Insurance Brokers, after they were found to have committed fraud.
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The former owners of AFL Insurance Brokers have been ordered to pay damages totalling £6.1mn after being found guilty of fraud and of breaching director duties.
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In total, 242 claimants have launched legal action against a group of eight insurers.
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The InsurTech claims five former staff, including the CEO and CFO, forged signatures and impersonated bank staff.
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A Delaware judge has ruled in favour of Vesttoo’s automatic stay in the bankruptcy case.
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The football club initially sued the broker for £10mn in a claim connected with the death of the footballer in a 2019 plane crash.
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In the initial court documents, Aon alleged its rival broker and former head of PFI “conspired unlawfully” to recruit key members of the team.
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Court filings indicate use of “phony phone numbers” and creation of a “wholly fictitious person” in the letters of credit fraud that has engulfed Vesttoo.
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The landmark settlement was approved by the US Department of Commerce and the US Department of the Treasury and was not in breach of any sanction regimes, AerCap said.
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A committee of unsecured debtors was appointed, including Markel, Clear Blue, Porch’s HOA, United Automobile Insurance and Proventus.
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The Aon transformer is seeking information on the origins of alleged fraudulent letters of credit.
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The Aon unit noted 37 LOCs “purportedly procured by China Construction Bank (CCB), Banco Santander and Standard Chartered Bank US”.
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The company’s Monday statement is the latest development in a debacle that could potentially lead to a major loss event for the utility company’s casualty insurers.
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Following the initial decision in the case, Julia Sommer sought £5.1mn in compensation for the claims she made against her former employer.
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Vesttoo has filed documents at the Bankruptcy Court for the District of Delaware that seek an automatic stay against White Rock and its putative liquidators.
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The company's Ebitda for 2022 was estimated at $60mn compared to $20mn in 2021.
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Recent filings show that 25 new cases regarding Ukraine aviation losses from plane lessors have been lodged against insurers in the UK High Court.
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The broker argued that it was not “reasonable” to overstep its position as broker to Greensill, the failed supply chain finance firm, and provide certain information to White Oak.
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The firm’s interim CEO Ami Barlev has argued that, with Vesttoo’s weekly expenses being $360,000, freezing assets above $1m would be “catastrophic for the company”.
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The ILS transformer platform claims Vesttoo is in breach of shareholder agreements.
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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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The case is the latest in a series of BI disputes that focuses on the issue of claims aggregation.
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The claims resolution company said policyholders are more likely to have to sue to secure payouts.
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Collectively, the claimants are seeking more than $17mn in damages over a range of allegations over fraud and false financial statements.
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The broker said it intends to vigorously defend itself against Aon’s allegations concerning the departure of fac re employees.
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Aon claims that Alliant has poached around 32% of Aon’s facultative reinsurance group, including 18 of the 25 Aon employees in the casualty fac team at all levels.
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The Marsh McLennan reinsurance unit alleges Massimo Reina was working on the move as early as late 2022.
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The three lawsuits take the total number of cases filed against insurers from Carlyle in the UK High Court to seven.
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Montgomery Aviation and Rise Aviation Limited, along with EOS Aviation, have launched fresh legal battles against Convex and Lancashire.
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Lawsuits from lessors KDAC and Merx will be included in the ‘mega trial’ to be heard next year.
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Rise Aviation has named the two insurers as the representatives for its all-risk and hull-war reinsurance policies, respectively.
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The lessor was awarded $355.4mn for the total loss of two aircraft and more than $55mn for costs relating to the recovery of another plane and its engines.
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The carrier cited a “huge” spread of possible outcomes from various lawsuits relating to aviation claims from the conflict.
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Legal precedents are being set which could lead to crippling liabilities for US businesses as well as longer term data management implications.
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Julia Sommer won her tribunal last year after she claimed to have been consistently discriminated against for her sex and was unfairly dismissed after her maternity leave.
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Mactavish research has found that commercial policyholders are now more than three times as likely to sue their insurers to get their claims paid.
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The Lloyd’s syndicates named in the trial include Tokio Marine Kiln’s Syndicate 510 and Syndicate 1880, Liberty Managing Agency, MS Amlin and Munich Re.
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Insurers including AIG, Fidelis, Swiss Re and Chubb along with several lessors were in favour of merging the aviation war cases, while lessor AerCap wanted a separate, standalone trial for its lawsuit.
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The companies did not disclose whether any money exchange hands as part of the agreement.
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The lawsuit argues that one engine that was leased out in Ukraine and 16 engines that were leased out in Russia have suffered physical loss or damages.
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The claim, worth $43.8mn, takes the total amount claimed in the courts by Carlyle Aviation Partners to upwards of $832mn.
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Falcon 2019-1 Aircraft 3, an entity managed by Dubai Aerospace Enterprise, is suing its contingent war insurers for $43.4mn but, if that fails, is also suing its all-risk insurers for the same amount.
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The aircraft lessor has outlined its response in a $750mn lawsuit against its contingent war insurers.
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In addition, Lloyd's syndicates Atrium and Syndicate 1183 asked the judge to dismiss the case against them in its entirety.
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The carrier argued that, because the sum it was being sued for was significant – $95mn in the all-risk case and $240mn in the war risk case – it should be allowed to represent itself.
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Bowling chain Hollywood Bowl is also suing Liberty Mutual for Covid-19 BI losses.
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The pub group and bakery chain will dispute elements of judgements issued in October in UK Covid-related BI lawsuits.
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The action is being taken by a securitisation entity managed and serviced by Dubai Aerospace Enterprise.
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A steady stream of legal actions are being filed against insurers over billions of dollars’ worth of stranded aircraft.
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The lessor is looking to recoup $750mn from its war insurers or over $875mn from its all-risk insurers, in the event that its war claim fails.
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The amount Aircastle is looking for in the suit is, however, lower than the $350mn insurance claim that for equipment stranded in Russia.
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Some multi-national cedants are using US addresses to source cover from US carriers, risking issues in the event of claims, amid a desperation for growth on both sides of the Atlantic.
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Mondelez had filed a $100mn lawsuit against the insurer over payment denial.
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Court documents also revealed that 101 of AerCap’s 116 planes in Russia have been re-registered.
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Argo Group has been sued by investors, who claim the company has engaged in inadequate underwriting and misrepresentation of facts which resulted in a 60% drop in the specialty carrier’s common stock value this year.
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Stonegate’s case is seen in the market as a key precedent for the aggregation of BI claims.
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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.
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If the lessor’s $3.5bn all-risk claim proves unsuccessful, it plans to pursue a claim on its contingent war policy worth $1.2bn.
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The parties gave their final submissions following a legal hearing that has lasted over two weeks.
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Louisiana appeals court decision that allows property damage claim for Covid shutdowns is contrary to every other appellate ruling on the issue.
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The pub company is looking for a payout at every one of its 760 premises, whilst insurers claim it is entitled to a single limit.
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Aon claims PFI head Paul Tubb unlawfully recruited five colleagues for Howden’s construction unit.
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In a 3-2 split decision issued last week, Louisiana’s Fourth Circuit Court of Appeal ruled that the policy language is “ambiguous”.
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The bakery chain is suing Zurich over losses during the lockdown, one of several high-profile BI legal disputes to have emerged.
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The Spanish government has been locked in a dispute with the London P&I Club over a 2002 oil spill.
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The pub chain has claimed in court that it is entitled to separate payouts for each of its 760 venues.
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Aggregation is the main issue in the landmark case brought against MS Amlin, Zurich and Liberty Mutual.
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The case is linked to losses associated with asbestos-related injuries and claims filed over two decades ago in Montana.
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Together with its parent company, Allianz Global Investors has agreed to pay more than $5bn in restitution to victims and $1bn to US authorities.
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The Supreme Court ruling over BI coverage early last year has not put a stop to BI litigation over Covid losses.
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The Peruvian government is suing Spanish oil company Repsol over the January incident which affected 700,000 residents.
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“We like where we are positioned right now in terms of the performance of some of that strategic hiring,” Glaser told analysts.
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Mulsanne must pay £1mn to Marshmallow in the next two weeks, with the remaining balance subject to a cost assessment process.
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The brokers asked the judge to delay some pre-trial conferences by two weeks as they could obstruct the settlement negotiations.
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A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.
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Current Generali CEO Philippe Donnet said the rebel plan puts the firm’s dividend targets at risk.
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The withdrawal of insurance coverage provided by subsidiary The Bond & Credit Co was linked to the collapse of the supply-chain finance firm.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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The majority of BLM’s lawyers will join Clyde & Co’s casualty insurance practice as part of the deal.
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Axa has been granted permission to appeal certain aspects of the ruling of a case successfully brought against it by Wolseley owner Corbin & King over Covid-19 BI cover.
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The firm says that, without change, firms will be downgraded in the coming weeks.
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The insurer predicts there will be some release from its provision, but it will happen over time and is subject to court proceedings.
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Policy holders The Taphouse Townsville and LCA Marrickville, and insurer IAG have each filed applications for special leave to appeal to the Australian High Court.
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The findings of the Corbin & King case could have both widened coverage and increased the aggregate businesses can claim.
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Colombian authorities said that Carpenter Marsh collaborated throughout the investigation and received a 50% discount on the fine.
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The executive said that, in many cases, reinsurance contract wordings had not been tested for Covid recoveries.
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Multiple interlocking dependencies will determine whether huge potential claims from leasing companies are ultimately paid.
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The start-up said its survey shows that SPAC and de-SPAC claims would drive increasing litigation throughout 2022.
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The 30-person team move represented the latest raid from the UK-headquartered broker on Marsh McLennan.
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The court upheld decisions made in October, although it reversed some elements of the case between IAG and Meridian Travel.
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The insurer will now seek an investigation into the impact of the information misuse.
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With a Bermuda court ruling still pending over the firm’s proposed buy-out, Markel has negotiated a deal to counter US litigation.
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The ruling means the insurer will experience a significant favourable impact on previously booked reserves.
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In a press statement, the company decried lawsuits filed by QBE against four Applied employees, and against Applied itself for hiring them.
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The New Jersey Superior Court rejected insurers’ attempts to apply a war exclusion to prevent paying out for BI losses.
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The brokers will have until early 2023 to settle the case via private mediation or the case will move forward to a jury trial that could last between seven and 10 days.
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Ashley Bowell was found guilty of defrauding his former employer, and its insurer Aspen, after falsely claiming to have been injured at work.
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A judge for the Miami-Dade County Court has ordered Aon and individual defendants in the Miami facultative team poaching case to avoid doing reinsurance brokerage business with the defendants’ former Willis Towers Watson clients.
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The Markel Catco Reinsurance Fund and Markel Catco Reinsurance Opportunities Fund have already had provisional liquidators appointed for restructuring purposes.
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Beazley tried to recover $6.5mn in claim costs from Prime on a policy which it led.
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Chubb’s Vigilant, Lloyd’s syndicates and Travelers were turned away in Bear Stearns case over payment fund for investors in 2003 SEC probe.
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The agreement ends non-solicitation action against the team of brokers, led by Cameron Roe and chairman Tony Phillips.
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IAG said it was still reviewing the judgment to determine whether to appeal any aspects of the ruling.
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The carrier said its $110mn net claims burden will be unaffected.
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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.
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Markel reported that investigations by the DoJ and SEC have concluded with no penalties or action taken against the company.
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The ICA welcomed the step closer to clarity, after insurers lost the first BI test case over the interpretation of the Quarantine Act.
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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.
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The broker also filed a lawsuit against Goode, Honeycutt, Forst, Rice, Lee and Keenan as individual defendants.
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A judge found no evidence Mike Harden unlawfully solicited colleagues who “did not want to work for an Aon-controlled organisation”.
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The insurer has agreed to indemnify physios who closed their premises in order to comply with Covid-19 guidance from medical bodies.
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Huge disputes over aggregation of claims and ongoing coverage disputes point to uncertain overall exposures.
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The DoJ was given a deadline to provide Aon’s lawyers with pertinent evidence collected from third parties during its investigation into the $30bn mega-merger.
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Leisure broker NDML said the settlement was an ‘initial figure’, with more claims yet to be finalised.
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Judge orders Marsh to stop poaching; prevents 3 top execs from working for Marsh for months amid the hiring dispute.
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Aon will have to wait until November at the earliest to argue the case in Federal Court for its $30bn merger with Willis Towers Watson.
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The London-listed carrier has paid 384 claims of £49,000 each on average.
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Miami-Dade Circuit Judge Michael Hanzman warned of an "allocation issue" between those who have lost loved ones, and those "lucky enough" to have only lost property.
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Marsh claimed Aon is trying to ‘flip the narrative’ from its poor management decisions and uncertain future in its response to the suit.
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Aon’s legal team said it was concerned that the proposed timetable could kill off the deal before the trial begins.
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The CCCS has identified competition concerns around executive pay consulting services.
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The lawsuit accuses Michael Parrish of masterminding the raid, despite still being a paid Aon employee.
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Hiscox has reached a settlement with the Hiscox Action Group (HAG) following a private arbitration process over Covid-19 BI claims.
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Australian insurers are now pursuing a second test case for further clarity on BI policy wording.
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“We are not about to let [the] delay…compromise the deal”, says Latham & Watkins lawyer Dan Wall.
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Lawyers argue the hotel’s claim is similar to that of four pubs against FBD, in which the courts found against the insurer.
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The Suez Canal Authority has received a new compensation offer from the ship’s owners and insurers.
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Aon and Willis were taken by surprise by the lawsuit, a CTFN report claims.
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The broking houses also said they "remain fully committed to the benefits of [their] proposed combination".
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Small business insurer Hiscox Insurance Co and Cox Radio reached a settlement on a long-term legal battle on Monday connected to the leaking of a sex tape involving the famed wrestler Hulk Hogan.
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Kessler and Derez will each get something they want from the deal, which will also clean the slate for incoming CEO Rousseau.
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A settlement allows the mutual an “orderly exit” from the reinsurer’s share capital and removes a major distraction from incoming Scor CEO Laurent Rousseau.
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Hotel firms are fighting to reclaim $10mn in ‘inflated’ fees charged by a former broker nicknamed ‘the pirate of the Caribbean’.
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The Suez Canal Authority has asserted the March grounding was entirely the fault of the ship’s captain.
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The company is accused of “brazenly cheating” Andrew Kudera of his own money and of owed compensation, the lawsuit states.
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In a statement on Thursday, Scor said it “acknowledges and welcomes” the findings from the French authority, calling the original allegations “a groundless move”.
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The proposals aim to cut the cost of insurer collapses and provide greater protection to policyholders.
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The Prestige oil spill caused major damage to the Spanish and French coasts in 2002 and has been subject to long-running litigation.
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Axis and Covea have so far paid the greatest number of final settlements.
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The establishment of the National Recovery and Resilience Agency follows news of a new A$10bn state reinsurance backstop for cyclones.
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The pool, which will cover cyclone and related flood damage from July 2022, is expected to bring down the cost of insurance.
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The Senate has signed off an insurance reform bill which eliminated earlier proposals on cash roof settlements and fee multipliers, but reduced the statue of limitations and made other pro-industry changes.
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The next hearing in the case will be after 21 May.
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Gary Boss is based in New York, and Ashley Prebble works at the law firm’s London office.
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The reinsurance broker is looking to recover over £10mn and impose an injunction to ensure the return of confidential information.
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The Suez Canal Authority has detained the ship as parties discuss a disputed $916mn claim.
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The former LatAm and Caribbean chair, who moved to Guy Carpenter, has failed to nullify non-solicitation clauses.
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The larger broker says it lost more than $6.5mn in revenue after leaders “solicited” colleagues and clients.
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The law firm has already this year seen a lot of PE support for startups and scale-ups both through equity and debt.
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The penalty comes after a Section 166 review into the Lloyd’s broker’s activities.
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The move follows the brokers’ submission of a remedies package last week to allay competition concerns.
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Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
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A New York court has ruled that the names of two clients who are friends with a broker who has left Willis Re to join rivals TigerRisk can be published.
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The Swiss carrier denies signing off dangerous new-builds without full inspections.
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The regulator raps the UK division for failure to disclose insurance giant’s holdings in Powergrid and Munich Re.
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The potential for a wave of class actions as a result of biometric data privacy laws has the cyber market on alert.
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The reinsurer argues the action was lodged to divert attention from alleged misconduct by the mutual’s CEO.
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Covea said it has filed a complaint against Scor chairman and CEO Denis Kessler with the Parquet National Financier financial crime office alleging “market manipulation and misuse of corporate assets”. Scor denounced the action as "deceitful and groundless".
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The Swiss Bank said that the broker did not disclose issues around the supply chain financier’s insurance coverage.
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The nonprofit entity remains isolated from liability claims for now.
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According to the Capitol Forum, antitrust regulators will consider the deal's impact on the world’s fourth largest insurance broker AJ Gallagher
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The carrier has admitted to errors in select cases but stressed that its $475mn loss figure remains unchanged.
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An entrepreneur running an escape room business wins the sum after media intervention.
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The $7.5bn bid requires more certainty of value and a higher cash consideration, according to CoreLogic's CEO.
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The CEO says an examination of the unlimited guarantee could result in a split of conventional cover from events such as biological or nuclear attacks.
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Some had argued that the definition of occurrence used by judges could make it harder for insurers to aggregate treaty claims.
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The government releases further detail about the new claims portal for low-value road traffic accidents.
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Allianz, IAG, Chubb and Swiss Re Corporate Solutions have filed pleadings in the Federal Court.
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Changes to the matching adjustment and risk margin would unleash funds that could be invested in renewables, the organisation says.
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The organisation charts record progress in meeting its seven key principles.
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The ratings agency downplays concerns centered on probable UK changes to the risk margin.
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The decision removes the risk of a “cliff edge” when temporary leeway according in the Brexit trade deal expires later this year.
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The central bank governor says Brussels is wrong to insist UK rules shouldn’t change independently of the EU.
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The broker association’s CEO says Brexit speaks to the need for a lighter rulebook.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The government removes a previous cap of 49% in its budget.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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The CEO said the French reinsurer will avoid court cases where possible in pandemic coverage disputes.
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The regulator plans to publish data on the size of claims settlements and scale of reserving.
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After a management meeting, the analysts rule the carrier well placed to capitalise on the hardening market.
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Howard Burnell’s sentence also includes court and compensation costs, a restraining order against his former partner and a tagged curfew.
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Bloomberg Law reports that a settlement would bring litigation in Virginia and Delaware to a close.
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The Principles for Responsible Investment were launched in 2006, with Hannover Re, Liberty and Everest Re among other signatories.
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The Bermuda Monetary Authority had granted the InsurTech start-up a “sandbox” licence in 2019.
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The analyst says the judgment removes an overhang that had weighed on the carrier’s stock.
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Typical cat loss events trigger XoL reinsurance recoveries. It is not certain that this will.
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The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.
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The carrier still expects net losses from Covid-19 to cost about £62mn.
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The ruling broadens the coverage available and alters the operation of trends clauses.
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Shares in the carrier recover from initial losses following a ruling by the Supreme Court that came down largely in favour of insureds.
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Judges dismiss insurers’ appeals and overturn the famous Orient Express ruling.
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But Barclays warns the judgment could result in more substantial loss creep for major European reinsurers.
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Rising professional indemnity and D&O rates are deterring companies from tendering for public contracts, the organisation said.
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The mixed ruling delivered by the High Court meant insurers escaped from worst-case loss scenarios.
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The CFO said the new access point for investors would not be used to inflate Lloyd’s capacity and dampen returns in the market.
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The finding could have a material impact on the scale of BI losses stemming from the pandemic.
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Justice Secretary Robert Buckland says the one-month hold-up is a response to stakeholder lobbying.
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The start-up joins Azur, Paragon and Nuclear Risk among the brokers that gained the pre-Christmas go-ahead from the Irish central bank.
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Intermediaries surveyed were split on whether the pandemic had a negative or neutral effect on business.
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Willis has succeeded in winning an injunction that prevents eight brokers from having any contact with their former clients.
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The relative amicability of the breakaway is probably more significant for the insurance sector than the content of the 1,264-page agreement itself.
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Guardrisk argued that its policy did not respond to a general government response to the pandemic.
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The transfer of business to its Irish subsidiary will allow any state within the European Economic Area to carry on the business.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The ruling in favour of Spire Healthcare reaffirms legal principles relating to the aggregation of claims.
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The InsurTech was locked in a dispute with Deutsche Telekom over whether it owns the copyright to the use of magenta.
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The regulator found that Watson and Argo failed to disclose $5.3mn in personal benefits.
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The highest court dashes lingering hopes of pre-Christmas certainty in the BI debacle.
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The firm says the appointment helps to position itself as a “challenger” in the segment.
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The regulator says it wants a clear position on the issue as soon as possible after the Supreme Court ruling on the BI test case.
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Howard Burnell was reportedly convicted at Wimbledon Magistrates Court of assaulting his then-partner.
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The outcome of the appeal and a planned new BI test case will be significant for reinsurers.
-
Wrangling over the award of Petroecuador’s 2021 cover has left reinsurers unsure of which primary carrier and broker to back.
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The regulator ordered potential rebates in June after deciding lockdown measures meant some contracts offered little value for money.
-
An employment tribunal finds that Liam Vaughan’s claim for constructive unfair dismissal is “well founded”.
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The clauses are widely used in the insurance sector and have led to some high-profile legal battles.
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Patchwork provisions for entities without EU authorisations have largely fallen away during the UK’s protracted divorce.
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The CII, Liiba and others are lobbying hard to have awards such as the ACII recognised in Europe.
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The outcome of the legal battle is hotly anticipated as a litmus test of the viability of the W&I product.
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The court finds no “justifiable doubts” around the arbitrator’s impartiality after the US oilfield services company alleged bias.
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The landmark transaction with Sentry requires court clearance after gaining the state insurance commissioner’s nod.
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The clearance sets Lloyd's on track to complete the mammoth transfer by year end.
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Mr Justice Henshaw says current liabilities are incompatible with the UK Human Rights Act.
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The ruling will follow a final, uncontested court hearing on Wednesday.
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The insurer was ordered to pay out for policies by the Western Cape High Court earlier this week.
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The Australian carrier takes a A$865mn provision for BI losses following the unfavourable court ruling.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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The court said that it would work quickly to produce a judgment but it could not guarantee publication this year.
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The regulator said in the Supreme Court appeal that carriers ran the risk of a large accumulation of losses when they sold their BI policies.
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Court rules policy exclusions referring to outdated law not valid.
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Counsel representing carriers argued it was not reasonable to find cover in respect of a national pandemic on the first day of the FCA BI test case appeal.
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Australian carrier ups coronavirus BI provision to A$195mn.
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The regulator also suggests Covid-19 loss assumptions in casualty classes may be over-optimistic.
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The sanctions will further complicate the delayed construction of the 2,460 km pipeline between Russia and Germany.
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Justice Grossman ruled that the former AIG CEO could not prove that the defendant “acted with actual malice”.
-
The fundamental issue of causation, as well as trends clauses and the Orient Express judgment, will be under scrutiny.
-
The French mutual and its CEO say they will contest the ruling issued on Tuesday by a Paris court.
-
Separate criminal proceedings brought by the French reinsurer against the mutual and its chief have yet to be heard.
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Chancellor of the Exchequer Sunak says the government will take a “technical, outcomes-based approach” to the assessments.
-
Amanda Lewis will lead a specialty disruption offering, including contingency, agri-contingency and legal indemnity lines.
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Wording construction, the use of counterfactuals and the notorious Orient Express ruling will all be under the spotlight.
-
The CEO reports “forward momentum” after recording strong rate and GWP growth.
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Carriers expect only marginal gains and remain concerned that the UK overhaul will jeopardise equivalence.
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The regulator found that an initial statement about preference shares was “reasonably capable” of misinterpretation.
-
Legal developments and the growth of litigation funding create challenges for the industry.
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The outcome of the dispute between Lixil and 20 insurers led by AIG is being seen as a major test of the W&I market.
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The industry group highlights Swiss, US, Asian and Middle Eastern outreach.
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New civil case filings in federal court were up 43% as of the end of June.
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The work always faced obstacles to rapid progression, with the second wave insurmountable.
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The call for evidence forms part of a five-year review of the pool’s remit.
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The settlement will have a net impact of less than $36mn on the carrier in the six months to year end.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
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The carrier said it did not intervene earlier so that it didn’t “clutter up the procedure”.
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The case was launched after thousands of businesses attempted to claim on their insurance for Covid-19 related BI.
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The scheme currently expires at year end.
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The case started in Sydney today, with the Insurance Council of Australia arguing that the intention of pandemic exclusions in commercial property policies is clear.
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The scheme’s operational independence was thrown into doubt earlier this year when the mutual was reclassified as a public sector entity.
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Insurers argue that the judgment shows that downturns prior to the occurrence of the insured peril can be accounted for.
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The regulator, the Hiscox Action Group and seven carriers will seek leave on Friday to appeal the High Court judgment directly to the Supreme Court.
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The Bronek Masojada-led carrier says it has yet to decide whether to challenge the High Court ruling.
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Hiscox Action Group lawyers demand the regulator uses powers to speed up interim payments.
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Lloyd’s CEO points to the likelihood of a drawn-out dispute in comments on an Airmic panel.
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A trade body and broker said payouts would be the “ethical approach” to support financially stressed businesses.
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The regulator anticipates a flood of post-Brexit applications from companies that have availed themselves of the temporary permissions regime.
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Almost 25% of brokers polled by Liiba opted to set up in Belgium.
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The proposals would bar carriers from making existing customers pay more than newcomers if they purchase cover through the same channel.
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The law firm claims the widely used “resilience” wording should respond to government-ordered lockdowns.
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The regulator orders carriers to consider how they can “progress claims” now, irrespective of an appeals process due to kick off on 2 October.
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The carrier claims the Paris court decision runs counter to judgments in Toulouse and Bourg-en-Bresse.
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Financial Services Director General John Berrigan wants to establish a new working group which will report back with proposals in the first quarter.
-
The Swiss carrier says any increase in P&C claims arising from the ruling won’t materially impact its earlier assessment of $750mn in Covid-19 claims.
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The verdict has been hailed as a victory for the regulator and policyholders but many individual decisions on wordings favour insurers.
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Lloyd's welcomes the ruling, while the ABI claims it "divides equally" between policyholders and insureds.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
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In a major blow to insurers the court found that the pandemic and the government’s response could be treated as a single cause of loss.
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The carrier predicts fewer than one third of its 34,000 UK BI policies could be impacted by the judgment.
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Tomorrow’s decision, including the important precedents it sets, will be appealed.
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The regulator received more than 1,150 whistleblowing reports and took “significant action” in eight cases.
-
CEO John Neal gave the estimate ahead of the FCA test case judgment next week.
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The hotly anticipated judgment will be a milestone in the ongoing dispute about how carriers respond to Covid lockdown-related losses.
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A New South Wales Supreme Court judge gives the go-ahead for the hearing to start on 2 October.
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Property investor Aubrey Weis accuses the broker of falsifying documents in connection with cover placed with Axa.
-
The beleaguered carrier raises $380mn through the sale of new stock.
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Parkdean’s legal arguments bear a close resemblance to those in the FCA test case.
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Policyholders advised by Mishcon club together for an expedited dispute resolution process on Covid-19 claims.
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The case is being heard on an expedited basis, with policies from Hollard and HDI Global Specialty used as exemplars.
-
The ruling is due in mid-September, but the possibility of an expedited appeal is highly likely.
-
Adam Grossman offers an update and lessons for risk management from the glyphosate, opioid and talc litigations.
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The cost of straying into “greenwashing” could be very high for businesses that misrepresent their environmental credentials – as well as those who insure them, warns Simon Konsta.
-
The regulator said insurers should work on a case-by-case basis on government support deductions, otherwise it could step in.
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The establishment of “shared resilience solutions” to BI losses would require unprecedented policy coordination.
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The law firm representing customer action groups claims brokers discouraged policyholders from lodging Covid-19 claims.
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FCA BI case hearing closes; Covid crushes carrier results; Convex and Whitespace fundraises.
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The settlement will be paid in the third quarter.
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The judges will now consider their verdicts, with an ambition to produce a draft judgement in mid-September.
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An unspecified superior court will hear the ICA-funded case, with the outcomes used by the Australian financial ombudsman.
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Director general Huw Evans calls for a "relationship reset" between the watchdog and insurers after the court hearing.
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The insurer said the regulator was “reverse engineering” to arrive at the conclusions it wanted in the BI test case.
-
Euler Hermes, Coface and Atradius are also participating in the scheme, which has had formal approval from the European Commission.
-
The regulator has argued that businesses that were never required to close during the pandemic still had their access restricted.
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The (re)insurance supervisor calls for “skin in the game” from all risk owners to reduce the risk of moral hazard arising from any state backstop.
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The insurer said that the lockdown measures were “unprecedented” and were not covered in policies.
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Data harnessed from a new litigation tracking product suggests the cruise and care home industry are prime targets.
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This week the team looks at the final throes of lawsuit activity connected to Irma claims and new entries into the A&H sector.
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The legacy carrier opens for business after a regulatory rubber stamp.
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The FCA maintains that losses should be compared to a normal trading environment.
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The first day of High Court proceedings saw the regulator lay out its arguments on behalf of policyholders.
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The Irish entity created for Brexit seeks authorisation on the island.
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The conduct regulator plans to align the deadlines with that for the “fit and proper” assessments.
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The archipelago has largely escaped the virus but has been subject to all the same lockdown measures.
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The ACPR edict adds pressure on Scor and Covea.
-
In a joint defence, eight carriers in the High Court case reject FCA’s interpretation of proximate cause.
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Lloyd’s brush with aviation asphyxia highlights how its elaborate ecosystem, including an extensive use of outsourced suppliers, can make it vulnerable to sanctions clampdowns.
-
The regulator says that the losses were caused by a “jigsaw” of events that should be considered as a whole.
-
The FCA said in its skeleton argument that the government’s instructions amounted to an imposition or order.
-
DXC’s Xchanging backs down from rules that appeared to put the kibosh on any placement that had Cuban or Iranian exposure.
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Insurers involved in the Financial Conduct Authority (FCA)’s test case for BI disputes have contested the regulator’s assertion that the Covid-19 outbreak was the proximate cause of insureds’ losses.
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The settlement prevents insurers from pegging claims developed over years of exposure to a reinsurance policy year of their choosing.
-
The regulator says it is reasonable to rely on Imperial and Cambridge models as a form of evidence.
-
The insurance industry's early victory could set a precedent for the many pandemic-related disputes in train.
-
Expert testimony will be needed on vicinity point if FCA opts not to amend its original argument by Friday.
-
Assessments of how closely UK rules mirror those of the bloc look set to remain mired in politics.
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The latest damaging D&O loss comes as the market hardening continues to accelerate.
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The campaign group wins the right to intervene in the key BI Covid-19 action.
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The PRA and the FCA will have to pay heed to the cumulative effect of regulation on business as part of upcoming changes.
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In robust arguments carriers dispute the causation of losses and the nature of specific wordings.
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The group claims policyholders are not represented in the regulator’s legal action.
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The dispute stems from a massive oil spill when the Bahamas-registered vessel sank in 2002.
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The Irish central bank finds Rory O'Connor "knowingly and actively" under-reserved and gave false information to the supervisor.
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The value of accounting adjustments made by Ronald Pipoly are said to have exceeded $300mn by the end of 2015.
-
Charles Russell Speechlys is advising is the customers of various UK insurers.
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The claims resolution firm suggested Herbert Smith Freehills may have worked on some of the policy wordings under scrutiny in the High Court test case.
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The Corporation looks set to complete the mammoth transaction comfortably within the transition period.
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China’s one-time top insurance supervisor was sentenced for accepting bribes.
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Carriers must “stop the clock” on claim time limits from today until the court outcome.
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Far Horizons Capital is also suing JP Morgan for misrepresenting the reinsurer’s prospects when it was founded.
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The regulator’s interim chief says 90 percent of cover is for basic property damage.
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Allianz, Chubb and WRB are among the carriers that oppose the centralisation of BI claims.
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The industry must address the legacy of “redlining”, the executive says.
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The action opens up a new front in the war between disgruntled BI policy holders and carriers.
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Law firm Mishcon de Reya also targets additional compensation due to pay-out “delays”.
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Argo has consented to a cease-and-desist order and will pay a $900,000 civil penalty.
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A bill circulating in Congress would make the industry retain the first $250mn of pandemic risk, a proposal that has split industry opinion.
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A presidential ambition to designate Antifa as a terrorist organisation faces hurdles.
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Campaigners say ‘Totus Re’ model based on pools for terror and flood could close protection gap.
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CEO Buberl says the carrier has struck deals with 200 customers but will appeal a ruling about a Parisian restaurant payout.
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In court documents, the defence company says Aon failed to provide sufficient claims notification advice.
-
The litigants warn the regulator’s case could delay a final decision by months.
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The regulator sets out the process agreed with eight insurers.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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The insurer wrote an excess casualty policy for the ride-share company in 2014.
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Early offers of recompense spark customer demands for phone records.
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Iconic billboards will go blank briefly at 21:00 on Wednesday to focus on the issue of coronavirus-related insurance claims.
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The measure is supported by over 30 companies and trade organisations from across different sectors.
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At least 20 states in the US have so far moved to limit the liability of care home operators.
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The Financial Conduct Authority began seeking submissions from intermediaries last week.
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Generali, SIAT, Swiss Re, India International and PICC argued that the policies had an exclusive English jurisdiction clause.
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Claims were initially feared to soar as high as $34bn, according to a state regulatory agency.
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Following a recent court ruling ordering the payment of BI losses for a restaurateur, Axa will now pay others with similar wordings.
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Law firm Edwin Coe rallies more policyholders seeking claims for BI losses.
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The carrier will have to compensate a Parisian restaurateur for two months’ lost earnings.
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The lawsuit builds on prior findings by the state’s Supreme Court that coronavirus is a natural disaster.
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Company management is prepared to lose local court battles but believes it will win appeals, analyst Larry Greenberg noted.
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The broker is accused of failing to disclose material financial information about the deal.
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Daiichi secures an anti-suit injunction against the insurer regarding a claim for damage to cargo of iron ore in 2014.
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The decision comes after a review of more than 500 policies by law firm Mishcon de Reya.
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The latest version of Congresswoman Maloney’s bill would increase the scheme’s ceiling by $250mn.
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Senator Ward told this publication the amended legislation would protect both carriers and policyholders.
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The economic damage wrought by Covid-19 may dull considerations of fairness and the sanctity of contracts.
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The policyholders’ law firm may draw on the Enterprise Act to seek redress for the late payment of claims.
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Ifeanyi Okoh had filed a complaint against the firm alleging harassment and discrimination.
-
Hiscox policyholders’ law firm Mishcon de Reya urges insureds to continue to pursue their own claims.
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The regulator is to enforce measures to help customers in financial distress from 18 May.
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Insurers say the policy at issue has a $15mn sub-limit for windstorm damage.
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The multi-billion pound plan would make the state an insurer of last resort, and ensure coverage is maintained during the Covid-19 pandemic.
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The Judicial Panel on Multidistrict Litigation will determine whether federal BI lawsuits should be consolidated.
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The executive says carriers have not underwritten or priced for statutory developments.
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The project is one of a number of initiatives stalled or postponed because of Covid-19 pressures.
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The Financial Ombudsman works within parameters that pay limited heed to legal contracts. ‘Fairness’ versus the law in Covid-19 BI disputes
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The “pragmatic" move is contingent on the gastronomy companies involved agreeing to exclusions on existing policies.
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The amendment would have forced insurers to cover claims, even where cover does not exist.
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The potential reduction in care requirements for disabled people could lead to legal challenges.
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The proposed legislation would mandate the payment of claims for businesses with fewer than 100 employees.
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The Hiscox Action Group and the Night Time Industries Association says the 500 policyholders have BI cover worth up to £100,000 each.
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The bill has bipartisan support but is expected to be subjected to substantial committee scrutiny.
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The Simon Wiesenthal Center teams with a litigant group established by four high-profile American chefs.
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The ABI welcomes the move, which comes as disputes over liability for pandemic-related losses at UK SMEs mushroom.
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The petition to the UK Chancellor of the Exchequer comes as insurers and clients continue to dispute coronavirus BI pay-outs.
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The Hospitality Insurance Group Action is the latest collection of firms to fight against denied claims.
-
If lawyers can establish enough facts to support the case then Harbour will provide the backing to take it to court.
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The trade association is pushing back against the forward-looking legislation.
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The carrier underwrites the policy on behalf of Gallagher and has around 2,000 customers.
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The discussions may ease industry fears of cavalier rulings by case handlers in favour of complainants.
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Albert Benchimol says the job of insurers is to mutualise risk, not subsidise it.
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The group has attracted more than 200 policyholders in dispute over BI cover.
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The country’s finance ministry says a working group will examine the issue.
-
A New York judge dismissed a class action by investors, closing a long running legal chapter for the Stone Point Capital-owned company.
-
The Night Time Industries Association becomes the third business group to fight the carrier over denied claims.
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Laws to nullify exclusions on BI cover would “destroy” the insurance industry, the Starr CEO said.
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The new compensation system will begin next April instead of August.
-
The state department of insurance said it has received complaints from policyholders about changes to coverage.
-
The insurer files a counterclaim insisting the law firm’s policies do not cover its Covid-19 BI claims.
-
Small businesses from the hospitality sector sued the insurers in six states.
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The action emanates from a declined BI claim for losses at 37 pubs and restaurants.
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Process servers showed up at some employees’ homes on Thursday evening to deliver documents, according to sources.
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Felipe Moncaleano Botero is one of three men named in a criminal complaint.
-
The Chubb CEO calls on Congress to shield corporate America from Covid-19-related litigation as the US begins to re-open.
-
The Hartford, CNA, Arch and The Hanover all dropped more than 6 percent on Wednesday, performing worse than the broader market.
-
The state regulator wants insurers to work with their customers as risk exposures change.
-
CEO Bruce Hepburn said insurers should have “feet held to fire” over claims payment.
-
The carrier notes that only 10,000 of UK SME clients with BI cover have been hit by the Covid-19 lockdown.
-
The start-up has filed a countersuit against the brokerage giant after it accused founders of trade secrets misappropriation.
-
The groups sent a letter of opposition yesterday to the California congressman.
-
The move comes after Republican lawmakers asked President Trump to intervene on the industry’s behalf.
-
Multiple broking sources believe the breadth of the Hiscox wording means all BI claims are covered.
-
The dispute centres on wordings around non-damage denial of access and public authority shutdown mandates.
-
Mandating carrier payouts for uncovered claims would undermine contract law and jeopardise the sector’s solvency, the lawmakers warn.
-
The comments come as AM Best earlier today warned over the impact of regulatory creep on BI claims.
-
The ratings agency discussed impacts from the pandemic and noted that it is still awaiting responses to a “stress test” questionnaire.
-
Montemayor also sits on the board of the insurance-focused private equity fund Black Diamond.
-
SCGM says that the policy provides coverage because Covid-19 is a variant of SARS.
-
The conduct regulator will review data collection and authorisation processes, assuming Covid-19 work allows it the time.
-
The state has joined New York, Ohio and Massachusetts in considering the bill.
-
Prime Time Sports Grill says its insurance claim was denied on 23 March.
-
Trade credit sources welcomed plans for backstops but warned of reduced premium levels.
-
The agency also asked carriers to be conservative on executive pay as the Covid-19 crisis continues.
-
The order also forbids insurers operating in the state from charging fees for late payment.
-
The entities allege that Wisconsin-based Society Insurance should provide coverage for "necessary suspension" of business.
-
Under the plans, insurers would nominate themselves to help distribute aid.
-
The trade association urges talks on a tie-up between the government and the insurance industry.
-
The Ohio and Massachusetts proposals come as the APCIA estimates small business losses due to Covid-19 at up to $383bn a month.
-
The bill will provide $350mn in loans for small businesses hit by the crisis.
-
Mel Stride warns that insureds want “flexibility and assurance” from their carriers.
-
The regulatory leeway gives companies until six months of their year ends to publish accounts.
-
The Chickasaw and Choctaw nations say they their properties sustained direct physical loss, meriting coverage.
-
Eiopa has extended reporting deadlines for insurers.
-
The case is likely the first over alleged misrepresentations to investors about the virus.
-
The Dubai-based carrier will target surplus specialty lines including energy, property and political violence.
-
The government will examine the interplay of watchdogs with politicians in the next phrase of its financial services framework review.
-
The broking giant is seeking compensation of at least $200mn, according to Reuters.
-
A further one-year delay to the new accounting framework would mark a victory for industry groups.
-
The law would make it harder for attorneys to use contingency risk multiplier fees.
-
Investors filed the proposed securities class action last March following the delisting of $1.2bn in preferred shares.
-
Insurers have since April 2018 been expected to have a board diversity policy.
-
Incumbent Joe Gunset will take an advisory role at McGlinchey Stafford after leaving the Corporation at the end of March.
-
-
Bruce Lucas said the decline was “pretty material”.
-
The deal boosts Fema’s total reinsurance cover to $2.53bn.
-
The resort’s owner said it had settled its dispute with XL, Lloyd’s underwriters and US Fire over a Hurricane Irma claim.
-
Ricardo Lara is accused of withholding information concerning his meetings with industry executives.
-
The carriers claim in a lawsuit that Maiden wrongfully stopped paying claims in late 2018.
-
In an unrelated incident, another Erie employee was dismissed over criminal charges involving invasion of privacy.
-
Current rules allow lawyers in some insurance cases to collect up to 30 times what an insured is awarded for a claim.
-
At 11pm local time the UK will leave the EU.
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IGI will become a listed carrier on completion of the deal.
-
Barclays fails in a High Court bid to get legal action against it postponed.
-
The legal battle between MMC and Hyperion over two mass team lifts ended quietly last week, heralded only by a joint statement disclosing a confidential settlement.
-
The wholesale brokers’ association will work to build bridges to new geographies and maintain a route into the EU.
-
The Court of Appeal overturns an earlier ruling over credit-crisis-era bonuses.
-
The specie team joined JLT from Willis in 2015, sparking a poaching dispute that was settled for $40mn.
-
The UK government pledges an “open competition” to identify a permanent successor to CEO Andrew Bailey.
-
The commissioner had been criticised for his handling of claims in the aftermath of Hurricane Maria in 2017.
-
Staff must honour notice periods and restrictive covenants.
-
The ruling is another blow to McGriff in its battle over the loss of senior employees to the rival.
-
The professional services firm said it was seeking to provide a broad range of solutions for clients.
-
The lawsuit over $74mn in losses from a 2013 data breach is closely-watched by the cyber insurance market.
-
The self-insured sector looks set to boom but the segment – and the intermediaries that serve it – are coming under increased scrutiny.
-
CAC asked a judge to throw out a suit over the hiring of 30 employees and leave allegations involving Mike Rice to arbitration.
-
The carrier said the blunder last August caused widespread disruption to its business.
-
The dispute concerns whether insurers should pay out for damage from fire-related pollution.
-
The parties agreed to a “mutual resolution of all claims”, noted Guy Carpenter’s legal counsel.
-
The broking giant also resolved its case against four former employees who left for the smaller rival.
-
The Corporation had previously failed to provide sufficient whistleblowing avenues for staff, the regulator said.
-
Lawyers for the parties told a judge it has “agreed in principle” to settle the case against four former JLT Specialty staff members.
-
The measure will now go to the White House to be signed into law.
-
The move will release funds to insurers and subrogation rights holders, transferring losses from the Camp Fire and other 2017 events to the utility.
-
Hardly a month goes by these days without a legal brawl breaking out between rival insurance brokers over employees decamping from one to another.
-
The measure will mark the 14th short-term extension for the program since October 2017.
-
A seven-year extension of the terrorism insurance programme is now part of a $1.3tn negotiated package finalised Monday.
-
A hearing on the settlement has been pushed back seven times since it was first placed on the bankruptcy court's calendar for September.
-
The Hollywood mogul is said to have reached a settlement for the civil cases filed against him.
-
Former Burns & Wilcox employees in Colorado, North Carolina and Louisiana allege that the restrictions are unenforceable.
-
The High Court’s award for additional costs comes two months after it dismissed the lender’s claim against the carriers.
-
The PRA estimates that large firms could face one-off costs of up to £1.9mn to improve their resilience.
-
The payout would remove a major obstacle to the settlement of $11bn in insurance subrogation claims.
-
The broking giant alleges the founders of Infinite Equity stole trade secrets and violated fiduciary responsibilities.
-
The broker has hired Tan Pawar from Paragon International to lead the new operation.
-
The new conduct and governance regime will significantly increase regulatory requirements for brokers from next week.
-
The BB&T-owned broker said its rival’s legal case and demand for a restraining order are driven by a “grudge” against a former employee.
-
The broker said Carson and CRC launched a “frontal assault” on its business that won’t end without court intervention.
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Chile riots exposure, premium growth at Lloyd's, MS Amlin departures, and more.
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The firm provides real estate investors and developers across Europe, India and the Americas with cover.
-
The lawsuit is over the departure of 13 employees who defected to NFP earlier this year.
-
An unsuccessful appeal against the claim by 23 former UK executives could encourage similar actions by ex-employees in the US.
-
Ricardo Lara urged insurers to be flexible over deadlines for loss notification and the submission of documents.
-
The legislation must now be approved by lawmakers in the Senate.
-
The Terrorism Risk Insurance Program Reauthorization Act (Tripa) will now go before the US Senate.
-
Eight candidates remain on the shortlist to succeed Franchini, according to the Associated Press.
-
On Friday this publication revealed that the board of Argo would seek to make insider Kevin Rehnberg the permanent CEO, having earlier appointed him interim chief.
-
Implementation of the framework will follow a five-year monitoring period from January.
-
The dispute is the fourth such case filed against the insurer in recent months.
-
Wholesale broker Burns & Wilcox has named Suzette Torres as Houston office managing director.
-
The ACPR’s stance blows a hole in Eiopa’s vision of a network of national frameworks to provide for contract continuity.
-
Aon said that it has lost two clients, including one it had for over 20 years, in the past two weeks after several employees left for Alliant.
-
Hurricane season is drawing to a close and wildfires in California are dwindling. But now another “storm” with massive potential impact is gaining strength, and starting to wreak havoc on insurers’ bottom lines.
-
The company was seized by the state last year as its chairman was prosecuted for “economic crime”.
-
The UK regulator says it will mandate skilled persons reviews if it has particular reserving worries.
-
The country’s highest court found that Travelers was not obliged to pay the legal costs of uninsured claimants.
-
John Rathgeber said IRS tax changes were unlikely to jeopardise the carrier’s business model.
-
This came as Markel said it would commit up to $100mn to new retro fund manager Lodgepine.
-
Valic is a Houston-based life insurance business specialising in retirement plans for teachers.
-
An order putting the carrier into liquidation has been amended, removing allegations of illegal actions and insolvency.
-
The US broker's unsuccessful court case against Ardonagh has exposed cultural problems that must be addressed.
-
Mr Justice Freedman singles out Gallagher’s UK CEO Simon Matson as “partisan” and “quick to anger”.
-
The judgment brings to a close a bitter poaching suit.
-
Four former JLT Specialty USA employees who moved to NFP say they are struggling to learn more details of the allegations against them.
-
Holtmeier and two other former employees were accused of violating non-solicitation provisions and accessing trade secrets.
-
Politics is dominating much of the news agenda on both sides of the Atlantic. In the UK, it is the continuing issues arising out of Brexit, while in the US, we are now some 13 months from a presidential election and the debates are heating up.
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Repeated increases to co-shares and deductibles mean there is no guarantee of market stability after a terrorist attack.
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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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The two cases follow an earlier complaint over alleged mis-selling of insurance filed in July.
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The Senate must pass the measure to ensure the programme remains funded.
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The company at the center of the opioid crisis is now struggling to renew casualty cover expiring 1 October.
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How dare politicians lecture our industry on what constitutes good conduct?
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The company filed for bankruptcy after a fire tore through a Philadelphia refinery on 21 June.
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Companies including Lloyd’s underwriters, Sompo Holdings, Berkshire Hathaway filed a lawsuit accusing primary insurers demanding “unreasonable allocation”.
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More than 20 other carriers are still pursuing the case, including Markel, Chubb and Munich Re.
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A New York federal judge said "it's not enough" for investors "to prove an opinion is wrong".
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The proposal would provide less than half of what insurers are seeking.
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A shareholder’s lawsuit claims AmTrust purposely misled shareholders about the delisting to secure support for a buyout deal.
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Hawaii homeowners affected by lava exclusions say they should not be included in a $22mn subscription market class action settlement.
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The troubled auto insurer has a hearing scheduled with the Nasdaq panel.
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Atradius’ US subsidiary settled allegations surrounding the debt of a firm linked to money laundering.
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The decision, made by a US bankruptcy judge, sent PG&E shares plummeting by as much as 30 percent on Monday.
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An appropriations committee delayed considering the bill after the state's finance department objected to it.
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The New York State court system has designated 45 judges to deal with a deluge of lawsuits expected to be filed as the law takes effect.
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The insurer says it shouldn’t have to cover the university’s settlement because the policy contained an abuse and molestation exclusion.
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A fault on the title real estate insurer’s website left 885 million records exposed.
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The judge commented on an alleged plan by three former Guy Carpenter executives to raid their former employer after leaving for Lockton.
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The move follows a temporary injunction by a Bermuda court pausing the litigation.
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More than half of attorneys surveyed by the carrier said litigation finance has prolonged the time it takes to settle losses.
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The CEO discussed the company’s response to a lawsuit by Capital Returns Management during a conference call Wednesday.
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The acquisition builds on the 2016 purchase of MGA Arc Legal.
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The Pennsylvania-based grocer has been named in multiple lawsuits by plaintiffs seeking to recover billions of dollars over opioids.
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The activist has filed a lawsuit in Florida state court alleging that FedNat is in violation of Florida law.
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At The Insurance Insider’s 2019 legacy roundtable, executives said holding the line on price would ensure the longevity and prosperity of the run-off market.
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A New York judge said KBW did not allege “any actual injuries” by claiming the move hurt its reputation.
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The judge said that the punitive damages were higher than constitutional limits set by the US Supreme Court.
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The trade association comes down against a major overhaul of existing (re)insurance regulation.
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The auto insurer will appeal the decision.
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The plan calls for the voluntary reduction of claims to $16bn, which would be converted into equity.
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The lawsuit comes after a probe by the NLRB was dismissed, and the EEOC had not yet reached a conclusion on the claims.
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The Chubb CEO hit out at the wave of litigation which often follows acquisitions.
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Insurers are increasing reserves due to a new laws expanding child victim compensation.
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The insurance company is opposing the Scouts’ bid to move the case to a local county court.
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The sanction comes after Berkshire Hathaway agreed to sell its stake in the workers’ compensation carrier to United Insurance.
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The court will later make a permanent ruling over whether action against Apollo’s life insurance unit can proceed.
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The company has reached a settlement with Alissa Fredricks and agreed to binding arbitration with Tony Belisle.
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The wholesale broking association’s CEO believes the Corporation’s revamp could restore reinsurance capital lost to rival centres.
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The City Council is working with RMS to improve the quality of its protection.
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The lawsuit against carriers including Chubb, Allianz and Markel follows the passage of NY’s Child Victims Act.
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The US suit alleges syndicates operated like “divisions of one corporation” rather than competitors.
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The carrier also installs James Stack as Pacific region CEO.
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Jose Ramon Gonzalez will report directly to chairman and CEO Dino Robusto.
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The new Dajia Insurance Group has 20.4bn yuan ($3bn) in initial capital, with the China Insurance Security Fund taking a majority stake.
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The Puerto Rican insurer is battling reinsurers in federal court over coverage for hurricanes Irma and Maria.
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Alliant engaged in “subterfuge” and engineered resignations of 26 Lockton employees to target its rival’s clients, a judge found.
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The casino giant says it is at risk of “losing valuable witnesses and attorneys” in legal battles with more than 4,000 claimants.
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In her complaint, the woman had claimed she was groped and subjected to disparaging and sexualised remarks.
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Documents filed in the High Court reveal JLT Specialty lost 47 staff to Hyperion, with the claimant alleging conspiracy.
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The review will seek to prevent firms facing dual demands from regulators.
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Kevin Feldman and Elliott Freer remain subject to conflicting court rulings in New York and California over their move.
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The board approved a 2.3 percent increase for homeowners’ multiperil cover.
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Business secretary Greg Clark backs supervisory pricing intervention as a last resort.
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The former Axa Hong Kong chief’s appointment is one of three management changes the carrier has made within its UK client and country team.
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They say good things come to those who wait.
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Court documents reveal JLT Specialty lost 47 staff to Hyperion, with the claimant alleging conspiracy.
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The ruling by a Delaware judge is the latest development in a series of legal battles between brokers over talent and client poaching.
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Underwriters are embroiled in a coverage dispute with the bank over a C$300mn claim.
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The association laid out its concerns before a review of the new EU data law next year.
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Congresswoman Maxine Waters has proposed the new law to end lapses in National Flood Insurance Program coverage.
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Chubb’s report comes amid growing outcry among D&O insurance providers over event-driven securities lawsuits.
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US bank will pay customers $385mn to settle case.
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Gardner, Yoder and Durant have asked a judge to dismiss most of MMC’s case alleging a plot to raid Guy Carpenter.
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Daniel Tadros will take up the new role on 1 July.
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The trio who left Guy Carpenter for Lockton Re wish to engage in “meaningful discussions” with MMC, according to a court filing.
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MMC claimed the executive accessed a list of Guy Carpenter’s top employees and financial projections for clients before moving to Lockton.
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Chubb, Allstate and Liberty Mutual are among insurers seeking reimbursement for claims from the utility.
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The trio are temporarily barred from soliciting their former Guy Carpenter clients and ex-colleagues.
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US lawmakers have pushed back the deadline for the flood insurance programme’s expiration to 14 June.
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ACPR vice president Bernard Delas said there was no “interest in letting that row last eternally”.
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Protector and Munich Re are in arbitration in Norway over a claim relating to the 2017 fire which killed 72 people.
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It is hoped the Golden State will be able to have the policy in place from the start of next year, The Insurance Insider understands.
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A New Jersey federal judge rejected insurers’ request to throw out key counts in the lawsuit.
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Peddler of death sticks boil and bake, fossil-fuelled power group in the cake; fast-fashion firm with supply chain woes, arms maker in the cauldron goes.
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A suit would be a major test of legislation making insurers liable for losses arising from the late payment of claims.
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Commercial real estate investor Capital Crossing said Mapfre paid only $2.6mn after it reported damage to 228 insured locations.
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The Puerto Rican carrier pegs the claims it is fighting to recoup from reinsurers at $56mn.
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The company is fighting a lawsuit filed by KBW over the delisting of $1.2bn in preferred securities from the NYSE in connection with a buyout.
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The carriers pledge to resolve a coverage dispute quickly as advisory firm Mactavish maintains they botched an investigation into a £30mn claim.
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The syndicates faced allegations that they conspired with brokers to rig the US commercial insurance market.
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Arch Capital backed hedge fund carrier’s outlook graded “stable”.
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The jurisdiction remains on the grey list, pending work on collective investment funds.
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Jonathan Evans, a former insurance lawyer, will take over after Lord Hunt steps down in December.
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Jim Beck is accused of reaping $2mn in illegal proceeds through a fraud involving the Georgia Underwriting Association.
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The firm has announced a first-quarter net loss of $37mn bringing common equity down to just $120mn.
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The ratings agency has urged ILS fund managers and reinsurers to improve their levels of pricing differentiation.
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The Bermuda group’s underwriting loss expands more than ninefold to $42.6mn.
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A verdict in the poaching trial is a minimum of three months away after closing statements completed.
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Gavin Mansfield QC says the defence case in the poaching dispute “does not stack up”.
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David Craig QC insists the departing executives were not a “team”.
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Marsh & McLennan Companies is suing 13 of its former staff for breaching the terms of their contract and other issues.
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An appeal court sides with the state insurance regulator over a 2015 sanction.
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An arbitrator ruled the buyout firm is owed $1.2mn for ex-employees’ use of confidential information.
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he new law is expected to hold down rate increases and allow Floridian carriers to book favourable reserve releases.
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The consultation findings will now be scrutinised by the Legislative Council
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The latest measures will allow greater investment from international carriers and brokers.
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The insurer says Tony Belisle’s claims are invalid because they were filed in the wrong jurisdiction
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Tom O’Connor joins the MGA after a career in asset management.
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The UK watchdog has also required the accounting firm to report back on 2018 audits of insurance undertakings.
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The decision is the first judicial guidance about how primary carriers must present such liabilities.
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The bill, which will now be debated by the full Senate, aligns with a House version of the proposed benefits crackdown.
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Arguments were held Monday before the US Supreme Court in a case that could open the door to more lawsuits and D&O claims.
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The regulator also becomes the first supervisor to lay out expectations for managing and disclosing climate change risk.
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A firming D&O market is making insurers think twice about granting activism-related coverage extensions.
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Indian carriers must continue to cede 5 percent of each policy they write to GIC.
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The legislation would limit attorney fees in AOB cases, and would allow insurers to sell AOB-exempt cover.
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A woman alleged she was fired from Aon for airing grievances about sexual harassment.
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The regulator sounds a general warning bell following work which honed in on travel, tradesman and motor purchase add-on insurance.
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The committee approved Florida SB 714 in a 7-10 vote Monday.
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Plaintiffs were “satisfied” with the settlement, according to legal filings.
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Industry representatives warn of a reduction in professional indemnity capacity as a result of the reforms.
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Trading partnerships with South East Asia, LatAm and the Mena region are also being targeted.
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The $6.5bn takeover will close on Monday.
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The carrier will now be able underwrite P&C, motor and other business line across Europe.
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Carrier is the latest to take the Brexit contingency strategy.
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The law firm and the insurer are seeking to resolve the dispute through private arbitration, according to The Times of London.
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Lockton accused Alliant of poaching employees, soliciting customers and misappropriating trade secrets.
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The plan for Catco Reinsurance Opportunities garners near-unanimous investor approval.
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RFIB chairman asked to “destroy” confidential data passed to him by Alesco employee.
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Buried within UK Chancellor of the Exchequer’s spring statement last week was a tantalising tidbit to nourish all those hungry for regulatory reprieve.
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A judge agreed to seal excess-of-loss reinsurance documents in a dispute between Everest Re and insurer Penn National.
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World body says governments should ensure carriers monitor AIS transmissions
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Regulatory initiatives on both sides of the post-Brexit border have eased contract continuity worries, the ratings agency notes.
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Helping instil underwriting discipline among Lloyd’s syndicates and advancing the London market’s digitisation push are top of the new chief’s ‘to do’ list.
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The Kansas City, Missouri-based broker’s request for a temporary restraining order was denied.
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The £625,000 loan was “one of the most irregular things I ever heard of”, AJG’s Matson tells a court.
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The ratings agency welcomes recent regulatory moves to allow “orderly run-offs" of books of business written across the future border.
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Private equity backer Genstar plans to keep a majority shareholding.
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The brokerage sought a court order blocking its competitor from taking on seven partners and other workers.
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Intervention by Puerto Rican insurance officials comes as Integrand takes its reinsurers to court.
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Ardonagh's defence barrister questions AJG's UK CEO Simon Matson on the third day of a poaching case.
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Both the state Senate and House of Representatives have drafted bills to tackle the issue.
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In the second day of AJG’s suit against Ardonagh, the defendant said there was nothing untoward about Peter Burton’s acceptance of a £625,000 loan.
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The free documents aim to make partnerships between incumbents and InsurTechs more transparent.
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Applied Underwriters has reportedly been under investigation since as early as May.
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The island had been “grey listed” in December 2017.
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The case is the second round of a bitter legal battle between the two firms.
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High-profile events are prompting a proliferation of securities lawsuits, but many don’t stick.
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The carriers argue the historic allegations are not covered by the diocesan general liability policies.
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The trade credit broker’s founder and chairman says the insurance industry is well-prepared.
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US President Donald Trump and his family organisation have been Aon clients since 2009.
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The cyber insurance market in Latin America is primed for growth, but there are sizable obstacles.
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Insurers for 20 Wells Fargo executives must pay $240mn to shareholders.
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Krupa Global Investments – previously known as Arca – had vowed to fight on when Carl Icahn struck a peace deal with the AmTrust bidders last year.
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Existing minority backer Summit Partners trades places with its private equity peer.
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The Corporation’s former chief says a diverse workforce will make companies more sustainable.
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Munich Re-led programme wraps around £75mn terror cat bond.
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The mutual now has a long-term credit rating and financial strength rating of BBB+.
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We would all agree that you can’t hold a pre-schooler to the same standards of behaviour as their parents.
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The increased consideration of ESG stems from greater oversight from a variety of sources.
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Leave clients to decide how they want to pay – it’s their money after all.
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Combined profits held level at $4.9bn across 2017/18 despite a five-point worsening in the mutuals’ aggregated combined ratio.
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The reinsurer is also suing Covea entities, the mutual’s CEO and Rothschild in France.
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The former executives allege the company terminated them to avoid paying $77mn in incentives.
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A Washington state regulator hit Illinois Union with a cease and desist order against underwriting the policies.
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It was shaping up to be a weapons-of-mass-destruction kind of inquiry.
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Intermediaries celebrate positive outcomes from a year-long regulatory review.
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Despite what the regulator says, pay-to-play does exist, as do conflicts of interest that are hard to manage.
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Eiopa’s long-awaited pronouncement on matters Brexit yesterday falls short of erasing all the question marks for the insurance industry.
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Baltic Re will provide coverage for Pool Re’s losses between £500mn and £700mn.
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The bankrupt Johnson & Johnson talc supplier disclosed it has $709mn in liability coverage remaining for talc.
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A 70 percent foreign shareholding ceiling was brought in in 2009 but never enforced.
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Proposed legislation is backed by the California Insurance Commissioner.
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The insurer alleges the grocery wholesaler was obligated to accept its coverage terms under a previously agreed contract.
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The ratings agency predicts strong non-life underwriting results for the current fiscal year, despite hefty catastrophe losses.
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The Indian insurer refiles for a listing after earlier regulatory approval lapsed.
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The reinsurer will become the first scheme of its kind to offer non-damage business interruption cover.
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The Scor chief also tells Les Echos that the Credit Suisse CEO personally intervened to abandon the bank’s advisory mandate for Covea.
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A New York judge denied KBW’s emergency request to stop the shares from being delisted.
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The investor says political worries are reducing new-business approaches.
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David Reed is set to take on the advisory leadership role.
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The ILS unit is under regulatory scrutiny and saw the abrupt departure of two executives last month.
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The ratings agency sees a no-deal fracture as less likely than an eventual accord.
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The reinsurer’s chairman and CEO demands that CIAM confirms whether it has consulted with - or received investment pledges from - Covea or related entities.
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The executive received more than twice the votes of his nearest opponent.
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The Insurance Council of Australia backs the findings of the far-reaching report.
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The fund manager’s CEO suggests Kessler is acting in his own interests and against those of shareholders.
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The broker association aims to help intermediaries access new business in North and South America and to encourage market entrants.
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The deals will provide for regulatory cooperation and information exchange in the event of a hard Brexit.
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Is it ethical to get someone sacked for being seedy? For a misdemeanour – albeit a wildly inappropriate one – that doesn’t directly harm anyone, using evidence gathered covertly? Does it make it better or worse that the informant doesn’t even work for the same firm?
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The company said discussions with its regulator about a longer-term business plan are ongoing.
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The French mutual’s board said it would “take all action in order to defend its interests”.
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Court documentation reveals deliberations at Scor about a hypothetical fusion with PartnerRe.
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The carrier will make use of its existing Irish branch structure.
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Scor CEO said reinsurer has filed a 584-page citation on Covea boss with Paris courts.
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Shares in the Denis Kessler-led reinsurer close down more than 11 percent after news of its one-time suitor's withdrawal.
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The CEO says the Corporation would consider the creation of a platform for young and experimental syndicates.
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The utility has requested permission to continue to pay insurance premiums totalling around $439mn a year.
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The probe mirrors the investigation started by the UK’s FCA in 2017 which was taken over by the European Commission that same year.
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Hayley Spink told a Fitch conference that EEA regulators had signalled flexibility on claims payments as Lloyd’s mammoth Part VII transfer progresses.
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Society of Claims Professionals aims to boost public trust
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The accounting body says the changes should make it easier for insurers to explain the impact of the standard to investors.
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Harrison is a joint venture with UK insurance group Harrison Horncastle.
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Lloyd’s management has joined the long list of absentees from the annual Alpine talking shop at Davos.
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The three-year grace period for servicing run-off books compares with leeway of up to 15 years under the equivalent UK scheme.
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American broker representatives welcome clarification of the new rules.
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David Bruce has been appointed CEO of the new subsidiary.
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Tuesday’s House of Commons vote on Prime Minister Theresa May’s EU withdrawal agreement was both utterly predictable and surprisingly unsettling.
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Some insurers in the Golden State may have been happy to see the back of the vocal and strong-willed Dave Jones, but the jury is still out on his replacement in the role of California insurance commissioner.
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The complaint on behalf of Markel investors follows the disclosure of regulatory probes into the accounting of loss reserves.
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An extension to the Article 50 Brexit deadline “would be a welcome solution for the sake of certainty”, Biba said.
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The hospitality firm is in a legal fight with insurers over a $303mn hurricane damage claim.
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The Chapter 11 procedure adds a new dimension to carriers’ legal action against the utility related to losses incurred from the Camp Fire.
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New regulation threatens telematics-linked insurance products, industry body says.
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The fund steps in once industry losses breached a threshold of about $7.3bn.
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The president described the situation as "disgraceful".
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The claimants say more accounts are required from the carrier to reach a figure for final damages.
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The new rules provide for EEA carriers that choose not to enter the post-Brexit temporary permissions regime.
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Ricardo Lara replaced Dave Jones yesterday.
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The California utility faces lawsuits from Allstate, State Farm and USAA, among others.
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The state-backed flood insurance scheme re-opens for new business after Fema called a halt on 26 December.
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Insurance trade associations slam the decision, which they said ran counter to the wishes of the President and Congress.
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The global broker’s plans follow the opening of a China desk in its Dubai branch earlier this year.
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The National Flood Insurance Program had been set to expire on 21 December.
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The claim is largely unreserved in the London market, sources said.
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The regulatory investigation relates to coverage provided under a group insurance policy issued to the NRA.
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Investigation reveals deliberate under-reserving between 2009 and 2013.
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The Association of British Insurers calls for a speedy decision on the new discount rate.
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Clearance from the Italian regulator marks the final stage of the year-old run-off agreement.
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Perhaps it’s time for the London Market Group to weed out the dinosaurs in EC3.
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The Association of British Insurers accuses Brussels of failing insurance policyholders.
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The regulator’s strategy and competition director puts executives on notice ahead of the roll-out of the tough new SM&CR conduct and governance regime.
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The antitrust authority wants the Financial Conduct Authority to clamp down on “price walking”.
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Be warned brokers, if you’re not already electronically placing business in London, you’ll have to be by next summer – or face having your Lloyd’s licence taken away.
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The West of England is imposing a general increase on members at the 20 February renewal, the first time in three years an International Group club will do so.
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Homeowners in the state pay more than 9 cents on the dollar of claims for legal costs, three times the amount nationwide, according to a report.
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The speedy outcome of bilateral negotiations leading to the US/UK covered agreement is an encouraging sign for the UK (re)insurance sector.
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The supervision of UK consumer redress firms will transfer to the conduct regulator in April.
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A new regulatory framework could allow some carriers to hold less excess capital.
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If you are reading this from the UK or Europe, it is likely that your political attention the last few weeks has homed-in on certain rumblings in that peculiar part of central London where reality recently seems to have become a relative concept.
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California commissioner calls on insurers to waive paperwork requirements.
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And so, the Lloyd’s market can finally draw a line under what has been a gruelling few months of performance review and forward planning.
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The EEA hub will be led by former Fortis executive Dirk Billemon.
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Parades of partners filing out of the Big Four accountancy firms after inappropriate behaviour, a visionary retailer whose signature greeting is a hug if you’re lucky – or a gentle nibble on the ear lobe if you’re not, an even bigger rag-trade titan named in the UK parliament.
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Regulatory approval for the $80.5mn deal is expected early next year.
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Market premium is also projected to shrink 5 percent as a result of performance drive
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A group of high-performing syndicates will help draw up a framework for a more hands-off approach to Lloyd’s oversight.
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The Hong Kong-based sidecar was originally expected to generate $50mn of commitment from international investors.
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The European carriers’ Chinese expansion coincides with a relaxation of financial sector ownership rules.
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Only 5 percent of EEA business is thought to currently be subject to multiple bids.
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Associations in Europe, Asia Pacific and elsewhere urge the IASB to give carriers a year longer to prepare for the new accounting standard.
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The Cayman Islands Monetary Authority has granted new reinsurer Topsail Re an operating licence.
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The carrier says the High Court approval marks the final step in its Brexit preparations.
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The Bermuda (re)insurer publishes new detail on the valuation methodology after a shareholder alleges misleading information about the Apollo offer.
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Is additional capital load something that syndicates can also expect year after year?
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Stamp movements show the aftermath of this year’s tough planning season.
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Increased oversight by the Bank of England unit could erode Lloyd’s appeal, market protagonists warn.
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The entity is the first to be authorised as a captive insurance manager by the Abu Dhabi regulator.
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The insurer currently employs 2,000 staff and affiliates in China.
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The company will take on new and renewed EEA business that can no longer be written by Scor UK.
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The interim report is now slated to emerge in the first quarter.
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The investment firm says it has proof Siddiqui worked on a competitor to Athene while still at Apollo, using trade secrets.
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Changes to the definition of default could hamper insurers and derail debt restructuring efforts.
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PG&E could face $10bn in claims from 2017, with a similar scenario to potentially play out after this year’s fires
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No-one will miss London's huge process expense, but traditional placing has always had a romantic attraction for brokers and underwriters.
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The carrier will write business via its Luxembourg base.
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The weighted average price paid per £1 of capacity hit 35.7 pence across the auctions, up 40.6 percent year on year.
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Lawyers and the state regulator investigate the utilities firms.
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The move follows industry lobbying for a longer lead-in to the insurance contracts accounting standard.
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The securities watchdog argues that insurance should receive comparable treatment to other financial products.
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The 502-room resort hotel on St. Thomas sustained extensive damage during the September 2017 hurricanes.
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The agency said it would start meetings with senior management at carriers to prepare for the possibility of a no-deal Brexit.
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The executive’s comments follow reports of a post-Brexit access agreement for financial services.
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The UK regulator aims to wrap up the study by the end of next year.
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The changes level the playing field between purely UK-based insurers and those using non-EU affiliates or suppliers to provide services.
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The combined entity will trade as Ince Gordon Dadds LLP, and will be a top 40 UK legal firm.
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Chancellor Philip Hammond made no mention of the Insurance Premium Tax in his address to UK lawmakers.
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The draft rules are designed to stoke economic growth.
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The ruling ends a near-decade-long dispute over a $470mn North Sea claim.
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European cedants are considering dropping Lloyd's reinsurers at 1 January unless the UK is declared Solvency II-equivalent.
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Public company management is forced to spend a disproportionately large time working on regulation, compliance and communicating to investors.
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Pressure on the IASB increases for reprieve from the complex new accounting standard.
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The target has set aside up to £100mn to retain talent after a takeover.
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Three auditors previously responsible for auditing the financial reporting of AmTrust Financial have been suspended by the Securities and Exchange Committee (SEC).
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Hiscox has won a $1.8mn judgment against a former employee who reportedly used company funds to buy luxury watches.
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The insurer is suing Kim Kardashian West’s former bodyguard for negligence and breach of contact.
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Over-zealous regulation raises the risk that companies will simply withdraw, reducing customer choice and the provision of vital services.
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The ease with which clients can change brokers or go direct to the writers of risk will be among other considerations for anti-trust regulators.
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Rates were being quoted flat to up 10 percent for 1 October as the Lloyd’s performance drive spurs action from carriers
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The FCA and the UK competition regulator launch a two-front attack.
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Paramount’s growth dropped this year and its combined ratio deteriorated.
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Alleghany’s RSUI and Berkley’s Admiral denied claims from a Penn State fraternity.
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Liiba holds talks with regulators to find ways to maintain trade post-Brexit.
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It’s a nice idea to savour, what to do with a second chance.
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The carrier alleges the broker and the aviation group stole commercially confidential information for their own aircraft finance vehicle.
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The guidelines will help underwriters navigate regulatory variation between European countries.
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A lack of clarity threatens to tip some carriers into PFIC status and clip investors.
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Insurance commissioners oppose the bill as it usurps state authority.
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Swiss Re makes a cash injection into the parent of the Rhode Island legacy carrier.
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Ten years ago, I walked into The Insurance Insider office for the first time, flagrantly breaking the first commandment of insurance journalism: never start a new job the week before Monte Carlo.
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The move is a key component of the carrier's Brexit planning.
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TransRe will relocate its Zurich office to the popular post-Brexit hub.
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The Corporation said the private equity firm failed to provide timely notice of the alleged $400mn loss.
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The passage of five wildfire-related bills in California has introduced sorely needed reforms regarding consumer protection.
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The insurer has capped two decades of litigating on fraud claims and a $1bn ruling.
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Fairfax accepts $20mn to drop 2006 claims against one firm but still presses others.
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A recommended 13.4 percent rate cut for workers’ compensation cover in Florida shouldn’t lead anyone to assume that an expected spike in carriers’ claims-related legal costs has failed to emerge.
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The provider of workers’ compensation insurance has agreed to a new acquisition deal.
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A new California law forces insurers to give homeowners bi-annual rebuild estimates.
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China’s largest insurer says the wholesaler imperils its reputation by infringing trademarks.
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A shift in legislation would reduce the current US-listed companies' reporting requirements.
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Underwriting rules marked ‘confidential’ or ‘trade secret’ provided no exemption, CDI general counsel writes.
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Wu is currently serving an 18-year jail term for fraud and embezzlement.
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The Exin Capital Partners board did not contest the motion from the UK tax authorities.
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The broker has brought a suit after 10 brokers resigned from its North American construction insurance practice to join Alliant.
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The snap-back of US sanctions has left aviation underwriters uncertain if international routes to Tehran can still be covered.
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Rob Brown, Dawn Bhoma and Astrid O’Reilly will be able to claw back damages from the carrier.
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HMRC will petition to wind up embattled Exin on Wednesday.
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The gun rights group claims DFS is pursuing a political agenda to force its collapse.
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The drain of management time and energy carries a cost for a public company CEO.
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Insurance practitioners also reveal concerns over post-Brexit equivalency.
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JLT Specialty operations director Clare Lebecq will be the first LMG CEO to permanently commit to the role.
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Carriers and MGAs are seeing increased demand for intellectual property (IP) cover as awareness grows around the inherent value in intangible assets
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What cyber insurance covers and does not cover is still up for interpretation.
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Bermuda authorities have raised the carrier’s required capital 37% to $1.3bn.
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Christopher Larkby and David Larkby are each banned from the market for 42 months.
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The jet engine manufacturer has an aggregate policy limit of $500mn.
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The CEOs meet as Japanese investor SoftBank is set to pump millions into the Berlin-based InsurTech.
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Coverage for litigation costs associated with intangible assets presents an opportunity for insurersCoverage has been available for 30 years or so, yet the market has been slow to develop.
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Great Western claims it has lost $135mn to self-dealing Bermuda and Cayman reinsurers.
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Despite the European Commission last month playing down concerns around contract continuity, it remains a key issue for the UK insurance industry.
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Delaware Supreme Court rules against exclusion of class-action settlement costs.
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Estimated losses in Q2 related to the closed legal action were trimmed by the broker to $100mn from $300mn.
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An earlier appeals court ruling said Travelers policy covers fraud by email.
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The HMRC proposal would restrict VAT recoveries that are currently permitted for insurance services providers supplying carriers located outside the EU but serving UK clients.
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Only 7 percent of those surveyed buy insurance for intellectual property litigation risk now but one-third would do so in the future, the broker found.
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In a letter to the European Commission, the trade body called for legal certainty about the transfer of personal data between the UK and the EU and the EEA ahead of Brexit.
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The college alleges that 13 carriers are in breach of contract for not covering costs, including a $500mn settlement.
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The new wording builds on the non-subscription market clause the IUA published last month.
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Legal costs tied to intellectual property can be large yet risks are often excluded.
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Willis said “the raid” by the rival broker led to at least nine other departures.
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The Reconstruction and Renewal process at Lloyd’s more than two decades ago has limited syndicates’ options for legal redress.
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For now, motor insurers can sleep a little easier.
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The increase in securities class actions is not a fleeting thing because it is part of a larger shareholder activism movement that has loomed for several years now.
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One could point to Solvency II as evidence that our part of the sector will take the incoming accounting standard standard in its stride.
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The (re)insurer is establishing Markel Insurance SE within the EEA ahead of Brexit.
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The measure, among the bills bundled by Texas’ Hensarling, reaffirms state primacy in industry regulation and international accords.
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MGM lawsuit against shooting victims asserts exemption under anti-terror act.
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Carriers battle actuarial talent shortages even as preparations for the new regime advance.
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The trade association also calls for new “real world” testing measures and the fitting of sprinklers to all tower blocks.
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The delay is not expected to affect accompanying changes to the Ogden discount rate.
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Families can drive you crazy.
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Concerns persist that some of the rules could prove a burden for smaller intermediaries.
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The institute has called on the industry to collaborate for change.
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Chairman Bruce Carnegie-Brown tells Reuters that alternatives to the platform are more complicated and expensive.
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The prime minister has sacrificed the UK’s vibrant services sector, which accounts for 80% of the economy.
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A federal judge in Virginia rules that the plaintiffs waited too long to file a lawsuit.
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The former head of the Munich Re-owned business is disqualified from being a company director for 12 years.
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That lawyers use the legal system to extract money from businesses is really nothing new – complaints about class-action lawsuits from business executives and bankers have cropped up off and on for many decades.
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Insolvency specialists at Opus Restructuring will work on the liquidation.
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Proprietary data bolster CEO Greenberg’s call for legal system reforms.
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The carrier has counter-sued, alleging breach of confidence.
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A court of appeal in the state has said assignment of benefit rights can be split between multiple parties.
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The Matt Fairfield-owned business is being pursued for almost £350,000 in unpaid liabilities.
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The big three broker has set up the new facility as a replacement for Crest.
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Governor Raimondo signs bills to deal with commutation and other hurdles.
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Industry defeats a bill that would have allowed for a mandatory 85-day billing cycle.
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Executives say the American market for non-life transactions is worth $335bn.
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Insurers are developing contract continuity clauses in a bid to tackle uncertainty over Brexit.
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The insurers cite exclusions in professional liability policies and an undisclosed joint venture.
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Lenders TCW and Cerberus take control of the services provider now called Carrier & Technology Solutions.
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A House-Senate conference may play a key role in determining the flood insurance program’s future.
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The carrier’s holding company has failed, regulator says in seeking liquidation.
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The EU insurance regulator says “swift actions” are needed from both the industry and supervisors to ensure consumer protection.
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Zurich unit joins Chubb in claiming sex assaults fall outside policy’s scope.
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The ex-wife of the former Asplin CEO is one of six individuals accused of wrongdoing at the Munich Re subsidiary.
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Lawmakers approve an amendment that lightens restrictions on commutation and voluntary restructurings.
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The embattled financial services start-up has resolved litigation brought against it by John Calamos and John Koudounis.
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As a market watcher, attempting to determine which lines of business are underperforming syndicate by syndicate quickly proves itself to be a pretty meaningless exercise.
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The Karfunkel-Zyskind family claims victory in the Stone Point-backed bid fought by some.
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Weinstein says his insurers are acting in bad faith by refusing to cover suits against him.
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Amendment to the bill allows the Lord Chancellor to complete the first review of the rate without appointing an expert panel.
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The company has not written any business in its two years of existence.
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Those who want the promotion of competition to become a primary objective of the Prudential Regulation Authority are whistling in the wind.
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Hiscox Services terminated Abraham after opening a probe into his use of funds.
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The legal action comes as Goldman Sachs advises the German company on a ‘triple digit’ fundraise.
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The move comes just days after Matt Fairfield's business closed its Barcelona office.
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Sellers of workers’ comp carrier say Markel seeks to cut the $183mn deal’s value.
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The trial follows prosecutions against former senior executives at Anbang and PICC.
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Lemonade alleges Wefox spoofed its system and reverse-engineered its platform.
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The investor argues that the carrier could be worth up to $3bn more than the current bid.
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Regulators risk stifling Part VII insurance portfolio transfers even as they seek to streamline the process to prevent a Brexit-related logjam.
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The auditor and audit engagement partner admitted misconduct.
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The final guidance addresses some issues raised during the consultation while insisting on onerous notification requirements from transfer applicants.
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There are times when it seems that filing an insurance claim must perforce involve hiring a lawyer to collect.
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Chinese group Gongbao has made a binding offer to Ethniki owner NGB.
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Appeals court says ambiguous language is construed in favour of the insured.
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The Federal Insurance Office would lose staff and much of its domestic role.
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Icahn's star turn has certainly paid off over AmTrust.
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The share price trajectory of AmTrust since the original January proposal has hardly pointed to confidence that minority investors would exit with mega-bucks.
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The Chubb CEO says “hit and run” litigation dominates D&O cover.
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Arca and Short Hills Capital’s Weiss remain opposed to the sweetened deal.
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Activist investor Carl Icahn squeezes 9.3 percent more from the Karfunkel-Zyskind family and Stone Point Capital.
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The Counter-Terrorism and Border Security Bill will amend existing laws including the Reinsurance (Acts of Terrorism) Act of 1993.
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This settlement ends weeks of pressure from the activist investor.
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The UK regulator warns carriers about their over-optimistic forecasting.
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The activist investor and AmTrust have agreed to meet to discuss the proposed take-private deal.
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AmTrust pushes back shareholder vote on take-private bid and plans an Icahn parley.
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Sunesis Captial’s Mehta questions carrier’s model in a report labelled as ‘flawed’ by the carrier.
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To foster industry innovation, state insurance regulators also need to innovate.
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The threat of a lawsuit grows as unpaid ECP liabilities hit £1.5mn.
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The marine intermediary is subject to a Section 166 review.
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Insurers pressed for 28% workers’ comp rate cut to reflect lower costs and taxes.
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The company, however, claims it is using an independent party.
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Wu Xiaohui has contested the 18-year conviction handed out earlier this month.
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The carrier already has a branch in Brussels, alongside outposts in Bermuda, Denmark, France, Germany, Ireland, Italy, Spain, Sweden and the UK.
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Institutional Shareholder Services called for shareholders to block the deal last week, but the deal has been supported by Glass Lewis.
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The shareholder advisory service singles out the special committee assessing the bid for criticism.
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Four states have tried to pass measures but only Illinois' is technically still alive.
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An appeals panel returns case to trial court citing error on California law.
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The company reveals it is involved in six lawsuits relating to the proposed $2.7bn take-private deal.
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Nearly 100 more hurricane-related fraud investigations remain under way.
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The activist decries Deutsche Bank's valuation of AmTrust.
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Three shareholders have sued the insurer over the proposed $2.7bn transaction.
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The measure would codify existing legal doctrine and now goes before the state Assembly.
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Over the past two years, the quality of the accompanying information for capital extraction requests has been inadequate.
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The activist investor claims "nebulous" information on the family's overlapping interests makes valuation of the AmTrust buyout extremely difficult.
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The activist investor on CNBC says a “sham election is going on”.
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New rules on the products banks use to mitigate risk could lead to an outflow of business from the London market, carrier representatives fear.
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The stock pulls well ahead of the Karfunkel-Zyskind family's $13.50 buyout offer.
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Until New York or California creates a run-off law, legacy transactions commonly done like they are in the UK will never happen.
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A creditor communication says Fairfield has become “less reliable” on funding.
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The company becomes the first international insurance broker to gain a full licence in China.
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As two relative minnows see off legal threats from financial giants, it goes to show that, with a bit of ingenuity, there's plenty of room for underdogs as well as big dogs.
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The specialty insurer can continue to use its name after a High Court ruling.
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The start-up prevails in a trademark battle against the broker.
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The insurer has filed a complaint in a New York court in a bid to recover costs from the former employee.
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For brokers and others working closer to the client the situation regarding consent is murkier than for carriers.
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The Danish motor insurer's demise follows the collapse of CBL.
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The verdict ends a spectacular fall from grace for Wu Xiaohui, whose former company was an avid outbound acquirer.