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James River sued Fleming yesterday to enforce the $277mn sale of its casualty re unit. -
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 probe concluded in Q4 last year, according to Gallagher’s 10-K.
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The committee claims Chaucer waited until it had ‘maximum leverage’ over other debtors.
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As last year’s reforms shake out, only a few changes are pending for 2024.
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Rates are generally cheaper than the admitted market.
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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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The 11th hour settlement came just days before the case was scheduled to be heard by the New Jersey Supreme Court.
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Thursday’s announcement means that the Russian insurer is off the hook for claims proceedings.
